Mountain View currently includes a completed road, a private FAA approved airport with a 2550 ft. airstrip, 2 hangers and a 2500 sq. ft contemporary home. Development plans call for a part Fly-in / Fly Out community with up to forty single family homes and 80 condominiums within a market which attracts many first and second home buyers within 3 hours from affluent New York City, Northern New Jersey and the Long Island metropolitan areas, and 1 hour from the Capital District.

The cascading terrain will provide privacy for homeowners whose property will be adjacent to an exclusive country airport at the top of the Catskill Mountains. The airport will remain private, for use only by homeowners who are pilots, and their invited guests who are flying in. The airport grounds will also be open to the public in surrounding communities for occasional special events such as hot air ballooning an area favorite; ultra lights, gliders and other formal recreational activities. There will be virtually no environmental impact on the homes off private roads that form this one of a kind development. This project is the perfect opportunity to build year-round private, easy living community consisting of Chalet, Log and Adirondack style homes.

The current market value of the Mountain View property has been estimated at $5.1 Million by the premier real estate broker in the area. (See attached exhibit)

230+ Acre Improved Mountaintop Parcel with Road & Existing Home

Prime location 5 minutes to Hunter Mountain 10 Minutes to Windham Mountain

40 Single Family home sites and 80 Condominium residences

100% functional FAA approved 2550 Ft. airport w/ 2 hangers / 1 service area

Unparalleled panoramic views of Ski Hunter and surrounding mountains

Tax Map Lot Numbers: 147.00-3-1 (64.5 AC) 147.00-3-2 (117 AC) 147.00-3-23 (50 of 75 AC)

Purchase Price: 3.7 MM

Quick Sale: 3 MM

Net Income: $15 Million

Income Approach: Draw Down / Develop / Rolling Sales

Current Appraised Value: $5 Million (Comps / Broker Letter of Opinion)

Purpose of Funding: Acquisition / Development

Mortgage: Lender: Seller 80% 1st 24 Month Interest Only

Acquisition / Closing: $775K

Start Up Soft / Hard Costs: $160K

Fixed or Adjustable Rate: Adjustable

Rate: Prime + 1%                                   

Recourse Option: Yes

Mortgage Available: Yes

Second Lien Position: Optional