100 Franklin Street Condominium

Amendment 14 2025

Temporary certificate of occupancy updated, budget and financials disclosed, sponsor relinquished board control, and offering plan term extended one year.

• Temporary certificate of occupancy issued February 12, 2025; permanent certificate anticipated within 12 months
• Four of ten residential units closed (2S, 2N, 3S, PHN); six units remain unsold
• Annual budget for January 1 – December 31, 2025 attached; working capital fund balance $19,843.43 as of February 13, 2025
• Sponsor's monthly common charges on unsold units $19,662.50; monthly real estate taxes $30,294.61
• Sponsor receives $68,828.33 monthly rental income from four unsold residential units and two unsold commercial units
• First annual meeting of unit owners held June 16, 2024; sponsor relinquished voting control of board at that meeting
• Board consists of five members; Joseph McMillan and Michelle Hsieh affiliated with sponsor
• Offering plan extended for additional one-year period

Amendment 13 Apr 4, 2024

This amendment updates the condominium's 2024 budget, working capital fund status, and confirms sponsor's financial obligations and control period.

• Four of ten residential units closed (2S, 2N, 3S, PHN); six units remain unsold
• Temporary Certificate of Occupancy issued January 19, 2024; permanent occupancy expected within 12 months
• 2024 annual budget unchanged from 2023; working capital fund balance $5,039.27 as of March 31, 2024
• Sponsor's monthly common charges for unsold units $18,433.00; monthly real estate taxes $28,955
• Sponsor receives $79,961.67 in monthly rentals from three unsold residential and two commercial units
• First annual meeting will be held approximately 30 days after second anniversary of First Closing or 50% residential unit closings
• Board will expand from three to five members at first annual meeting; sponsor maintains voting control until 95% residential closings or five years from TCO
• Offering plan extended for one additional year

Amendment 12 Sep 12, 2023

This amendment updates financial disclosures, confirms four units have closed, extends the offering plan term, and clarifies sponsor control provisions.

• Four of ten residential units closed (2S, 2N, 3S, PHN); six units remain unsold
• Temporary certificate of occupancy issued September 21, 2020; permanent expected within 12 months
• Working capital fund balance $19,837.68 as of August 8, 2023
• Sponsor monthly common charges on unsold units: $18,433; monthly real estate taxes: $28,955
• Sponsor receives $75,566.67 monthly from renting three residential and two commercial unsold units
• Sponsor control ends at 95% residential unit closings or five years from first TCO, whichever is earlier
• First annual meeting approximately 30 days after second anniversary of first closing or 50% unit closings
• Offering plan term extended six months

Amendment 11 Feb 2, 2023

Purchase price of Unit 2N updated to $3,625,000.00.

Amendment 10 2022

Sponsor confirms two units closed, retail lease executed, temporary certificate of occupancy issued, and working capital fund established.

• Two of ten residential units have closed; eight residential units and two commercial units remain unsold
• Retail lease executed with Z&V LLC d/b/a Zadig & Voltaire for 10-year term dated July 12, 2022
• Temporary certificate of occupancy issued September 21, 2020; permanent certificate anticipated within 12 months
• Working capital fund balance $4,036.96 as of September 26, 2022, held at JPMorgan Chase Bank
• Monthly common charges for unsold units $26,989.60; monthly real estate taxes $39,214.80
• Sponsor receives $116,290 in aggregate monthly rentals from eight unsold residential units and two unsold commercial units
• First annual meeting scheduled approximately 30 days after second anniversary of first closing or closing of 50% of residential units
• Offering plan extended for additional twelve-month period

Amendment 9 Mar 10, 2022

Amendment updates sponsor's financing, confirms first closings, establishes board control terms, and extends the offering plan term by six months.

• First Unit Closing occurred February 10, 2022; two of ten units closed, Unit 2N expected to close fall 2022
• Sponsor refinanced with new $16,100,000 loan from USC 100 Franklin LLC, maturing February 28, 2025 with two six-month extension options
• Condominium Board will expand from three to five members starting at first annual meeting
• Sponsor maintains voting control until 95% of units close or five years from first TCO, whichever is earlier
• Declaration recorded February 4, 2022; temporary certificate of occupancy issued September 21, 2020
• $65,000 in escrow for permanent certificate of occupancy completion
• Working capital fund balance $8,213.95 as of March 7, 2022
• Offering plan extended for additional six-month period

Amendment 8 Sep 14, 2021

Real estate tax estimates updated for residential and commercial units based on new tax projection letter.

• Residential Units real estate taxes increased from $463,994 to $529,693 for first year of condominium operation
• Commercial Units real estate taxes increased from $49,195 to $56,160
• Tax projection based on Marcus & Pollack LLP letter dated August 25, 2021
• Second year residential taxes estimated at approximately $560,851
• Second year commercial taxes estimated at approximately $59,465
• Updated Schedule A - Purchase Prices and Related Information replaces prior version
• 3 Units currently in contract

Amendment 7 May 14, 2021

Seventh Amendment declares the Plan effective after meeting the 15% sales threshold and extends the Plan term by six months.

• Plan declared effective (2 out of 10 Residential Units sold, meeting 15% minimum threshold)
• Plan term extended for an additional six (6) month period
• Units 2S, 2N, and 4S counted toward effectiveness with purchase dates 2/4/21, 10/27/20, and 2/9/21

Amendment 6 Feb 8, 2021

Real estate tax estimates updated for residential and commercial units based on new tax projection.

• Residential Units aggregate real estate taxes increased from $428,686 to $463,994 for first year
• Commercial Units aggregate real estate taxes set at $49,195 for first year
• Tax projections based on Marcus & Pollack LLP report dated January 25, 2021
• Assessed valuations: $3,402,995 (tax year 2020/21) and $3,972,195 (tax year 2021/22) for residential
• Second year residential taxes estimated at $513,257 once fully constructed
• Second year commercial taxes estimated at $54,418 once fully constructed
• 3 units currently in contract
• Schedule A replaced with updated version reflecting new tax estimates and common charges
• Schedule A prices decreased for 1 home (median -9.5%): 3 S $3,150,000 → $2,850,000

Amendment 5 Sep 16, 2020

Purchase price of Unit 4N updated to $3,495,000.00

Amendment 4 Aug 14, 2020

Purchase price of Unit 3S updated to $2,495,000.00.