LETTER OF INTENT

Due Date: December 17, 2021

SK Investments Group
23075 Laurel Valley Street
Southfield, MI 48034
248-928-3122

Response to Lansing Housing

Commission Request for Proposals

HUD Section 18 Demo Disposition

Scattered Site Houses

Lansing, Michigan
 LETTER OF INTENT

SK INVESTMENTS GROUP, (“SK” or “Purchaser”) hereby submits the following

Letter of Intent for the acquisition of certain properties located in the City of Lansing, Ingham
County, Michigan (“Properties”), from the LANSING HOUSING COMMISSION (“LHC” or
“Seller”) under the following terms and conditions:

INTRODUCTION

The principals of SK are experienced Affordable Housing Real Estate Investors who have
been active in the United States for the last 13 years. During the last five (5) years, they have
successfully acquired multiple single-family home portfolios in Michigan, including portfolios
from housing commission dispositions similar to the current proposed transaction. SK currently
owns and manages approximately 1,000 single family homes in Southeast Michigan.

The following offer is based upon a fair market value evaluation of the proposed
transaction, based on information provided by Seller and local resources.

[GENERAL CONDITIONS ON FOLLOWING PAGES]

 GENERAL CONDITIONS
Table of Contents:

1. Purchase Price
2. Description of Property
3. Earnest Money
4. Due Diligence
5. Financial Statements/Qualifications of Purchaser
6. Financing Strategy
7. Acquisition Plan/Intended Future Use
8. Operating of Affordable Housing
9. Assignment of Leases/Resident Relocation
10. Bid Worksheet
11. Closing
12. Business Experience/List of Existing Holdings
13. Deal Team
14. References
15. Community Partners

List of Exhibits:

Exhibit A – Description of Property

Exhibit B – Business Experience/Existing Holdings
Exhibit C – Letter from Franklin Street
Exhibit D – Letter from Pontiac Housing Commission
Exhibit E – Email from Corevest
 1.
PURCHASE PRICE

Based upon the information SK currently has, it proposes to pay $ 17,700,000.00 for
the 242 units (172 single-family homes and 35 duplexes) owned by LHC (the
“Property”). Said amount is determined as follows:

Duplex:
$70,000.00 per unit
($140,000.00 per property)

Single Family Homes:

Two BR $60,000.00 per unit
Three BR $70,000.00 per unit
Four BR $90,000.00 per unit
Five BR $100,000.00 per unit
 2.
DESCRIPTION OF PROPERTY

The 242 units are as set forth in the LHC Request for Proposals, HUD Section 18 Demo
Disposition Scattered Site Houses in Lansing, Michigan. See attached Exhibit A.
 3.
EARNEST MONEY

Within five (5) business days following full execution of a Purchase & Sale Agreement for
the Property, Purchaser shall deposit in escrow with Cinnaire Title Company the sum of Two
Hundred thousand ($200,000.00) Dollars as earnest money (“the Earnest Money”).
 4.
DUE DILIGENCE

Purchaser requests a due diligence period of 90 days from acceptance of Purchaser’s offer (“Due
Diligence Period”) for Purchaser to review documentation and conduct a physical inspection of
the Properties. The Seller will provide to the Purchaser the following items at Seller’s expense; a
title commitment or title search for each property; and all documentation in their possession
regarding the properties, including without limitation title, survey & environmental reports.
 5.
FINANCIAL STATEMENTS / QUALIFICATIONS OF PURCHASER

The qualifications of Purchaser are set forth in the bio attached hereto as Exhibit B. Further
information is available on the SK Website: www.skinvestments.com.

Financial Statements will be available upon request once appropriate NDAs are signed. In the
interim, see attached Exhibit C, a funding letter from Franklin Street.
 6.
FINANCING STRATEGY

There are no financing contingencies in this proposal.

 7.
ACQUISITION PLAN/INTENDED FUTURE USE

SK intends to keep all properties as affordable housing rental properties with Section 8 Project
Based Vouchers provided by LHC.

SK will cooperate with local nonprofit organizations and local government as required to ensure
the improvement and development of the community for the benefit of all.

The addition of the Property to the SK portfolio will benefit the current tenants and the Property
as a whole.
 8.
OPERATION OF AFFORDABLE HOUSING.

Purchaser will work closely with local nonprofit organizations, and local authorities in providing
the best management and maintenance solutions for the operation of the portfolio.
 9.
ASSIGNMENT OF LEASES/RESIDENT RELOCATION

Purchaser intends to accept existing tenants, but will participate in relocation as required.
 10.
BID WORKSHEET

Since Purchaser is bidding on all properties, its Bid Worksheet will be represented by the
breakdown of its offer, as follows:

Duplex:
$70,000.00 per unit
($140,000.00 per property)

Single Family Homes:

Two BR $60,000.00 per unit
Three BR $70,000.00 per unit
Four BR $90,000.00 per unit
Five BR $100,000.00 per unit

If LHC requires further Bid Worksheet information, it will be made available by Purchaser.
 11.
CLOSING

The Closing shall occur within thirty (30) days following satisfaction of all terms and conditions
of the Purchase Agreement. This LOI shall remain valid for at least One Hundred Twenty (120)
days, and shall be executed as required by LHC.
 12.
BUSINESS EXPERIENCE/LIST OF EXISTING HOLDINGS

See attached Exhibit B for Business Experience.

