South Florida State of the Market

Armando Codina is chairman and Chief Executive Officer of Codina Partners, LLC, a real estate investment and development firm based in Coral Gables, Florida. Armando Codina formed Codina Partners in 2009 and through this entity and its affiliates is engaged in multiple real estate development and investment activities. The firm’s portfolio includes mixed-used projects, commercial buildings and other investments primarily in Florida. Previously Armando Codina served as Chairman of Flagler, a full-service commercial real estate firm headquartered in Coral Gables, Florida. The company’s portfolio spanned more than 12 million square feet of Class-A office and industrial space throughout Florida. He continued to serve as the non-executive chairman of Flagler until December 31, 2010. Prior to that Armando Codina served as chairman and CEO of Codina Group, a South Florida-based commercial real estate firm, which he founded in 1979. Under his leadership the firm grew to be Florida’s largest privately-held commercial real estate company. In 2006, Armando Codina merged his firm with Flagler Development Group, part of Florida East Coast Industries, Inc. (FECI). In July 2007, FECI was sold to Fortress Investment Group. Before establishing Codina Group, Armando Codina served as president of Professional Automated Services, Inc. (P.A.S.), a firm created in 1970 to provide data processing services to physicians. As a result of the firm’s success, Armando Codina is recognized as a pioneer in the development of comprehensive medical management systems, including processing, accounts receivable, management reporting and multiple financial services. Armando Codina currently serves on the board of directors of American Airline’s parent, AMR Corporation where he serves in the capacity of Lead Director and also serves on the board of The Home Depot. In addition, Armando Codina serves on a number of professional, civic, and educational organizations, including Trustee of the National Foundation for Advancement in the Arts/YOUNG ARTS, Chair of the Town Square Neighborhood Development Corp, Chairman Emeritus of Florida International University; co-founder Community Partnership for the Homeless; and a member of the Florida Council of 100, among others. In September of 2011, Armando Codina received the Urban Land Institute’s Lifetime Achievement award. Other awards he has received over the past 15 years are: the University of Florida Bergstrom Center Hall of Fame Award; ‘Free Enterpriser of the Year’ by the Florida Council on Economic Education; ‘Developer of the Year’ by the National Association of Industrial and Office Properties (NAIOP); ‘Office Developer of the Year,’ ‘Shopping Center Developer of the Year,’ and ‘Entrepreneur of the Year’ by the Wharton School; the Building Association of South Florida’s Hall of Fame; the Charles Whited ‘Spirit of Excellence Award’ from Knight Ridder Newspapers; the Hispanic Entrepreneur Award from NCNB National Bank, today known as Bank of America; ‘Humanitarian of the Year’ award from the American Red Cross; ‘Sand In My Shoes’ lifetime achievement award from the Greater Miami Chamber of Commerce; and the Merage Foundation’s ‘National Leadership’ award, which recognizes leaders whose journeys to the United States as immigrants have made a positive impact on the quality of life for all Americans.

Prior to founding Plaza Equity Partners, Anthony Burns cofounded the DevStar Group, a boutique real estate development and finance company based in Miami, Fl. Prior to this, Mr. Burns served as a senior vice president of investments at iStar Financial, a New York-based real estate investment trust. While at iStar, Mr. Burns was responsible for originating numerous complex commercial real estate debt facilities as well as managing a $1.0 billion commercial real estate portfolio consisting of land, office, retail and multi-family product types in Southeast Florida. A graduate of the United States Military Academy, Mr. Burns holds a bachelor of science degree in environmental engineering and a MBA from Harvard Business School. Mr. Burns served in the United States Army as an Armor Officer and is a member of the Urban Land Institute.

Camilo Miguel founded Mast Capital in 2006 and serves as its Chief Executive Officer, focused on investment strategy and risk management. He has an extensive real estate, financial and political network, with expertise in investment structuring, complex debt and equity products, execution and development. Mr. Miguel has built the firm into a leading investor and developer of high-end residential, hospitality, office and retail projects, with a particular focus in high barriers-to-entry markets. Prior to founding Mast, he founded and served as President of Vertica Group, a land investment and repositioning company, where he oversaw all aspects of the businesses, including acquisitions, entitlements, operations and asset management. Before this, he co-founded Clear Title Group, a boutique real estate title insurance company focused on offering closing services to luxury condominium and home developers, buyers and sellers, which quickly grew into a distinguished market leader in its segment. Mr. Miguel graduated from the University of Miami with a Bachelor’s degree in Business Management.

