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Closing Memorandum 2/323 -32.637 2c�z,3 ._ 32�38 STIFEL iummint To: Vista Breeze-Working Group From: Stifel,Nicolaus&Company,Incorporated-Loan Placement Agent("Stifel") Date: 12/14/2023 $32,500,000 Housing Finance Authority of Miami-Dade County,Florida Multifamily Housing Revenue Note (Vista Breeze) Series 2023 * The pre-closing and settlement of the Multifamily Housing Revenue Note shall be held on Thursday,December 14, 2023,and Friday,December 15,2023,respectively.The assembly of the final executed documents for the Note transcript and recordation shall occur via electronic transmittal to Foley&Lardner LLP,as Note Counsel. Prior to settlement and release from escrow,the transmittal of funds will occur as follows: 1. On or about Thursday,December 14,2023,Bank of America,N.A.(the"Equity Investor")will wire,or cause to be wired to The Bank of New York Mellon Trust Company,N.A.(the"Fiscal Agent")$5,365,086.00 of which $5,262,186.00 represents the initial contribution of the Low Income Housing Tax Credit Equity and$102,900.00 represents an additional capital contribution.The Fiscal Agent shall hold such funds and upon closing shall deposit $4,943,966.00 to the Borrower Equity Account of the Project Loan Fund,$217,995.00 to the Costs of Issuance Fund and$203,125.00 to the Governmental Lender Conversion Fee Account of the Administration Fund. 2. On Friday,December 15,2023,Bank of America,N.A.(the"Initial Funding Lender")will wire,or cause to be wired $698,193.66 to the Fiscal Agent,representing the initial draw of the Funding Loan Proceeds. The Fiscal Agent shall hold such funds and upon closing shall deposit$535,693.66 to the Project Account of the Project Loan Fund and $162,500.00 to the Capitalized Interest Account. Following the settlement and release from escrow,the payment of costs and fees will occur as follows: 3. On Friday,December 15,2023,the Fiscal Agent shall pay the Cost of Issuance in accordance with the schedule attached hereto. 4. On Friday, December 15,2023,the Fiscal Agent will make all Borrower Equity Fund Disbursements in accordance with the schedule attached hereto. 5. On Friday, December 15,2023,the Fiscal Agent will wire$223,529.76 to Fidelity National Title Insurance Company (the"Title Agent")representing Low Income Housing Tax Credit Equity from the Borrower Equity Account to pay certain title and recording fees in accordance with the closing statement. 6. On Friday,December 15,2023,the Fiscal Agent shall wire or cause to be wired to Vista Breeze,Ltd(the "Borrower")$4,007,062.65,of which$3,471,368.99 represents Low Income Housing Tax Credit Equity from the Borrower Equity Account and$535,693.66 represents Funding Loan Proceeds from the Project Account. STIFEL FISCAL AGENT WIRING INSTRUCTIONS Wire to: The Bank of New York Mellon Trust Company NA 500 Grant Street Room 3210 BNY Mellon Center Pittsburgh,PA 15258 ABA 021000018 Account Number: 1856528400 Account Name:JAX PAYMENT ACCOUNT REF:Vista Breeze Attn:Heidi Bowers TITLE AGENT WIRING INSTRUCTIONS Wire to: BANK NAME: Bank of America,N.A. BANK ADDRESS: 100 West 33rd St,New York,NY 10001 ABA