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SUMMARY OF FINANCING PROPOSAL

PHASE I DEVELOPMENT 380,000 SQ FT-250 ROOM HOTEL

20,000 SQ FT SPA

25,000 SQ STABLES

25,000 SQ FT CONFERENCE CENTER

5 ACRE WATERPARK

15,000 SQUARE FT OFFICE AND RETAIL

AUGUST 2009

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CONTENTS Executive Summary 3 Income/Expense Projections & Construction Costs 5 Conceptual Site Plans & Themes 8




Executive Summary. Eden Grove Resort and Spa is a proposed Green community, to be LEED’s certified, for a 217 acres site on Cat Island in the Bahamas. Modeling the success of the Atlantis resort, it’s target market is more a upscale and boutique clientele and as such the Hotel/Spa combination is limited to 250 proposed luxury suites which would be the central economic engine of phase one. Included in phase one are:

• 380,000 SQ FT-250 ROOM HOTEL & 20,000 SQ FT SPA • 25,000 SQ STABLES • 25,000 sq ft conference center &15,000 square ft office and retail. • 5 ACRE WATERPARK • 5,000 square foot Blue hole nature center.

Entitlements have been already approved for a number of proposals of similar scale and use for the north end of the Island where the site is located and our initial conceptual site plan is ready to be sent for government review (see addendums).

PGA Village on Cat Island. NEWTON, Mass., April 30 /PRNewswire/ -- The PGA of America and the partners of Cat Island Partners Ltd. broke ground on Friday, April 24th for the first-ever PGA Village(R) to be developed outside of the United States. The official groundbreaking took place on Cat Island in The Bahamas and was attended by a large delegation of Government Officials including the Rt. Hon. Prime Minister Hubert Ingraham, Hon. Vincent Vanderpool-Wallace, Minister of Tourism and Aviation… http://www.breitbart.com/article.php?id=prnw.20090430.NE08635&show_article=1 http://www.southworthdevelopment.com/GolfeMailerImages/NewYorkTimes_BreakingGround_52809.pdf Steve Staton, Chief Financial Officer for Eden Grove, organized the PGA deal and was personally responsible for putting the various parties together that saw the 200 million plus PGA Village come to fruition. http://www.pgavillagethebahamas.com/ http://www.pgavillagethebahamas.com/about-cat-island.html




Soft cost initial investment & projected Loan & Exit strategies

General Property Type: 5 Star Luxury Hotel and Spa with Waterpark and Equine Center

Property Name: Eden Grove Resort and Spa

City, State: Cat Island Bahamas

Total Guest Suites: 250 suite accommodations

Estimate Build Time: 18 Months

Proposed Loan Terms and Underwriting Summary

Number of Guest Suites: 250 Senior Loan Amount: $49,000,000

Waterpark Facilities: 5 acres Senior Loan Term / Interest Rate: TBA

SF of Spa/Fitness: 20,000 Equity: $16,761,000

SF of Public Space Facilities: 15,500 Projected Stabilized Value: $226,169,200

Total Project Cost: $64,061,000 Fee or Leasehold: Fee

UNDERWRITING GUIDELINES REQUESTED SENIOR LOAN TERMS:

Senior Interest Rate: The interest rate on the Senior Loan shall be 350bp over LIBOR, interest only for the first 18 months and then self-liquidating over 25 years for the balance of the Loan term. Senior Loan Term: 25 years.

Senior Loan Amortization and Repayment: Interest only for 18 months (construction period), 25-year loan amortization schedule thereafter. During the actual construction period, interest payments are capitalized from the interest reserve established by Lender at Loan closing.

Maximum Senior Loan LTV: The maximum initial allowable loan-to-appraised stabilized value

will not exceed 65% of the maximum MAI appraised stabilized value.

Maximum Senior Loan LTC: The maximum allowable LTC will be 80%.