As a Tax Partner with Cherry Bekaert’s South Florida practice, Carol brings over 30 years of public accounting experience in tax planning and compliance services. Carol’s comprehensive strategic tax planning experience includes partnerships, S corporations, closely held entities and individuals. In addition, she serves multinational companies focusing on the real estate and construction, as well as manufacturing and distribution sectors. Her expertise includes tax planning, guidance and consulting. Carol also has significant experience advising entrepreneurs and high-net-worth individuals on tax strategies to assist in minimizing tax exposure. As a leader of the South Florida RECon (Real Estate and Construction) Group, she oversees the Firm’s South Florida Opportunity Zone team, which focuses on providing clients with comprehensive expertise on the new law. Previous to Cherry Bekaert, Carol served as managing director of tax and shareholder at a top ten national accounting firm.

Philip Rosen is Chair of the firm’s Real Estate practice group. His practice is focused on commercial and residential real estate matters and business transactions. With more than 16 years’ experience, he has counseled countless clients through the life cycle of their transactions. His clients include investors, developers, REIT’s, commercial landlords and tenants, private and institutional lenders, franchisees and business owners across Florida and the U.S. He routinely collaborates with brokers, lenders, and investors to help push his clients’ deals across the finish line. Philip also assists clients with all aspects of probate and trust administration, including marshaling assets, communicating and negotiating with beneficiaries and creditors, and the distribution of assets. EXPERIENCE Counsel to large Wendy’s franchisee in their acquisition of various portfolios totaling over 100 stores Counsel to Florida-based business in purchase and sale of dozens of real estate parcels throughout the U.S. Counsel to franchisee in leasing matters for a 180+ unit nationwide restaurant business Counsel to NJ-based REIT in their Florida real estate matters Counsel to South Florida investor in acquisition of $100,000,000 nationwide multifamily portfolio Counsel to South-Florida investor in acquisition and disposition of real estate throughout the Florida totaling over $85,000,000 Counsel to local real estate developer in acquisition, development and disposition of real estate throughout Florida totaling over $45,000,000 Counsel to local developer/investor in their Florida real estate and corporate matters Counsel to developer in financing, development and sale of luxury townhouse project in Key West Preparation of Operating Agreements and Shareholder agreements for countless real estate investors and developers Counsel to hundreds of Personal Representatives and Trustees in connection with the administration of estates and trusts and disposition of their real estate holdings RECOGNITION Recognized by the Miami Herald as a Top Rated Lawyer in 2015 Recognized by Florida Super Lawyers – South Florida Edition as one of South Florida’s Rising Stars for 2009 AV Preeminent 5.0 out of 5 Peer Review Rated PROFESSIONAL / COMMUNITY ACTIVITIES Florida Bar – Real Property, Probate and Trust Law Section New York Bar – Real Property, Probate and Trust Law Section Jewish Federation of Broward County – Real Estate Committee Broward County Bar Association- Young Lawyers Division

