Property Overview In August 2006 Taconic acquired MeadowWood at Gateway, a 19 building apartment complex formerly known as Fairfield Towers, located in Brooklyn, New York. The acquisition resulted from a failed auction and involved the resolution of several complex ownership, legal, and financial challenges in order to consummate the transaction. The buildings were constructed between 1964 and 1966 and contain a total of 1,152 units. In 1991 the units were converted to condominiums and 167 units were purchased by individual owners and 2 were purchased by the condominium association for superintendent use. The remaining 983 units were operated as rental and subsequently acquired by Taconic.

Investment Strategy A massive capital improvement and repositioning plan has been implemented which includes the replacement of roofs, replacement of all windows and terrace doors, installation of new elevators, removal of past violations, upgrades to entrance lobbies and common corridors, landscaping redesign as well as interior upgrades to all acquired units. Following the ongoing renovation, the 983 rental units will be sold as condominiums. The total project is estimated to be complete by early 2011.

Building Amenities Area Amenities: The Condominium is within 1/4 mile of the new 640,000 square foot Gateway Center retail development, which includes a Home Depot, BJ's Wholesale Club, Target, Marshall's and Bed, Bath & Beyond.

Transportation Access: Six subway lines including the A, C and 3 lines are in close proximity to the property. In addition, one of only three Long Island Rail Road stations in Brooklyn is located nearby, providing residents an attractive commuting option both to Manhattan and points throughout Long Island.

Parking: The property offers in excess of 1,000 parking spaces for its residents.

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