Existing holdings are generally identified on the SK website: www.skinvestments.com. More

details on specific SK portfolios are available upon request.
 13.
DEAL TEAM:

SK: Tzvi Koslowe

Principal
tzvikoslowe@sk-ig.com
Yanir Hadan
Principal
yanir@upsidepm.com
Amnon Zakay
Principal
amnon.zakay@sk-ig.com

Attorney: H. William Freeman

Lumberg Freeman Gleeson Hicks & Khalil PLLC
33 Bloomfield Hills Parkway, Ste. 100
Bloomfield Hills, I 48304
248-724-3706
wfreeman@LFGlawfirm.com

Lansing Counsel: Thomas L. Lapka

605 S. Capitol Avenue
Lansing, MI 48933
517-482-0222
toml@mclpc.com

Title: Steve J. Smith

Cinnaire Title Services
517-364-8933
ssmith@cinnaire.com

Management: SK typically contracts with local management groups and

nonprofits for their management services.
 14.
REFERENCES

1. Ahmad Taylor – Executive Director - Pontiac Housing Commission – Exhibit D

2. Tim Leber, Vice President – Corevest – Exhibit E
 15.
COMMUNITY PARTNERS

Purchaser anticipates partnering with local nonprofits as may be required. It is the

general practice of Purchaser to work with local entities if necessary for interaction
with local government and residents, and if it will make the project succeed, SK will enlist
local entities for post-closing assistance.
 EXHIBIT A
DESCRIPTION OF PROPERTY
Instructions

Please review the site and house information on each line and determine if your party would like to enter a bid.
If you decide not to bid on a specific house(s) please leave the green cells blank.
If you decide to bid a specific house(s) please popluate the green cells.
-For 'Future Intended Use' select option from dropdown list to indicate future use of the house.
-For 'Purchase Type' -select option from dropdown list to indicate if this is considered an individual price or a price based on a purchase of a group of houses.
-for 'Bid Price' - enter price bid for house, in the instance that it is tied to a group purchase, please enter the price of house on the line and when evaluating LHC team will sum the group.

Disclaimer

The intent of this document is to provide accurate information. However the information provided may not be completely accurate. It is up to the participant to review and conduct additional due diligence to validate information as they see fit. LHC will not be accountable or liable for any information errors in this
document.