W. Allen Morris is Chairman and C.E.O. of The Allen Morris Company. He is a licensed Real Estate Broker, Mortgage Broker, and holds the professional designations of CPM (Certified Property Manager of the Institute of Real Estate Management) and SIOR (Society of Industrial and Office Realtors). He is a past President of the Florida CCIM Chapter (Certified Commercial Investment Member of the Realtors National Marketing Institute) as well as holding the prestigious CRE designation (Counselor of Real Estate) and FRICS, as a Fellow of the Royal Institution of Chartered Surveyors. . The Allen Morris Company, in its 58 th year, is one of the largest developers and managers of office buildings in the State of Florida, completing 80 office, industrial, multi-family, mixed-use, and retail projects around Florida and Georgia. Their headquarter office project , a Mediterranean-Revival style office building in the center of Downtown Coral Gables called Alhambra Towers, has won nine awards including "The Best of South Florida -Platinum Award's", “NAIOP 2003 Project of the Year - all categories" and the “2006 Community Advancement Award for Commercial Project of the Year” in Florida from the Developers & Builders Alliance. In 2013 the company launched Allen Morris Residential, and currently has five projects under construction: the 1.3 million square foot, 58-story luxury hotel and condominium - SLS LUX Brickell - a joint venture with Related Group; the 348-unit residential multi-family, $70 million Hermitage Apartment Homes in St. Petersburg, Florida; the $68 million Maitland City Centre, creating a new mixed-use downtown for the City of Maitland, Florida, combining the new City Hall, Central Park and Festival Street with residential apartments, live-work- office suites, and a Festival Marketplace with shops and restaurants; and Star Metals, Atlanta, a $250 million mixed use project with a 409 unit luxury, multi-family residential, a 12-story, Class “A”, 185,000 square foot office building and 46,000 square feet of retail and restaurant in Atlanta, Georgia. Mr. Morris has appeared as a leading authority on real estate topics as a frequent guest on the Fox Business News show CAVUTO with Neil Cavuto, on the Fox Business Morning Break with Charles Payne and in the Strategy Room with Eric Bolling. In addition to being an Officer and Director of more than thirty-five different real estate-related companies and President of a charitable Foundation and art museum, Mr. Morris was also Past-Chairman and Advisory Board member of Wachovia Bank of Miami. He is a graduate of the Harvard Business School and the Georgia Institute of Technology, where he received the top student in Marketing and Management studies. Mr. Morris is also very civic minded and having lived his whole life in Coral Gables feels very strongly about his City Beautiful. He is the former Chairman of the Florida Chapter YPO (Young Presidents' Organization), and currently a member of WPO (World Presidents' Organization), Executive Committee and Board member of The Greater Miami Chamber of Commerce and the United Way of Miami-Dade County (chairman of their VeritageMiami Wine and Food Festival) and a lifetime senior member of the Orange Bowl Committee. He has served on many national and local real estate boards and many local philanthropic boards. Mr. Morris has traveled extensively working with international clients, and served Florida on Economic Missions to Europe and Asia. He is also a licensed Commercial Pilot, flying himself on most of his business travel. For fun he spends time diving reefs as a certified scuba diver and is a Tae Kwon Do Master (fourth degree black belt). He has received numerous professional distinctions including the 2009 South Florida Business Leader of the Year Award in Real Estate, the 2011 REAL Trend Setter Award from the Greater Miami Chamber of Commerce, the 2014 Business Leader of the Year from the Coral Gables Chamber of Commerce, the 2016 Miami -Dade County Chairman of the Year Apogee Award from South Florida Business and Wealth magazine. He is a recipient of the Institute of Human Relations Award given by the American Jewish Committee and the prestigious Hickok Award from the Young Presidents’ Organization. His favorite saying sits on the edge of his desk facing visitors “How CAN it be done?”

Nitin Motwani has been the managing principal of Miami Worldcenter since 2006. He is responsible for everything from land acquisition, zoning, and entitlements to financing, joint ventures, and development. Mr. Motwani is also a managing director of Encore Capital Management, which currently has over $1 billion of investments across the country, including holdings in Florida, California, Texas, and Arizona. Earlier in his career, Mr. Motwani was the president of Merrimac Ventures. Mr. Motwani is also actively involved in building the Miami community, through his roles as the chair of the Economic Development and Technology/Marketing and Communications Committees of Miami's Downtown Development Authority. Mr. Motwani is also a member of the Greater Miami Chamber of Commerce and the Beacon Council. He is also a co-chair of the nonprofit Operation Hope for Haiti, which has helped Haiti position itself for a sustainable, long-term recovery tied to economic development, education, and health.

Joseph Kavana is the Founder and CEO of K Group Holdings, Inc. As an active developer and investor in the real estate industry for more than 20 years, Mr. Kavana’s experience spans across different asset classes including land development, commercial/retail, multi-family and industrial. As the driving force and vision of what today has come to be known as Metropica – a premier mixed-use development in the heart of Sunrise – Mr. Kavana has from inception been fully involved with the project. Mr. Kavana is also involved in several other international real estate development projects including YOO Punta del Este, Uruguay and YOO Nordelta in Buenos Aires, Argentina. In the early 1990s, Mr. Kavana was one of the managing partners of Equinvest Marymont Ltd., a multi- family entity that, together with the Ibex Group – representing interests of the Bacardi family, acquired over 2,500 multifamily units in San Antonio, Texas. Mr. Kavana also bought and sold several industrial buildings. In 1980 Mr. Kavana founded Sagaz Industries, Inc., a manufacturing company with operations throughout the United States, Canada, Argentina, Mexico, the Far East and Italy. Sagaz was sold to Pennzoil in March 2000. Mr. Kavana was born in Uruguay in 1949 and has permanently lived in Miami, Florida since 1980. He studied Medicine in Montevideo’s School of Medicine. He has served as a member of the Board of Directors of the Greater Miami Jewish Federation and its Executive Committee. As the previous Chairman for AIPAC in Dade County, Florida, Mr. Kavana actively recruited members for this prestigious organization based in Washington, DC. He is also a member of the AIPAC’s Executive National Council in Washington D.C.

