The Pavilion project consists of a 295-unit multifamily residential rental project located at 3901 Conshohocken Avenue, Philadelphia, Pennsylvania 19131. Pavilion Apartments Penn LLC, a single asset entity whose sole member is the Sole Member, acquired The Pavilion on July 5, 2016, in connection with the issuance of $29,615,000 in original aggregate principal amount of Philadelphia Authority for Industrial Development Senior Housing Revenue Bonds (The Pavilion), Series 2016. S&P rated these bonds and these bonds currently have a credit rating of “A+”. As of August 1, 2016, the units in The Pavilion are 99% occupied. The project has made all debt service payments, when due, and is in material compliance with its financial and operating covenants. The project is in material compliance with the terms of its HAP Contract and has not received any notice from HUD of any termination, suspension or revocation of its HAP Contract.