NUMBER:026009593 ACCOUNT NAME:Fidelity National Title Insurance Company Custodial Escrow 3801 PGA BOULEVARD,Suite 605,Palm Beach Gardens,FL 33410 ACCOUNT NUMBER: 1257021916 ESCROW NUMBER: 321 I389795JC EMPLOYEE TO NOTIFY:Jennifer Corbo/(954)308-3492 STACEY PILOTO 954-308-3498 BORROWER WIRING INSTRUCTIONS Wire to: Bank:Bank of America-Tampa,FL ABA:063 100 277 Account Name:Vista Breeze, Ltd 161 NW 6th Street Ste 100,Miami,FL 33136 Account Number:898 126 369 594 [Signature page to Closing Memorandum] VISTA BREEZE,LTD., a Florida limited partnership By: k 7'--.-- Kenneth Naylor Vice President STIFEL $32,500,000.00 Housing Finance Authority of Miami-Dade County,Florida Multifamily Housing Revenue Note (Vista Breeze) Series 2023 Closing Memorandum Flow of Funds Sources Funding Loan(Hotel Tax Credit Equity Total Tax-Exempt Loan(Construction Loan) st>98.I 9;.66 $698,193.66 Tax Credit Equity $5.365.086.00 $5,365,086.00 Total Sources of Funds S698,193.66 S5,365,086.00 $6,063,279.66 FUNDING MATRIX: Tax-Exempt Loan Tax Credit Equity Total (Construction Loan) Project Account $535,693.66 $535,693.66 Borrower Equity Account $4,943,966.00 $4,943,966.00 Costs of Issuance Account $217,995.00 $217,995.00 Governmental Lender Conversion Fee Account $203,125.00 $203,125.00 Capitalized Interest Account $162,500.00 $162,500.00 Total $698,193.66 $5,365,086.00 $6,063,279.66 STIFEL $32,500,000 Housing Finance Authority of Miami-Dade County,Florida Multifamily Housing Revenue Note (Vista Breeze) Series 2023 Costs of Issuance Fund Payees Payee Amount 1. Housing Finance Authority of Miami-Dade County Closing Fee 81,250.00 Compliance Monitoring Set-Up Fee 3,570.00 2. Office of Miami-Dade County Issuer Counsel Fee 15,000.00 3. Foley&Lardner Note Counsel Fee 56,800.00 4. Public Resources Advisory Group,Inc. Financial Advisor Fee 56,000.00 5. The Bank of New York Mellon Fiscal Agent Fee 2,125.00 Acceptance Fee 3,250.00 Total $217,995.00 STIFEL S32,500,000 Housing Finance Authority of Miami-Dade County,Florida Multifamily Housing Revenue Note (Vista Breeze) Series 2023 Costs of Issuance Disbursements Draw Description of Draw Request $ 84,820.00 Name: Housing Finance Authority of Miami-Dade County Bank: Wells Fargo Bank,N.A. ABA 420 Montgomery,San Francisco,CA 94104 Account Number: 4122230907 Account Name Housing Finance Authority of Miami-Dade County Reference Invoice#1307 Contact Person: Housing Finance Authority of Miami-Dade County Contact Telephone: 305-594-2518 2. S 15,000.00 Name: Office of Miami-Dade County Bank: Wells Fargo Bank,N.A. ABA: 121000248 Account Number. 2696206696688 Account Name. Miami-Dade County.Florida-General Operating Account Reference: Legal Fees:Counts Attorney's Office Index Code.AT01010000 _ Contact Person: Contact Telephone: 305-594-2518 3. S 56,800.00 Name: Foley&Lardner Bank: U.S.Bank,NA ABA: ABA No.:075000022 Account Number: Acct No.:112031389 Account Name: Reference: Contact Person: Contact Telephone: 4. S 56,000.00 Name: Public Resources Advisory Group,Inc. Bank: JPMorgan Chase Bank,N.A. ABA: 021000021 Account Number: 910-1617463 Account Name: Reference: Invoice#:4590 Contact Person: Brenda Henry Contact Telephone: 