Site Detail House Detail Bid Information

Total House Above Grade
Area Area Lot Frontage Lot Depth (sq. Lot Size Area House Area Above Grade Bathrooms Purchase Type
Street Address City/State Housing Type Parcel ID # Description Number (sq. ft.) ft.) (sq. ft.) # of Units (sq. ft.) (sq. ft.) Year Built Floors (#) Bedrooms (#) (#) Future Intended Use (Individual or Group) Bid Price
1009 Shepard Lansing, MI Single Family 33-01-01-22-230-071 Central 4 33 128 4,208 1 1,924 962 1968 1 3 1
1013 Shepard Lansing, MI Single Family 33-01-01-22-230-081 Central 4 33 128 4,208 1 1,924 962 1968 1 3 1
1020 Leslie Lansing, MI Single Family 33-01-01-22-230-201 Central 4 33 128 4,208 1 1,924 962 1968 1 3 1
1025 Bensch Lansing, MI Single Family 33-01-01-22-206-071 Central 4 33 124 4,084 1 2,015 1,398 1968 2 4 1.5
1027 Shepard Lansing, MI Single Family 33-01-01-22-230-131 Central 4 33 128 4,208 1 1,924 962 1968 1 3 1
1031 Shepard Lansing, MI Single Family 33-01-01-22-230-141 Central 4 33 128 4,208 1 1,924 962 1968 1 3 1
108 Fairfield Lansing, MI Single Family 33-01-01-04-126-221 North 2 55 195 10,698 1 1,886 943 1968 1 3 1
1100 Leslie Lansing, MI Single Family 33-01-01-22-277-211 Central 4 50 128 6,311 1 1,928 964 1968 1 3 1
1108 Ontario Lansing, MI Single Family 33-01-01-08-206-212 Northwest 1 62 68 4,232 1 1,456 948 1985 2 2 1
1109 Ferley Lansing, MI Single Family 33-01-05-05-276-076 South 6 53 110 5,830 1 1,341 894 1985 2 2 1
1113 Dakin Lansing, MI Single Family 33-01-01-22-253-041 Central 4 33 124 4,085 1 1,924 962 1968 1 3 1
1116 Leslie Lansing, MI Single Family 33-01-01-22-277-171 Central 4 33 128 4,208 1 1,928 964 1968 1 3 1
1118 Leslie Lansing, MI Single Family 33-01-01-22-277-161 Central 4 33 128 4,208 1 1,928 964 1968 1 3 1
1121 Ferley Lansing, MI Single Family 33-01-05-05-276-074 South 6 55 110 6,050 1 1,668 834 1985 1 2 1
1124 Bensch Lansing, MI Single Family 33-01-01-22-251-191 South 6 33 124 4,084 1 1,928 946 1968 1 3 1
1125 Glenn Lansing, MI Single Family 33-01-01-08-407-321 Northwest 1 40 103 4,128 1 1,928 964 1968 1 3 1
1125 Leslie Lansing, MI Single Family 33-01-01-22-278-061 Central 4 33 128 4,224 1 1,928 964 1968 1 3 1
1128 Leslie Lansing, MI Single Family 33-01-01-22-277-131 Central 4 33 128 4,208 1 1,928 964 1968 1 3 1
1131 Shepard Lansing, MI Single Family 33-01-01-22-277-061 Central 4 33 128 4,208 1 2,015 1,398 1968 2 4 1.5
1135 Leslie Lansing, MI Single Family 33-01-01-22-278-091 Central 4 33 128 4,224 1 1,928 964 1968 1 3 1
114 Fairfield Lansing, MI Single Family 33-01-01-04-126-211 North 2 55 195 10,698 1 1,883 1,283 1968 2 4 1.5
1141 Leslie Lansing, MI Single Family 33-01-01-22-278-111 Central 4 33 128 4,224 1 1,928 964 1968 1 3 1
1143 Leslie Lansing, MI Single Family 33-01-01-22-278-121 Central 4 33 128 4,224 1 1,928 964 1968 1 3 1
1200 Parkview Lansing, MI Single Family 33-01-01-22-176-441 Central 4 5,225 1 1,924 862 1968 2 3
1202 Parkview Lansing, MI Single Family 33-01-01-22-176-431 Central 4 5,549 1 1,929 1,314 1968 2 4
1207 Shepard Lansing, MI Single Family 33-01-01-22-282-021 Central 4 33 128 4,208 1 1,928 964 1968 1 3 1
121 Northrup Lansing, MI Single Family 33-01-05-04-330-131 South 6 60 110 6,600 1 1,920 960 1971 1 3 1
1216 Wieland Lansing, MI Single Family 33-01-01-03-382-105 Northeast 3 60 120 7,200 1 2,036 1,018 1971 1 3 1
1217 Whyte Lansing, MI Single Family 33-01-01-10-128-121 Northeast 3 55 99 5,445 1 1,536 1,024 1985 2 2 1
1223 Leslie Lansing, MI Single Family 33-01-01-22-283-071 Central 4 33 128 4,224 1 1,928 964 1968 1 2 1
1223 Whyte Lansing, MI Single Family 33-01-01-10-128-131 Northeast 3 70 99 6,930 1 1,712 856 1985 1 2 1
1229 Leslie Lansing, MI Single Family 33-01-01-22-283-091 Central 4 33 128 4,224 1 1,928 964 1968 1 3 1
1231 Regent Lansing, MI Single Family 33-01-01-22-279-371 Central 4 33 132 4,356 1 1,928 964 1968 1 3 1
1235 Regent Lansing, MI Single Family 33-01-01-22-279-381 Central 4 33 132 4,356 1 2,015 1,398 1968 2 4 1.5
1239 Regent Lansing, MI Single Family 33-01-01-22-279-391 Central 4 33 132 4,356 1 1,928 964 1968 1 3 1
124 E. Howe Lansing, MI Single Family 33-01-01-04-251-221 North 2 50 305 15,250 1 2,185 1,320 1971 2 4 1.5
1243 Allen Lansing, MI Single Family 33-01-01-22-281-111 Central 4 33 151 4,996 1 1,928 964 1968 1 3 1
1246 Lathrop Lansing, MI Single Family 33-01-01-22-258-121 Central 4 44 128 5,611 1 1,929 1,314 1968 2 4 1.5
1247 Allen Lansing, MI Single Family 33-01-01-22-281-121 Central 4 51 151 7,615 1 2,015 1,398 1968 2 4 1.5
127 Northrup Lansing, MI Single Family 33-01-05-04-330-141 South 6 60 110 6,600 1 1,920 960 1971 1 3 1
