Property Data Property Name: Holmead Apartments Property Address: 3435 Holmead Place NW Change from previously reported City: Washington State: DC Zip: 20010 # Units: 101 # Buildings: 1 Year Built: 1951 Year Renovated: Building Type: Mid-rise (4-9 stories) Special Property Type: Co-op Manufactured Housing Senior Multifamily Affordable (Tax Credit/Bond) Student # Units Inspected: Rented: 4 Commercial: 0 Vacant: 1 Down: Model/Other: 2 Buildings Inspected: 1 Servicer and Loan Data First Name Last Name Property Assessor: Joseph Lephew Third Party Company: Partner Engineering and Science, Inc. Servicer Name: Fannie Mae Dashboard UserID: Servicer Asset Manager: UPB: Fannie Mae Primary Loan #: Servicer Primary Loan #: Fannie Mae Loan Rating: Fannie Mae Property SFX #: # of Loans: Last Reported DSCR: Fannie Mae Deal ID: Last Origination Date: Last Property Inspection Rating Small Loan Inspection Type I -- Standard Assessment II -- Advanced Assessment Required n-required Baseline Management Company Company Name: Property Website: Tenacity Group www.tenacitygroup.com Change from previously reported Contact Person: Flor Umnazor Title: Property Manager Telephone Number: Email Address: Property Operations/Management Questionnaire 1. Is this property owner-managed? 2. Number of years property contacts have managed subject property: < 1 1-3 3-5 5-10 10 Unknown 3. On-site full-time (or equivalent) staff: Leasing: 1 Maintenance: 2 Administration: 0 Other: 0 4. Current management reported physical occupancy: 98.00% % As of inspection date, there are approximately 2 vacancies 5. Have there been any fires or floods at the property (units, parking areas, basements, etc.) within the last 12 months? 6. Has the property been cited for any code violations within the last 12 months, or are there any unresolved code violations still on record? # Units: 7. Have all disabled accessibility issues noted during any previous (including due diligence) inspection been appropriately corrected? If "", please explain the anticipated plan of correction including timeline, scope of work, and anticipated cost to complete. t previously noted disabled accessibility issues noted. Pre-1991 construction (FHA) and modifications to provide access to public spaces - i.e. leasing office, are not readily achievable (ADA). 8. Have there been any down units within the last 12 months (uninhabitable)? # Units: 9. Are there any down units at this time (uninhabitable)? # Units: 1 ne observed. OVERALL RATING SCALE: 1 = substantial concerns observed. further action required. 2 = Some minor issues noted. Limited follow-up required. 3 = Substantial and/or critical issues noted. Documented follow-up required. 4 = Overall condition showing signs of deterioration. Documented follow-up with possible action plan required. 5 = Severe deferred maintenance observed. Follow-up and substantial action plan required. 1 of 22
Site - General Housekeeping/General Observations ne observed. Site - Grading and Drainage Site - Environmental Evaluation 1. Does management have copies of all required O&Ms readily available for on-site review? 2. Is management following the HUD protocols regarding lead paint disclosure? 3. Is management aware of any instances of hazardous substance release requiring governmental notification? 4. Is management aware of any lawsuits filed (or settled) by current or former residents regarding environmental issues? If the answer to any of the above is yes, a comment is required. Protocols are being followed. Parking Areas Underground two-level parking garage with 23 spaces provided. Building Exteriors - General Issues Entry awning signage was observed to be torn (Photo # 1, 22). Building Exteriors - Roof Systems - General Issues Roof inspected via interior stairwell. Ballasted EPDM presumably 10+ years old. Foundation - General Issues 1. Flooding or staining on floors Foundation/Basement - Evidence of Water Infiltration 2. Moisture, efflorescence, microbial growth and/or other damage noted Mechanical - General Issues Overall Rating: ( Substantial Concerns) 1 2 3 4 5 Central heating boiler is reportedly 30 years old but has been adequately maintained/refurbished as needed. Plumbing - General Issues Central domestic water boilers and hot water storage tanks are reportedly 1+ years old. Electrical Systems - General Issues Plug fuse load centers at unit interiors. Bulk metered. 2 of 22
Fire/Life Safety Equipment 1. Sprinkler system issues (sprinkler head recalls, sprinkler line failure/deterioration, failed inspections, expired certifications/permits, etc.) 2. Central fire alarm issues (system not functional, failed inspections, expired certifications/permits, etc.) 3. Expired or missing fire extinguishers 4. Management/maintenance issues (missing/non-functional smoke detectors, grills on balconies, broken/missing exit signs, improper storage in mechanical rooms, parking in fire lanes, etc.) Overall Rating: ( Substantial Concerns) 1 2 3 4 5 Extinguishers last inspected March 2010 (Photo # 24). They should be inspected on an annual basis. Dwelling Units - Evidence of Foundation Movement 1. Pest infestation (cockroaches, fleas, rodents, termites, etc.) Dwelling Units - Health/Safety Issues 2. Unsanitary living conditions Overall Rating: ( Substantial Concerns) 1 2 3 4 5 General Unit - Condition Issues Overall Rating: ( Substantial Concerns) 1 2 3 4 5 Unit 401 kitchen cabinetry in fair condition. Unit 518 Kitchen and bathroom finishes undergoing renovation (in turn). Common Areas - General Issues Minor wall damage and worn paint, with worn handrails at stairs (Photo # ). Seismic - Common Areas - General Issues ZONE# 1 If Zone # is 3 or 4, then answer the following questions. 