212 566-7800 5. S 5,375.00 Name: The Bank of New York Mellon Bank: The Bank of New York Mellon ABA: 021000018 Account Number: 8901245259 Account Name: BNY Mellon-Fee Billing Wire Fees Reference: Invoice Number:252-2597627 Contact Person: Heidi Bowers Contact Telephone- 1904)645-1983 STIFEL S32,500,000 (lousing Finance Authority of Miami-Dade County,Florida Multifamily Housing Revenue Note (Vista Breeze) Series 2023 Borrower Equity Fund Payees Payee Amount 1. Citibank,N.A. Perm Origination fees 130,625.00 2. Citibank,N.A. Perm Closing Fees 62,322.00 3. Bank of America,N.A. Loan Origination Fees 301,532.00 4. Fincher Law Group Legal Fees 94,055.00 5. Holland&Knight LLP Legal Fees-Equity 95,000.00 6. Holland&Knight LLP Legal Fees-Construction 95,000.00 7. Holland&Knight LLP Legal Fees-Bonds 25,000.00 8. Klein Hornig LLP Legal Fees 209,183.25 9. Grady Hunt PLLC Leasehold Mortgage 22,000.00 10. Grady Hunt PLLC Leasehold Mortgage 9,000.00 11. Weiss Serota Helfman Cole&Bierman Loan Closing Costs 44,500.00 12. Plante&Moran LLC Fee 4,950.00 13. Plante&Moran LLC Fee 2,950.00 14. Stifel,Nicolaus&Company,Incorporated Placement Agent lee&I npcnses 40,000.00 IS. Richard Kuper,P.A. Fee 12,950.00 16. (lousing Authority of the City of Miami Beach Loan Repayment [00,000.00 Total 51,249,067.25 STIFEL $32,500,000 Housing Finance Authority of Miami-Dade County,Florida Multifamily Housing Revenue Note (Vista Breeze) Borrower Equity Fund Disbursements Draw Description of Draw Request 1. $ 130,625.00 Wire Name: Citibank,N.A. Bank: Citibank,N.A. Address: ABA: 021-000-089 Account Number: 3886-9385 Account Name: Corporate Chicago Ref: N/A-Vista Breeze Contact: 1.arisa Branch's 2. $ 62,322.00 Wire Name: Citibank,N.A. Bank: Citibank,N.A. Address: ABA: 021-000-089 For Credit To: 384-93429 Account Number: Citi Global Markets FFC: 029-32025 Ref 02932025-43AB 1527-Vista Breeze Contact Telephone: Larisa Branch's 3. $ 301,532.00 Wire Name: Bank of America,N.A. Bank: Bank of America,NA Address: ABA: 26009593 For Credit To: Account Number 1367011723000 Attention: CREB Direct Wires Reference: Vista Breeze,Ltd-LIQ No.377046 Contact Person: Contact Telephone: 4. $ 94,055.00 Wire Name: Fincher Law Group Bank: Wells Fargo Bank Address: ABA: 121000248 For Credit To: Fincher Law Group,LLC Account Number: 5755556833 Reference: Vista Breeze-Invoice No:2023.10.30VB Contact Person: Contact Telephone: STIFEL $32,500,000 Housing Finance Authority of Miami-Dade County,Florida Multifamily Housing Revenue Note (Vista Breeze) Borrower Equity Fund Disbursements Draw Description of Draw Request 5. $ 95,000.00 Wire Name: Holland&Knight LLP Bank: Wells Fargo Bank N.A. Address: 420 Montgomery Street,San Francisco,CA 94104-1207 ABA: 121000248 Account No: 2090002390441 Reference: Invoice 585101-00738 Contact Person: H&K Account Services Contact Telephone: 1-813-901-4180 6. $ 95,000.00 Wire Name: Holland&Knight LLP Bank: Wells Fargo Bank N.A. Address: 420 Montgomery Street,San Francisco,CA 94104-1207 ABA: 121000248 Account No: 2090002390441 Reference: Invoice 33249607 Contact Person: H&K Account Services Contact Telephone: 1-813-901-4180 7. $ 25,000.00 Wire Name: Holland&Knight