1317 Christopher Lansing, MI Single Family 33-01-01-09-155-061 Southwest 5 50 127 6,349 1 1,320 880 1985 2 2 1
1338 Christopher Lansing, MI Single Family 33-01-01-09-156-021 Southwest 5 50 116 5,775 1 2,256 1,504 1969 2 5 1
1401 W. Hillsdale Lansing, MI Single Family 33-01-01-17-386-061 Central 4 55 86 4,747 1 2,052 1,140 1970 2 3 1
1405 N. Martin Luther King Lansing, MI Single Family 33-01-01-08-206-216 Northwest 1 70 118 8,260 1 1,900 1985 1 2 1
1435 Perkins Lansing, MI Single Family 33-01-01-22-254-091 Central 4 35 132 4,620 1 1,924 962 1968 1 3 1
1447 Robertson Lansing, MI Single Family 33-01-01-08-205-111 Northwest 1 48 132 6,336 1 2,112 1,056 1970 2 4 1
1449 Comfort Lansing, MI Single Family 33-01-01-08-128-263 Central 4 66 173 11,435 1 1,920 960 1971 1 3 1
1501 Comfort Lansing, MI Single Family 33-01-01-08-128-265 Central 4 66 173 11,435 1 1,920 960 1971 1 3 1
1503 Robertson Lansing, MI Single Family 33-01-01-08-205-121 Northwest 1 44 132 5,808 1 2,112 1,056 1970 1 4 1
1507 Comfort Lansing, MI Single Family 33-01-01-08-128-267 Central 4 66 173 11,435 1 1,920 960 1971 1 3 1
1507 Robertson Lansing, MI Single Family 33-01-01-08-205-132 Northwest 1 52 132 6,864 1 1,700 850 1985 1 2 1
1513 Comfort Lansing, MI Single Family 33-01-01-08-128-269 Central 4 65 173 11,261 1 1,920 960 1971 1 3 1
1529 New York Lansing, MI Single Family 33-01-01-10-176-052 Northeast 3 54 171 9,234 1 1,320 880 1985 2 2 1
1553 Roosevelt Lansing, MI Single Family 33-01-01-08-228-571 Northwest 1 50 140 6,930 1 1,928 964 1968 1 3 1
1559 N. High Lansing, MI Single Family 33-01-01-10-153-341 Northeast 3 50 132 6,600 1 1,200 800 1996 2 2 1
1636 N. High Lansing, MI Single Family 33-01-01-10-107-071 Northeast 3 45 198 8,910 1 1,722 1,178 1985 2 3 1
1717 Glenrose Lansing, MI Single Family 33-01-01-08-127-451 Northwest 1 37 122 4,514 1 1,700 850 1968 1 3
1724 Irvington Lansing, MI Single Family 33-01-01-34-228-051 Southeast 7 76 213 16,203 1 1,933 1,316 1968 2 4 1.5
1738 Jolly Lansing, MI Single Family 33-01-01-32-376-312 Southwest 5 60 125 7,500 1 1,760 880 1984 1 2 1
201 Northrup Lansing, MI Single Family 33-01-05-04-330-001 South 6 69 110 7,590 1 2,018 1,009 1971 1 3 1
2109 Darby Lansing, MI Single Family 33-01-01-06-455-171 Northwest 1 65 142 9,207 1 1,920 960 1971 1 3 1
2212 Turner Lansing, MI Single Family 33-01-01-04-454-045 North 2 60 100 6,000 1 2,008 1,004 1985 1 3 1
2220 Turner Lansing, MI Single Family 33-01-01-04-454-042 North 2 60 100 6,000 1 1,692 1,159 1985 2 3 1
2225 Dunlap Lansing, MI Single Family 33-01-01-30-477-221 Southwest 5 66 140 9,240 1 1,550 775 1969 1 5 1.5
2328 Clifton Lansing, MI Single Family 33-01-01-27-179-121 Southeast 7 44 114 5,016 1 2,213 1,328 1971 2 4 2
2400 Pollard Lansing, MI Single Family 33-01-05-06-427-062 Southwest 5 60 100 6,000 1 1,702 851 1985 1 2 1
2418 Herrick Lansing, MI Single Family 33-01-01-30-476-331 Southwest 5 70 101 7,070 1 1,550 775 1969 1 5 1
2511 Dunlap Lansing, MI Single Family 33-01-01-30-476-541 Southwest 5 33 140 4,620 1 1,928 964 1968 1 3 1
2531 Dier Lansing, MI Single Family 33-01-01-35-326-091 Southeast 7 60 204 12,258 1 2,028 1,014 1971 1 3 1
2600 Dunlap Lansing, MI Single Family 33-01-01-30-427-051 Southwest 5 60 305 18,300 1 2,325 1,550 1969 2 5 1.5
2600 Fireside Lansing, MI Single Family 33-01-01-26-452-001 Southeast 7 97 140 13,580 1 2,203 1,322 1971 2 4 2
2601 Wabash Lansing, MI Single Family 33-01-01-26-452-021 Southeast 7 97 140 13,566 1 2,203 1,322 1971 2 4 2
2607 Dunlap Lansing, MI Single Family 33-01-01-30-476-571 Southwest 5 66 140 9,240 1 2,218 1,109 1969 1 3 1
2609 Dier Lansing, MI Single Family 33-01-01-35-326-111 Southeast 7 60 185 11,070 1 2,028 1,014 1971 1 3 1
2613 Wabash Lansing, MI Single Family 33-01-01-26-452-031 Southeast 7 96 150 14,400 1 2,203 1,322 1971 2 4 2
2615 Dunlap Lansing, MI Single Family 33-01-01-30-476-001 Southwest 5 80 140 11,200 1 1,534 767 1969 1 5 1.5
2700 Westbury Lansing, MI Single Family 33-01-01-06-428-008 Northwest 1 120 102 12,257 1 2,178 1,089 1985 1 3 1
2716 Fireside Lansing, MI Single Family 33-01-01-26-452-191 Southeast 7 96 150 14,400 1 2,203 1,322 1971 2 4 2
2840 Cynwood Lansing, MI Single Family 33-01-01-05-402-031 North 2 35 122 4,270 1 1,928 964 1968 1 3 1
2915 Delta River Lansing, MI Single Family 33-01-01-06-402-191 Northwest 1 65 147 9,536 1 2,036 1,018 1971 1 3 1
3013 Young Lansing, MI Single Family 33-01-01-06-177-175 Northwest 1 50 103 5,150 1 2,163 1,298 1971 1 4 1.5
3021 Delta River Lansing, MI Single Family 33-01-01-06-402-251 Northwest 1 32 154 4,916 1 2,036 1,018 1971 1 3 1