Senior Origination Fees: 1.0%, plus all costs and expenses




SOURCES:

Senior Loan 79.9% $49,000,000

Investor Equity 10.2% 11,761,000

Landowner Equity 9.3% 5,000,000

Predevelopment Equity 0.6% 300,000

TOTAL SOURCES: 100.0% $64,061,000

USES: Phase one Resort and Spa Legal and closing costs $350,000

Land –Free and clear

Site Work – Road Construction $4,000,000

Hotel Construction (includes solar power) 51,100,000

Waterpark & Stables 4,200,000

Energy Systems – Wind Turbine 1,000,000

Project Contingency 1,100,000

Pre-Opening & Training 100,000

Working Capital 350,000

Financing 1,034,000

Development Fee $215,000

Construction Period Interest 1,677,000

TOTAL USES: $66,061,000




Hotel Income Projections




Stabilized Value: Adjusted stabilized 2012 NOI @ 10.75% cap.

$226,169,200

Stabilized 2012 NOI - Return on $54M Cost 38%

Senior Loan to Cost (LTC) 85%Senior Loan to Value (LTV) 23.87%

Development and Management team. Everett Barry Rolle is the current owner of YSHIOMS COMPANY LIMITED, managing member of the development. Currently he has engaged Steve Staton Commercial finance manager of Harbor Mortgage in Savannah Georgia as CFO, Don D’Anthony of D’Anthony Design in Hollywood Florida for Design Development, and Anthony Roker of Nassau Bahamas for Site Management as it’s core development team. Steve Staton has worked in Banking and Finance for over 30 years as been involved in a number of large scale developments in the Savannah area. His contacts include a wide array of finance and development professionals including builders. He has successfully orchestrated the negotiation of large scale developments in the Bahamas before-specifically the PGA Village currently being built on the island.. Don D’Anthony has worked in Design Development, Architectural production drawing, Urban Design, and commercial finance for 20 years. Some of his most recent work includes a year with a development company in Miami that was building ultra high end luxury homes on the renown Venetian Isles in Miami Beach-these homes retailed for a range of 5-20 million dollars. Anthony Roker- Operations and Site Manager. Builders: Titan Construction, Savannah. Titan Construction Company is experienced with a full range of building types and currently employs 19 people construction professionals. They have 30 years of commercial construction from schools, hospitals, to residential development.

Additional Development Phases.

After completion of Phase one an additional 200 townhomes on Glass hill are planned for phase two

with 45 Cabana homes near the Hotel and beach. Simultaneously, the Green elements of solar, wind farms, and recycling and composting will be expanded to meet the additional service demand. A third phase of a marina will require the purchase of additional adjacent land. Lot pricing: TBA

In keeping with the Planned Unit Development approach lots are kept at a minimum size and incorporated into pods where views and amenities can be carefully planned and organized, with a focus on keeping green space in the form of equestrian paths and groves at a maximum. As such the focus as seen for the development will not be the selling of lots per se but the selling of units within the pods. However, should the sale of lots take place a strong set of design covenants would be included to keep the scale, style, and unity of the project intact.




AAAArchitectural themeing, rchitectural themeing, rchitectural themeing, rchitectural themeing, Design and Urban Planning elementsDesign and Urban Planning elementsDesign and Urban Planning elementsDesign and Urban Planning elements

A key focus of the resort would include an appeal toward high culture through a number of business