1. Is there un-reinforced tuck under parking? 2. Is there un-reinforced masonry construction? 3. Are there buildings constructed on hillsides with slopes exceeding 30 degree angles? 4. Are there any structures constructed with hollow clay tile framing components? If the answer to any of the above is yes or unknown, a comment is required. Limitations of Field Assessment Did you experience any of the following limitations to performing this field assessment: (Check ALL that apply) Management unavailable for interview or management experience on the property is less than six months Occupied units were unavailable for assessment, or the total number of units available (occupied or unoccupied) was insufficient Significant portions of the common areas, amenities or basements, etc. were unavailable for assessment Snow was covering most exterior areas (parking lots, roofs, landscape areas) 3 of 22
Other ne Property Assessment Form 4262 4 of 22
1. Life Safety Comprehensive Property Assessment Ratings issues observed Very minor and/or limited issues observed Some issues observed that require immediate attention; however do not require capital expenditures Issues observed that require immediate attention and possible capital expenditures Extinguishers last inspected March 2010 (Photo # 24). They should be inspected on an annual basis. 2. Deferred Maintenance: observable or reported signs of deferred maintenance Isolated issues or minor items that can be addressed by in-house maintenance staff and/or limited expense Some concerns that cannot be addressed by in-house maintenance staff, but do not appear to affect capital expenditures Issues affecting major system or several components of different systems that will materially affect capital expenditures Excessive deferred maintenance that will materially affect capital improvement expenditures on an immediate and long term basis Unit 401 kitchen cabinetry in fair condition. Unit 518 Kitchen and bathroom finishes undergoing renovation (in turn). 3. Routine Maintenance: Superior practices appear to be extending the estimated useful life of the property systems as a whole Practices appear to be addressing issues on a proactive basis ensuring good overall property performance Practices appear to be a combination of proactive and reactive practices, with some limited number of components requiring attention Practices appear to be reactive and/or not addressing condition concerns in a timely manner Inadequate practices that do not ensure reasonable functionality of the property systems or collateral value Unit 401 kitchen cabinetry in fair condition. Unit 518 Kitchen and bathroom finishes undergoing renovation (in turn). 4. Capital Needs All capital needs are being addressed Majority of capital needs are being addressed, and property performance does not appear to be impacted by minor issues Critical capital needs are being addressed as needed, but more capital expenditures will be required to maintain asset quality Some critical capital needs are not being addressed, and property performance could be impacted during the near term t addressing critical capital needs and property performance is being impacted Exterior building maintenance as needed. Common area and Unit interior finishes were found to be adequate yet worn and reaching the EUL. 5. Level/Volume of issues noted and appropriate follow - up recommendations: substantial concerns observed. further action required Some minor issues noted. Limited Servicer follow-up required Substantial and/or critical issues noted. Documented follow-up required Overall condition showing signs of deterioration. Documented follow-up required with possible action plan. Property should be placed on Servicer Watchlist Severe deferred maintenance observed. Follow-up and substantial action plan required. Property should be placed on Servicer and Fannie Mae Watchlist See above comments. Overall Rating and Additional Comments (if any) Overall Rating Scale: 1 = substantial concerns observed. further action required. 2 = Some minor issues noted. Limited follow-up required. 2 3 = Substantial and/or critical issues noted. Documented follow-up required. 4 = Overall condition showing signs of deterioration. Documented follow-up with possible action plan required. 5 = Severe deferred maintenance observed. Follow-up and substantial action plan required. Certification Seller/Servicer Certification Date: Third Party Certification Date: 3/9/2011 First Name: Last name: Title: Phone Number: First Name: Last name: Title: Phone Number: Joseph Lephew Project Manager (443) 937-1111 5 of 22
Email Address: Email Address: jlephew@partneresi.com 6 of 22