3025 Sheffer Lansing, MI Single Family 33-01-01-06-127-214 Northwest 1 50 103 5,150 1 1,660 830 1985 1 2 1
310 Denver Lansing, MI Single Family 33-01-01-28-405-371 South 6 43 133 5,642 1 1,910 964 1968 1 3 1
3101 Sheffer Lansing, MI Single Family 33-01-01-06-127-204 Northwest 1 50 103 5,150 1 1,536 1,024 1985 2 3 1
3107 Stabler Lansing, MI Single Family 33-01-01-28-332-081 South 6 50 131 6,558 1 1,944 1,089 1971 2 4 1.5
3108 Tecumseh Lansing, MI Single Family 33-01-01-05-182-031 North 2 50 125 6,250 1 1,950 1,092 1971 2 4 1.5
3111 Young Lansing, MI Single Family 33-01-01-06-177-221 Northwest 1 50 103 5,150 1 2,163 1,298 1971 2 4 1.5
3121 Viking Lansing, MI Single Family 33-01-01-30-476-061 Southwest 5 70 187 13,055 1 2,006 1,003 1971 1 3 1
315 W. Hylewood Lansing, MI Single Family 33-01-01-04-103-191 North 2 50 138 6,910 1 2,134 1,372 1970 2 5 1
319 W. Hylewood Lansing, MI Single Family 33-01-01-04-103-201 North 2 50 138 6,908 1 2,134 1,372 1970 2 5 1
3207 Maloney Lansing, MI Single Family 33-01-01-30-477-071 Southwest 5 70 173 12,181 1 1,928 964 1968 1 3 1
3210 Young Lansing, MI Single Family 33-01-01-06-130-091 Northwest 1 50 103 5,150 1 2,154 1,298 1971 2 4 1
3213 Avalon Lansing, MI Single Family 33-01-01-30-476-321 Southwest 5 70 136 9,485 1 2,218 1,109 1969 1 4 1
3309 Westmont Lansing, MI Single Family 33-01-01-06-128-211 Northwest 1 50 103 5,150 1 2,163 1,298 1971 2 4 1.5
3315 Westmont Lansing, MI Single Family 33-01-01-06-128-221 Northwest 1 50 103 5,150 1 2,163 1,298 1971 2 4 1.5
3508 Burchfield Lansing, MI Single Family 33-01-01-32-226-413 South 6 43 125 5,375 1 1,702 851 1985 1 2 1
3517 W. Jolly Lansing, MI Single Family 33-01-05-06-101-154 Southwest 5 63 125 7,875 1 2,058 1,029 1985 1 3 1
3525 W. Jolly Lansing, MI Single Family 33-01-05-06-101-166 Southwest 5 60 123 7,380 1 1,652 826 1984 1 3 1
3619 Wildwood Lansing, MI Single Family 33-01-01-33-231-011 Southeast 7 57 103 5,803 1 1,984 992 1971 1 3 1
3622 Burchfield Lansing, MI Single Family 33-01-01-32-226-341 South 6 65 125 8,063 1 1,928 964 1968 1 3 1
405 N. Magnolia Lansing, MI Single Family 33-01-01-14-108-341 Central 4 33 125 4,125 1 1,928 964 1968 1 3 1
407 N. Magnolia Lansing, MI Single Family 33-01-01-14-108-351 Central 4 33 125 4,125 1 1,928 964 1968 1 3 1
4106 Lowcroft Lansing, MI Single Family 33-01-01-32-278-191 South 6 40 125 5,000 1 1,928 964 1968 1 3 1
412 W. Frederick Lansing, MI Single Family 33-01-01-04-103-091 North 2 50 167 8,338 1 1,928 964 1968 1 3 1
4132 Balmoral Lansing, MI Single Family 23-50-40-36-401-121 Southwest 5 56 110 6,151 1 2,028 1,014 1984 1 3 1
4206 Courtland Lansing, MI Single Family 23-50-40-36-402-081 Southwest 5 63 131 8,265 1 2,052 1,026 1985 1 3 1
4211 Balmoral Lansing, MI Single Family 23-50-40-36-402-001 Southwest 5 75 119 8,881 1 2,106 1,053 1984 1 3 1
4212 Balmoral Lansing, MI Single Family 23-50-40-36-401-161 Southwest 5 60 120 7,163 1 1,620 1,100 1984 2 3 1.5
422 W. Hylewood Lansing, MI Single Family 33-01-01-04-102-111 North 2 50 137 6,850 1 2,083 1,339 1970 2 5 1
4220 Lochinver Lansing, MI Single Family 23-50-40-36-177-071 Southwest 5 81 112 9,026 1 1,698 849 1984 1 2 1
4223 Balmoral Lansing, MI Single Family 23-50-40-36-327-091 Southwest 5 65 118 7,643 1 1,652 826 1984 1 2 1
4229 Courtland Lansing, MI Single Family 23-50-40-36-328-191 Southwest 5 65 117 7,600 1 1,320 880 1984 2 2 1
4237 Balmoral Lansing, MI Single Family 23-50-40-36-327-111 Southwest 5 72 120 8,640 1 1,320 880 1984 2 2 1
4248 Glenburne Lansing, MI Single Family 23-50-40-36-328-151 Southwest 5 63 121 7,614 1 1,680 1,152 1984 2 3 1
429 E.Community Lansing, MI Single Family 33-01-01-04-229-101 North 2 55 140 7,700 1 1,714 869 1971 1 4 1.5
4300 Courtland Lansing, MI Single Family 23-50-40-36-327-041 Southwest 5 60 116 6,953 1 1,968 1,344 1984 2 3 1.5
4312 Glenburne Lansing, MI Single Family 23-50-40-36-328-102 Southwest 5 65 124 8,051 1 1,328 864 1985 2 2 1
4321 Courtland Lansing, MI Single Family 23-50-40-36-328-241 Southwest 5 50 119 5,896 1 2,096 1,048 1984 1 3 1
4330 Glenburne Lansing, MI Single Family 23-50-40-36-328-071 Southwest 5 65 144 9,352 1 1,680 1,152 1985 2 3 1.5
4331 Balmoral Lansing, MI Single Family 23-50-40-36-328-011 Southwest 5 60 120 7,200 1 1,320 880 1984 2 2 1
4351 Balmoral Lansing, MI Single Family 23-50-40-36-328-041 Southwest 5 80 139 11,141 1 1,642 1,126 1984 2 3 1
4405 Glenburne Lansing, MI Single Family 23-50-40-36-329-021 Southwest 5 70 120 8,389 1 2,056 1,028 1985 1 3 1
4520 Hughes Lansing, MI Single Family 33-01-01-32-303-121 Southwest 5 44 162 7,124 1 1,320 880 1985 2 2 1