liaisons with select galleries from New York, Paris, London, and Tokyo. A premier gallery from each city would be provided space at cost for exhibitions and artists in residence with the understanding that a cooperative marketing effort would be engaged in through their exclusive client lists. Additionally, included in the commercial space would be a recording studio where select Avant-guard Jazz musicians would also be engaged to create music, music workshops, events, and recordings which would fall under the corporate umbrella. The focus on high Art and Music would wrap into the holistic and therapeutic aspects of the Spa; a stay at Eden Grove would be an exploration into a restoration of the soul, and would set the resort apart from the mere vacation into the realm of an altogether higher order of experience. The hotel itself is architecturally themed with elements of the sublime taken from the mythic and archetypical qualities of the palatial. Porches and pavilions modeled after the Royal palace complex at Knossos, domes and mosaics hearkening to Antonio Gaudi’s work in Barcelona Spain, and water gardens and natural freshwater springs evoking Frank Lloyd Wrights Imperial Hotel in Tokyo or his “Fallingwater” masterpiece in Bear Run P.A. spreads out from the hotel to the ocean. This blends in with a 5 acre waterpark where the simple joys of frolicking in slides, rides, fountains, help the clientele ease into physically healthy exercise with their families in stress relieving fun. From the Hotel along the North Shore one would follow the main road toward the commercial center. Along each side of the road a winding series of streets with intimate porches and Cabanas flank the hillside. They form the basis for an exclusive yet special community of patrons who desire the best amenities of modern life with the feel of a return to Eden. Small shops for local merchants provide an authentic island ambiance, and then one reaches the main commercial center. The initial 15,000 square feet contains a larger circular pattern for expansion. This in phase two would be completed with townhouses creating a true live/work/shop scenario. Down from the commercial center along the southward side of the site wind farms fringe a riding academy, stables, and private country club with pastures, paddocks, and training arenas. Winding out from the equestrian center and back through the Cabana community, around the commercial center, the hotel and the Spa riding and hiking trails expound upon the of the freshwater blue hole lake to the south and the ocean to the north. These trails are not conceived as a mere afterthought to the site however; integral with them is a stacked poly-agricultural model of fruit groves-mangoes, papaya, coconuts, avocado, grapefruit and more planted in a fashion to mirror wild groves-primordial and pristine-yet functioning to as an economically viable, harvested and maintained aspect of the business of the site.

Stacked Poly-culture: http://www.stand-center.com/polyculture.html International Char-Soil Initiative: http://www.biochar-international.org/

Phase two is intended to include a maximum of an additional 45 Cabanas and 200 townhomes designed with nature and intertwined in small private groups along glass hill and the orchards trails. They would form planned unit developments in a pod fashion to maximize the available land between for the horse trails and stacked poly-cultural groves. Don D’Anthony-Design Development




Resort Hotel & Spa.Resort Hotel & Spa.Resort Hotel & Spa.Resort Hotel & Spa. 1.) Grand Entrance. 2.) Lobby and registration. 3.) Conference & Penthouses at the upper floor with signature domes. 4.) Watergardens & Restaurant. 5.) Beginning of waterpark (specialty design to be indicated in subsequent addendum with park winding between freshwater springs and Spa, cascading to oceanfront.) 6.) Main Spa Building. 7.) Additional Spa area. 8.) Spa Luxury Suites 9.) Oceanfront Dining. 10.) Luxury Suites. 11.) Pool Bar. 12.) Adjacent Cabana Homes 13.) Oceanfront Service/Retail/Dining. 14.) Boat Dock. 15.) Beach. 16.) Freshwater Springs. 17.) Horticultural Hothouses. 18.) Stacked Poly-culture Agricultural orchards plantings and groves. 19.) Horse trails & Groves.




As a island resort community the Eden Grove project seeks an architectural typology that is both

practical for the environment and inspiring to the imagination. Atlantis has been a recent theme in the Bahamian lore since Edward Cayce claimed that Atlantis in fact had been among the Caribbean. Historically then we look to the palaces of the Mediterranean from Knossos on Crete (Minoan culture considered by many now the real inspiration for Atlantis) to Grenada Spain, where a confluence of cultures diverse and exotic traversed the building forms for millennia producing an eclectic visual delight that as a tourist draw is second to none.

Architectural Themeing and Motifs: Granada Spain




The Minoan Palace of Knossos

Reconstruction of palace interior Where the Minoans the real Atlanteans? http://www.bbc.co.uk/history/ancient/greeks/atlantis_05.shtml At various places in the interiors of the public spaces of the hotel murals reminiscent of Minoan art will grace the public spaces, establishing the mythic and archetypical, tying into the Age of Bronze’s wondrous sense of adventure that has populated our minds with heroes, from David to Hercules.




Gaudi’s Mosaics.