Ryan Bailine’s practice focuses on the development and financing of complex real estate projects, including real estate, land use, and regulatory aspects. Noted for his responsiveness to his clients’ needs, attention to detail, and his project development acumen, Ryan represents some of the most active and prolific developers in North America, advising on residential, commercial, industrial and mixed-use projects, including Transit Oriented Developments (TOD), opportunity zone elements, affordable and workforce housing issues, and public-private endeavors. Ryan routinely works with local, regional and national regulatory agencies to facilitate the permitting, construction, development, and financing of real estate projects, including negotiating long-term ground leases, development agreements, development rights transfers, financing documents, joint venture agreements, and qualified opportunity zone structures, along with infrastructure and utility components. Regarding real estate finance, Ryan routinely negotiates and secures debt and equity placement, as well as tax credit based financing, ranging from low income housing, new market and historic tax credits, to other government sponsored programs such as SAIL and HOPE VI funding sources. Clients and real estate professionals regularly turn to Ryan for advice on opportunity zone real estate development and financing issues. He routinely advises developers, property owners, and qualified opportunity funds on regulatory structuring issues related to opportunity zone issues. Ryan has lectured a presented to clients and real estate consultants and professionals across the country on financing and qualified opportunity zone structuring and compliance issues.

John Zalkin is Sr. Vice President of Client Services for RKW Residential, responsible for building key relationships and measuring the success of customer satisfaction at the executive level. He has two decades of South Florida real estate experience, working closely with major multifamily developers and operators to identify project sites, evaluate complex transactions, secure financing, assist with building design and oversee construction. Earlier in his career, John directed all property management functions for a vast portfolio of multifamily and commercial properties in Miami Beach, Fla. His significant real estate industry involvement includes serving as Chair of AIPAC Florida's Real Estate Division and as a member of the National Multi Housing (NMHC) and Urban Land Institute (ULI).

Co-Founder, and Principal of FM Capital, since FM Capital’s inception in 2007. Currently, responsible for portfolio decision making; overseeing the sourcing acquisition, management of portfolio assets; and managing FM Capital’s commercial loan origination division. FM Capital manages over $1 billion in assets. We have handled the acquisition of more than $1 billion in assets, and have originated well over $3 billion dollars in commercial loans. Began my real estate career as a Property Manager at Crescent Heights of America in 2000. Licensed mortgage loan originator in Florida and New York.

Kristin Rick is VP of Originations for Pender Capital. She brings over 15 years of national commercial real estate finance and management experience to the team. With the majority of her background in traditional bank funding, she is thrilled to now work on the side of private bridge financing. To Ms. Rick, Pender Capital’s common sense approach to funding transactions has been a breath of fresh air when compared with the stringent bank underwriting guidelines used in her past. Ms. Rick has lived and worked in major markets from LA to DC, and currently lives in Chicago with her family.

Current - Principal, Ryan, Ft. Lauderdale office - Specializes in the valuation, assessment, and taxation for clients in a variety of industries, including commercial and industrial properties, home builders, financial, hospitality, and others. ─ Leads Commercial Real Estate practice in Florida, managing offices in Tampa and Plantation. ─ Leads National Timeshare initiative within the Property Tax Services group. Previous - Director, ONESOURCE Property Tax, property tax consulting firm ─ Responsible for managing Florida Commercial Real Estate practice. • Senior Manager, Property Tax, national accounting firm • Manager, Property Tax, national accounting firm PUBLIC PRESENTATIONS Mr. Thobani has given many presentations throughout his career to various executive boards, local taxing authorities, and professional associations in the property tax industry. PROFESSIONAL AFFILIATIONS • American Resort Development Association • Florida Association of Property Tax Professionals • Institute for Professionals in Taxation • International Association of Assessing Officers • International Council of Shopping Centers EDUCATION/ACCREDITATION • Bachelor of Business Administration Degree, Accounting, Baruch College • NYU Schack Institute of Real Estate – Real Estate Valuation • Completed various appraisal related courses offered by the Institute for Professionals in Taxation, International Association of Assessing Officers, and Appraisal Institute