4638 Christiansen Lansing, MI Single Family 33-01-01-32-353-511 Southwest 5 40 212 8,480 1 1,928 964 1968 1 4 1
4640 Christiansen Lansing, MI Single Family 33-01-01-32-353-501 Southwest 5 40 212 8,480 1 1,933 1,316 1968 2 3 1.5
4730 Ballard Lansing, MI Single Family 33-01-01-31-451-022 Southwest 5 75 305 22,875 1 2,102 1,051 1984 1 3 1
4900 Tenny Lansing, MI Single Family 33-01-01-33-353-281 South 6 50 198 9,900 1 2,203 1,322 1971 2 4 1
4911 Christiansen Lansing, MI Single Family 33-01-01-32-376-201 Southwest 5 40 216 8,630 1 1,928 964 1968 1 3 1
500 Mifflin Lansing, MI Single Family 33-01-01-14-379-221 Central 4 33 127 4,191 1 1,928 964 1968 1 3 1
5009 Palmer Lansing, MI Single Family 33-01-01-33-353-075 South 6 65 198 12,870 1 1,920 960 1971 1 3 1
5018 S. Wash. Lansing, MI Single Family 33-01-01-32-481-212 South 6 66 222 14,681 1 2,040 1,020 1973 1 3 1
5018 Starr Lansing, MI Single Family 33-01-01-32-351-211 Southwest 5 41 131 5,306 1 2,313 1,542 1969 2 5 1.5
5022 Starr Lansing, MI Single Family 33-01-01-32-351-201 Southwest 5 41 129 5,221 1 2,313 1,542 1969 2 5 1.5
5024 S. Wash. Lansing, MI Single Family 33-01-01-32-481-201 South 6 66 222 14,652 1 1,948 974 1972 1 3 1
512 Fairfield Lansing, MI Single Family 33-01-01-04-105-031 North 2 50 170 8,500 1 1,933 1,316 1968 2 3 1.5
512 Mifflin Lansing, MI Single Family 33-01-01-14-379-181 Central 4 33 132 4,356 1 1,928 964 1968 1 3 1
517 E. Community Lansing, MI Single Family 33-01-01-04-230-121 North 2 55 140 7,700 1 1,928 964 1968 1 3 1
527 Maple Lansing, MI Single Family 33-01-01-09-307-001 Northwest 1 66 83 5,445 1 1,320 880 1985 2 2 1
528 N. Magnolia Lansing, MI Single Family 33-01-01-14-104-151 Central 4 33 125 4,125 1 1,633 1,052 1910 2 4 1.5
537 E. Community Lansing, MI Single Family 33-01-01-04-230-151 North 2 50 140 7,000 1 1,925 1,308 1968 2 4 1.5
541 E. Community Lansing, MI Single Family 33-01-01-04-230-161 North 2 50 140 7,000 1 1,928 964 1968 1 4 1
5603 Picardy Lansing, MI Single Family 33-01-05-06-427-002 Southwest 5 60 120 7,200 1 1,728 1,184 1985 2 3 1.5
5716 Haag Lansing, MI Single Family 33-01-05-05-328-121 South 6 100 100 9,970 1 2,006 1,003 1971 1 3
5800 Durwell Lansing, MI Single Family 33-01-05-05-328-081 South 6 60 114 6,864 1 2,006 1,003 1971 1 3 1
5801 Schafer Lansing, MI Single Family 33-01-05-04-303-041 South 6 60 127 7,620 1 2,050 1,025 1971 1 3 1
5840 Pheasant Lansing, MI Single Family 33-01-05-06-433-112 Southwest 5 60 100 6,000 1 1,700 850 1985 1 2 1
5852 Picardy Lansing, MI Single Family 33-01-05-06-432-072 Southwest 5 56 145 8,135 1 1,700 850 1985 1 2 1
6020 Valencia Lansing, MI Single Family 33-01-05-05-377-206 South 6 57 165 9,405 1 1,702 851 1985 1 2 1
6055 Schafer Lansing, MI Single Family 33-01-05-04-352-141 South 6 66 132 8,712 1 2,010 1,005 1972 1 3 1
6061 Schafer Lansing, MI Single Family 33-01-05-04-352-151 South 6 66 132 8,712 1 2,010 1,005 1972 1 3 1
610 S. Hayford Lansing, MI Single Family 33-01-01-14-359-361 Central 4 33 132 4,356 1 1,928 964 1968 1 3 1
616 S. Foster Lansing, MI Single Family 33-01-01-14-363-281 Central 4 38 132 5,016 1 2,015 1,398 1968 2 4 1.5
6200 Daft Lansing, MI Single Family 33-01-05-08-205-145 South 6 56 138 7,728 1 2,040 1,020 1973 1 3 1
6215 Cooper Lansing, MI Single Family 33-01-05-09-102-031 South 6 66 240 15,840 1 2,050 1,025 1971 1 3 1
6264 Cooper Lansing, MI Single Family 33-01-05-09-101-161 South 6 66 240 15,840 1 2,050 1,025 1971 1 3 1
6267 S. Wash. Lansing, MI Single Family 33-01-05-09-101-115 South 6 60 240 14,400 1 1,920 960 1971 1 3 1
6270 Cooper Lansing, MI Single Family 33-01-05-09-101-155 South 6 66 240 15,840 1 2,036 1,018 1971 1 3 1
630 Armstrong Lansing, MI Single Family 33-01-05-04-276-151 Southeast 7 60 220 13,200 1 1,920 960 1971 1 3 1
6309 Cooper Lansing, MI Single Family 33-01-05-09-102-121 South 6 63 240 15,168 1 2,050 1,025 1971 1 3 1
6332 Rosedale Lansing, MI Single Family 33-01-05-09-177-345 South 6 55 198 10,890 1 2,203 1,322 1971 2 4 1
636 Armstrong Lansing, MI Single Family 33-01-05-04-276-161 Southeast 7 63 220 13,860 1 1,920 960 1971 1 3 1
636 S. Hayford Lansing, MI Single Family 33-01-01-14-359-281 Central 4 33 132 4,356 1 1,910 946 1968 1 3 1
640 S. Hayford Lansing, MI Single Family 33-01-01-14-359-271 Central 4 33 132 4,356 1 2,015 1,398 1968 2 4 1.5
6400 Hilliard Lansing, MI Single Family 33-01-05-09-152-341 South 6 64 240 15,360 1 1,940 970 1972 1 3 1
6405 S. Wash. Lansing, MI Single Family 33-01-05-09-151-033 South 6 64 240 15,360 1 2,190 1,314 1971 2 4 2