Antonio Gaudi’s architectural Art Nouveau masterpieces in Barcelona remain one of Spain’s consistently strong tourist draws for their strange originality and fantastic beauty. A deeply religious man, Gaudi’s works transcend the definition of “Architecture” and move directly into the realm of sculpture-an abstract and religious sculpture at that. Incorporated throughout the project, such a sculptural transition from the architecture to the landscape via retaining walls etc can provide not merely an R-value and phenomenal moisture barrier, the establishment of the mosaic theme in the project can provide color therapy (fitting in with the holistic health-spa) and an ongoing “Art-park” atmosphere as the mosaics are being installed in various stages. Their construction and creation can become events in themselves as new elements of the larger project are installed.




The Watergardens and Waterpark. Frank Lloyd Wright’s masterpiece “Fallingwater”, voted the house

of the Millennium, took the notion of placing a building off from an attraction for a view to actually immersing itself in the attraction-thus becoming a participant in life rather than a spectator. At Eden Grove’s site there are several blue holes and freshwater springs. The hotel’s site is located immediately between one of the springs and the sea. This alone would be enough to make Eden Grove spectacular-but our recommendation is to take the water themes one step further, incorporating the standard elements of waterparks, pools, and aquariums at various places in the interior, spilling out into the gardens, and pool, and then having the waterpark wind it’s way around the hotel and spa, passing the spring and cascading down to the beach-all the while aquariums and tropical fish ponds being integrated into the experience-from the lobby to the ocean.

On a larger scale, a similar integration of sea life and human recreation have been proven successful in the Rainforest Café’s aquariums, Aquatica at Sea World, The Reef at Typhoon Lagoon, and the Atlantis Resort.

Rainforest Cafe:

Aquatica:




Typhoon Lagoon:

Atlantis Resort:




http://themeparks.about.com/od/waterparksphotogallery/ig/Aquatica-Water-Park/Dual-Waves.htm http://www.atlantis.com/photogallery.aspx http://disneyworld.disney.go.com/parks/typhoon-lagoon/ http://www.mgmgrand.com/restaurants/rainforest-cafe.aspx

Equestrian Center. Few things in life are more magnificent than a beautiful horse or a tropical beach. Eden Grove will

have both. These will function in a therapeutic fashion (again, in keeping with the Spa Health theme http://findarticles.com/p/articles/mi_qa3939/is_200011/ai_n8920461/ ) or simply for the sheer enjoyment of such a wonderful combination.

The Equestrian Center’s architectural theme will be modeled after inspiration from the renowned

Mexican architect Luis Barragan’s Fuente de los Amantes horse ranch. http://en.wikipedia.org/wiki/Luis_Barrag%C3%A1n




Equestrian Center, RidingEquestrian Center, RidingEquestrian Center, RidingEquestrian Center, Riding Academy & WindAcademy & WindAcademy & WindAcademy & Wind----farms. farms. farms. farms. 1.) Stables and Clubhouse. 2.) Pastures. 3.) Windmills. 4.) Paddocks and training areas.




Wind Power.Wind Power.Wind Power.Wind Power.

The recent addition of an 80 KW windmill to the Paradise Bay Villa Resort in Grenada has placed

wind power as a an established reality in the Caribbean. The Developer, James Post, says “In smaller markets -such as the Caribbean- big is not as beautiful as in the West as the nets are relatively small and the infrastructure to install and maintain the big systems is limited. A company from the Netherlands: (www.windenergysolutions.nl) recognized this gap and delivers solutions in the form of mid-range windmills (80-250 kW) and developed intelligent control systems that dynamically balance energy output and requirement. This can significantly increase the wind penetration to 60% or more. While the pure cost per kWh of the wind energy is lower than the big systems, the average cost of wind and diesel is better. The smaller systems are easy to install and maintain. For the Caribbean -and similar markets- this is clearly the way to go.” This solution would work for the establishment of the first of the windmills on glass hill. Additional units could be added independently of Phase one.

http://www.paradisebayresort.net/html/green_energy_options.html .http://www.ewire.com/display.cfm/Wire_ID/4080

http://www.windenergysolutions.nl/products/wes18/

Smaller rooftop units are available for placement throughout the project, the “Supa-flow 500”.

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