LLP Bank: Wells Fargo Bank N.A. Address: 420 Montgomery Street San Francisco,CA 94 1 04-1 207 ABA: 121000248 Account No: 2090002390441 Reference: Invoice 33249608 Contact Person: H&K Account Services Contact Telephone: 1-813-901-4180 8. $ 209,183.25 Wire Name: Klein Homig LLP Bank: Citizens Bank Address: 1 Citizens Dr.ROP-480,_RiversideeRI 02915 ABA: 11500120 Account Name: Klein Ilornig LLP For credit to: Money Market Account#1400812183 Klein Homig LLP Money Market Account For further credit to: 0626-0170 FHousi t Authori of Miami Beach-Vista Breeze] Contact Person: Contact Telephone: STIFEL $32,500,000 Housing Finance Authority of Miami-Dade County,Florida Multifamily Housing Revenue Note (Vista Breeze) Borrower Equity Fund Disbursements Draw Description of Draw Request 9. $ 22,000.00 Wire Name: Grady Hunt PLLC Bank: Citibank,N.A. Address: Miami,FL ABA: 26-6086554 For Credit To: Grady Hunt PLLC Account Number: 9148938820 Reference: Invoice Number: 10701 Address: Contact Person: Contact Telephone: 10. $ 9,000.00 Wire Name: Grady Hunt PLLC Bank: Citibank,N.A. Address: Miami,FL ABA: 26-6086554 For Credit To: Grady Hunt PLLC Account Number: 9148938820 Reference: Invoice Number: 10684 Address: Contact Person: Contact Telephone: 11. $ 44,500.00 Wire Name: Weiss Serota Helfman Cole&Bierman Bank: City National Bank of Florida Address: 2855 LeJeune Road,Coral Gables,FL 33134 ABA: 66004367 For Credit To: Weiss Serota Helfman Cole&Bierman,P.L. Account Number: 1753777107 Reference: #2116.220—Vista Breeze Ltd/SAIL,ELI,NHTF and VIABILITY Loans Address: Contact Person: Contact Telephone: 12. $ 4,950.00 Wire Name: Plante&Moran LLC Bank: Bank of America Address: 100 West 33rd New York,NY 10001 ABA: 026009593 For Credit To: Plante&Moran LLC Account Number: 9890996003 Reference: Invoice#10133969 Contact Person: Contact Telephone: STIFEL S32,500,000 Housing Finance Authority of Miami-Dade County,Florida Multifamily Housing Revenue Note (Vista Breeze) Borrower Equity Fund Disbursements Draw Description of Draw Request 13. $ 2,950.00 Wire Name: Plante&Moran LLC Bank: Bank of America Address: 100 West 33rd New York,NY 10001 ABA: 026009593 Account Number: Plante&Moran LLC Account Name: 9890996003 Reference: Invoice#10133970 Contact Person: Contact Telephone: 14. $ 40,000.00 Wire Name: Stifel,Nicolaus&Company,Incorporated Bank: Bank of America,New York,N.A. Address: ABA#: 26009593 Account#: 4451211211 Account Name: Stifel,Nicolaus&Company,Incorporated Reference Public Finance-M20993-83L-Vista Breeze Contact Person: William White Contact Telephone: 334-386-0586 15. $ 12,950.00 Wire Name: Richard Kuper,P.A. Bank: First Horizon Bank Address: 165 Madison Ave,Memphis,TN 38103 ABA#: 84000026 Account#: 61131439 Account Name: RICHARD KUPER PA Reference Account Number:042435-0150 Contact Person: RICHARD KUPER,P.A. Contact Telephone: (305)373-1166 16. $ 100,000.00 Wire Name: Housing Authority of the City of Miami Beach Bank: TD BANK,N.A. ABA: 31101266 Account Number: 4246699205 Beneficiary Housing Auth of the City of Miami Beach Development Reference: Vista Breeze-175 S Shore Drive, Contact Person: Mike O'Hara Contact Telephone: (305)761 2866