644 S. Hayford Lansing, MI Single Family 33-01-01-14-359-261 Central 4 33 132 4,356 1 1,928 964 1968 1 3 1
6515 Cooper Lansing, MI Single Family 33-01-05-09-152-131 South 6 64 240 15,360 1 2,050 1,025 1971 1 3 1
6519 Sommerset Lansing, MI Single Family 33-01-05-09-177-162 South 6 55 198 10,890 1 2,210 1,326 1972 2 4 2
6523 Sommerset Lansing, MI Single Family 33-01-05-09-177-165 South 6 55 198 10,890 1 1,993 1,118 1973 2 4 1.5
700 Jessop Lansing, MI Single Family 33-01-01-34-158-001 Southeast 7 60 105 6,300 1 1,320 880 1985 2 2 1
935 Dakin Lansing, MI Single Family 33-01-01-22-204-071 Central 4 35 124 4,331 1 2,015 1,398 1968 2 4 1.5
1001 and 1003 Belaire Lansing, MI Duplex 33-01-01-32-479-131 South 6 58 107 6,229 2 2,212 1,134 1971 2 3 1
1007 and 1009 Belaire Lansing, MI Duplex 33-01-01-32-479-141 South 6 60 107 6,444 2 3,344 2,266 1971 2 3 1
1125 and 1127 Hickory Lansing, MI Duplex 33-01-01-15-376-191 Central 4 79 120 9,480 2 3,072 2,048 1985 2 2 2
1218 and 1220 N. High Lansing, MI Duplex 33-01-01-10-154-282 Northeast 3 71 199 14,030 2 2,808 1,872 1984 2 2 2
1518 and 1520 N. High Lansing, MI Duplex 33-01-01-10-154-112 Northeast 3 92 199 18,308 2 2,808 1,872 1984 2 2 2
1610 and 1612 W. Miller Lansing, MI Duplex 33-01-05-05-378-131 South 6 79 169 13,351 2 3,296 2,214 1971 2 3 1
319 and 321 Fenton Lansing, MI Duplex 33-01-01-33-254-071 South 6 46 220 10,136 2 3,234 2,178 1971 2 3 1
323 and 325 Fenton Lansing, MI Duplex 33-01-01-33-254-081 South 6 46 220 10,136 2 3,234 2,178 1971 2 3 1
3409 and 3415 W. Jolly Lansing, MI Duplex 33-01-05-06-126-252 Southwest 5 66 200 13,200 2 3,320 2,230 1974 2 3 1
3419 and 3423 W. Jolly Lansing, MI Duplex 33-01-05-06-126-256 Southwest 5 66 200 13,200 2 3,320 2,230 1974 2 3 1
4025 and 4027 Glenburne Lansing, MI Duplex 23-50-40-36-405-101 Southwest 5 80 121 9,663 2 2,842 908 1984 2 2 1
4151 and 4153 Glenburne Lansing, MI Duplex 23-50-40-36-405-001 Southwest 5 98 120 11,770 2 3,424 1,712 1984 1 2 1
420 and 422 W. Genesee Lansing, MI Duplex 33-01-01-16-108-092 Central 4 70 116 8,085 2 2,916 1,898 1985 2 2 2
4217 and 4219 Glenburne Lansing, MI Duplex 23-50-40-36-407-031 Southwest 5 97 131 12,678 2 2,760 1,856 1984 2 2 1
4307 and 4309 Glenburne Lansing, MI Duplex 23-50-40-36-329-111 Southwest 5 82 119 9,728 2 1,984 1,808 1984 2 2 2
4309 Balmoral Lansing, MI Duplex 23-50-40-36-327-001 Southwest 5 103 113 11,588 2 1,652 826 1984 1 2 1
4327 and 4329 Glenburne Lansing, MI Duplex 23-50-40-36-329-081 Southwest 5 82 119 9,717 2 3,380 1,690 1985 1 2 2
4341 and 4343 Glenburne Lansing, MI Duplex 23-50-40-36-329-061 Southwest 5 82 119 9,783 2 2,748 1,832 1985 2 2 2
506 and 508 N. Chestnut Lansing, MI Duplex 33-01-01-16-108-072 Central 4 62 116 7,161 2 2,856 1,868 1985 2 2 2
5325 and 5327 S.Waverly Lansing, MI Duplex 33-01-05-06-151-035 Southwest 5 60 150 9,000 2 2,828 1,872 1984 2 2 2
5419 and 5421 S. Waverly Lansing, MI Duplex 33-01-05-06-151-069 Southwest 5 66 150 9,900 2 2,964 1,976 1984 2 2 2
6036 and 6038 Haag Lansing, MI Duplex 33-01-05-05-379-151 South 6 72 160 11,520 2 2,214 1,132 1971 2 3 1
6042 and 6044 Haag Lansing, MI Duplex 33-01-05-05-379-141 South 6 72 160 11,520 2 2,214 1,132 1971 2 3 1
6048 and 6050 Haag Lansing, MI Duplex 33-01-05-05-379-131 South 6 72 160 11,520 2 2,214 1,132 1971 2 3 1
6101 and 6103 Grovenburg Lansing, MI Duplex 33-01-05-08-101-351 South 6 86 98 8,393 2 3,320 2,230 1973 2 3 1
6113 and 6115 Grovenburg Lansing, MI Duplex 33-01-05-08-101-361 South 6 85 98 8,324 2 3,322 2,232 1973 2 3 1
6119 and 6121 Grovenburg Lansing, MI Duplex 33-01-05-08-101-371 South 6 66 198 13,068 2 3,322 2,232 1973 2 3 1
6127 and 6129 Grovenburg Lansing, MI Duplex 33-01-05-08-101-381 South 6 66 198 13,068 2 3,320 2,230 1972 2 3 1
6201 and 6203 Grovenburg Lansing, MI Duplex 33-01-05-08-101-391 South 6 66 198 13,072 2 3,320 2,230 1972 2 3 1
6209 and 6211 Grovenburg Lansing, MI Duplex 33-01-05-08-101-401 South 6 66 198 13,073 2 3,320 2,230 1972 2 3 1
6215 and 6217 Grovenburg Lansing, MI Duplex 33-01-05-08-101-411 South 6 70 198 13,854 2 3,322 2,232 1972 2 3 1
811 and 813 N. Pennsylvainia Lansing, MI Duplex 33-01-01-10-351-151 Central 4 60 161 9,660 2 3,252 2,168 1985 2 2 2
902 and 904 W. Miller Lansing, MI Duplex 33-01-05-05-431-311 South 6 76 117 8,819 2 3,324 2,234 1972 2 3 1
908 and 910 W. Miller Lansing, MI Duplex 33-01-05-05-431-301 South 6 60 117 6,990 2 3,324 2,234 1972 2 3 1
942 and 944 Vincent Lansing, MI Duplex 33-01-01-32-476-041 South 6 88 140 12,320 2 2,514 1,676 1985 2 2 1
 EXHIBIT B
BUSINESS EXPERIENCE/EXISTING HOLDINGS
 SK Investments Group