Joe Hernandez is a sought-after transactional real estate and business lawyer with a unique perspective: he is able to draw from his prior work experience as a banker and general counsel for a private equity firm to inform his representation of a variety of clients seeking to engage in complex commercial real estate and business transactions. Joe’s clients include real estate developers, financial institutions, private equity firms, high net worth individuals, and public entities in all phases of complex commercial real estate and business transactions in the United States, Latin America and the Caribbean. He handles acquisitions, development, financing, leasing, joint ventures, and advises clients on raising capital for real estate projects. Joe has also developed a particular niche representing condominium associations and cooperative corporations being pursued by developers for acquisition of the units and termination of the condominium or cooperative. Joe coordinates a multi-disciplinary approach in order to counsel clients in navigating the myriad of legal issues faced by associations and unit owners in these situations. Joe also represents condominium associations, community associations, developers of condominium projects, and groups of unit owners in a variety of condominium law and community association matters, including turnovers, dispute resolution, casualties and construction defects issues. Joe is an agent for several national title insurance companies and has handled the resolution of complex title insurance issues involving real property in the United States, Latin America and the Caribbean. Prior to joining the firm, Joe served as general counsel for an asset management firm owned by Cerberus Capital. Prior to that, Joe was the head of the real estate practice group at the Miami office of an AmLaw 100 firm and a real estate shareholder at one of the largest law firms in the country. Prior to law school, Joe was a banker at a large money center bank in New York and also worked for the predecessor of Bank of America for five years as a corporate and real estate banker. Joe was elected as a Fellow of the American College of Real Estate Lawyers (ACREL) in 2017. Active in the community, Joe is on the board of directors of Junior Achievement of Greater Miami. He is an adjunct professor at the University of Miami School of Law and teaches courses in real estate finance for the Real Property Development L.L.M Program.

Led by Principal Shahab S. Karmely, New York based KAR Properties is a real estate investment and development firm. With over 28 years of international real estate experience, Shahab S. Karmely has honed an impressive pedigree in transactional, managerial, and developmental disciplines. These, combined with an extensive background in fine arts and design, are the foundational elements of his development expertise and overall vision. As the founder of KAR Properties LLC, and through KAR and/or its affiliates, Mr. Karmely has acquired, repositioned, and monetized over 3 million square feet of office, luxury mixed-use, and industrial space in the US, Southeast Asia, and Europe. With offices in New York and Miami, KAR currently oversees the management of a core portfolio of assets and a development pipeline in excess of 5 million square feet. KAR has made a significant entry into the Miami market with acquisitions in excess of $200 million in established and emerging neighborhoods. The firm is currently developing 2000 Ocean in Hallandale Beach, a 38-story, a private residential enclave located in Hallandale Beach, Florida. In Downtown Miami, KAR Properties is also developing One River Point, a two-tower, 60-story development that will rise 800 feet above the Miami River. Mr. Karmely’s background as an owner/manager and developer gives him a unique perspective and invaluable insights in analyzing and implementing the appropriate strategies for a variety of asset classes. He champions innovative and inventive approaches in response to changing market conditions, trends, and new opportunities as is required in today’s dynamic real estate markets.

Inigo Ardid oversees the day-to-day operations of development projects as well as the acquisition of new properties for Key International. He is a seasoned real estate developer who has been involved in over $4 Billion worth of real estate transactions and has built over 10 Million square feet of real estate. His projects include buying and developing hotels, rental and for sale residential properties, purchasing distressed asset notes, office buildings, and retail properties. Inigo has developed over 2,000 hotel keys and over 2,600 residential units. Key International is headquartered in Miami and has been developing and acquiring properties in the United States since the 1970’s. A few of Key International’s landmark developments include the Eden Roc Miami Beach, the Marriott Stanton South Beach, and several luxury condominium towers including The Harbour, 1010 Brickell, 400 Sunny Isles, Eden House, and Mint & Ivy.