SK INVESTMENTS GROUP was founded by Amnon Zakay and Yanir Hadan in the name of Figtree Holdings LLC in
2009 as a US real-estate investment platform for investors targeting and seizing the market opportunity following the
subprime market collapse.

Based in South Florida, the group has expanded over the

years to new markets, including, Jacksonville, FL, New
Jersey, and SE Michigan and has grown its portfolio to
include Multi-family properties, SFR portfolios, affordable
housing properties, commercial real estate, and
Residential Developments.

In 2017 Mr. Tzvi Koslowe joined the group as head of

Michigan operations, and the group was re-branded as
SK INVESTMENTS GROUP.

Today, the group manages 15 active investments in multiple portfolios with approximately 1,500 residential units and 5
development projects under way. It is constantly seeking new opportunities and innovative channels for growth, while
providing high returns and risk- managed performance for its shareholders and investors.

The group is led by:

Yanir Hadan is a Amnon Zakay is a

Co-founder and Co- Co-founder and Co-
Chief Executive Officer. Chief Executive Officer.
Mr. Hadan is Head of US Mr. Zakay is Head of
Operations, Business development,
Acquisitions and Investors Relations, and
dispositions, and New head of Capital Markets
development for the Group. Since 2008, Mr. Hadan has for the group. Mr. Zakay has 15 years of experience in
successfully led numerous Real Estate transactions in the Investment in the US real estate markets. He has
US. Mr. Hadan has extensive experience in establishing extensive experience in Financial Markets, Capital
Real Estate Investments Operations, Acquisitions and Markets, Marketing, Market Analysis, Strategizing,
dispositions, Asset and financial management, Finance Financing, and repositioning of Real Estate Portfolios, as
Management and sourcing new investment opportunities. well as, a keen ability to identify, strategize and seize real
estate investment opportunities.
Mr. Hadan holds a Bachelor of Arts in Economics
from Tel Aviv University, Israel and is a Captain (Ret.) Mr. Zakay serves as Director and Consultant for private
in the Israeli Navy. and public companies. He holds a Bachelor of Arts in
Economics from Tel Aviv University, Israel with honors.
EMAIL: yanir@upsidepm.com
EMAIL: amnon.zakay@sk-ig.com

Tzvi Koslowe is a
Co-founder and Co-
Chief Executive Officer.
Mr. Koslowe is Head
of Michigan Operations.
Mr. Koslowe has 10
years of experience
in real estate Investments and has been an active investor
in the US real estate market since 2014.  
Mr. Koslowe has extensive knowledge in Financial analysis,
Risk management and International Financial compliance.
Mr. Koslowe has established and operated multiple
business and real estate operations in Michigan in the last
7 years. Prior to his role in SK Investments Group, Mr.
Koslowe was a controller and auditor for Africa Israel
Investments LTD (LSE: AFI) in the years 2011-2018. 

Mr. Koslowe is a member of the Israeli CPA board. He

holds a Bachelor of Arts in Economics and Accounting
from Bar Ilan University, Israel.

EMAIL: tzvikoslowe@sk-ig.com

SK INVESTMENTS GROUP
7771 West Oakland Park Blvd. Suite 210
Sunrise, FL 33351
 EXHIBIT C
LETTER FROM FRANKLIN
STREET
12.16.21

Re: Acquisition of 242 Affordable Housing Units Portfolio in Lansing MI

Dear Mr. Yanir Hadan,

Based on our established relationship and your financial statement presented, as well as
information provided regarding the acquisition of the above-mentioned property, Franklin Street Capital
acknowledges that you have the sufficient funding sources ready and available to complete the
aforementioned acquisition based on an estimated purchase price of $18,000,000. Financing terms and
underwriting to be completed.

Please note this letter does not serve as a letter of commitment, or an approval for a loan.

If you have any questions, please do not hesitate to contact me.

Best,

Joseph Landsberg
Director, Debt & Structured Finance

Joseph.Landsberg@FranklinSt.com

D: 954.487.1940 | O: 954.640.1100 x 0270 | C: 561.405.0643 | F: 954.640.1101

900 South Pine Island Road, Suite 310 | Plantation, FL 33324

 EXHIBIT D
LETTER FROM PONTIAC
HOUSING COMMISSION
 EXHIBIT E
EMAIL FROM COREVEST
Stevie Renard

From: Stevie Renard

Sent: Friday, December 17, 2021 12:42 PM
To: Stevie Renard
Subject: FW: Letter of Recommendation

From: Timothy Leber <Timothy.Leber@cvest.com> 
Date: Thu, Dec 16, 2021 at 9:59 PM 
Subject: RE: Letter of Recommendation 
To: Amnon Zakay <zakayamnon@gmail.com> 

To whom it may concern,  

 I am writing to you in regards to my relationship and partnership with the SK Group (Amnon Zakay, Yanir Hadan, and 
Tzvi Koslowe).  I am the Vice President of Loan Originations with CoreVest Finance (https://www.corevestfinance.com/), 
and we have been working with the SK Group for the past several years financing multiple residential income housing 
portfolios as well as providing acquisition lines of credit for acquisitions throughout Michigan.  As a Sponsor, they have 
fulfilled all obligations for underwriting, post‐closing, and loan servicing as agreed and are in good standing with our 
firm.  

 SK Group has been a top tier Sponsor in our borrower network, and their expertise in the affordable housing space has 
resulted in strong performance on both stabilized and value add portfolios.  The team has even solved issues for 
CoreVest by purchasing housing portfolios for repositioning from other borrowers in default.  We value the strong 
working relationship with Amnon, Yanir, and Tzvi and look forward to working with them for many years to come.  

 Please do not hesitate to reach out with any questions, and my contact information is below. 

 Thank you,  

 Tim 

Tim Leber | Vice President ‐ Originations 

Office: 949.344.7889 | Mobile: 949.966.1638 

   
4 Park Plaza,  Suite 900, Irvine, CA 92614 
  
CoreVest American Finance 
corevestfinance.com 
Facebook | Twitter | LinkedIn | Instagram 

 This email does not purport to be and does not constitute a binding agreement among the parties, and the parties hereto shall have no obligations whatsoever, 
express or implied, written or oral, with regard to the terms set forth in this email.  This email is for discussion purposes only and does not in any way whatsoever 
constitute a commitment to lender or an agreement to issue a commitment or term sheet, and Lender has made no commitments or agreements whatsoever, express 
or implied, written or oral, to the recipient of this email or the sponsor or with respect to any of the matters covered by this email.  The terms of this email are not all‐
inclusive and should not be construed as to reflect all off the provisions to be included in the loan document or the term sheet and may be varied as the Lender may 
determine in its sole and absolute discretion.  No oral agreements between or among the parties shall be binding under any circumstances at any tie. In addition, all 
required information is subject to verification and underwriting.  If you have any questions, please call me at (949) 344‐7889, or email me at timothy@cvest.com