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RSR Sycamore LP has completed the EB-5 fundraising and construction of Sycamore at Tyvola is underway. Construction and development of the project comprises three phases:

Phase I: Construction Commencement. Construction of Sycamore at Tyvola began in January of 2017 and achieved three major milestones in the duration of the first quarter. Preconstruction site work is wrapping up and the structural work has begun on all buildings, including the Clubhouse.

Phase II: Preleasing. Sycamore at Tyvola is on track to begin preleasing in the fall of2017. Preleasing will begin with the completion of construction of the Clubhouse and first two buildings.

Phase III: Construction Completion. Construction is expected to come to a close in the first quarter of 2018, with full completion occurring in the second quarter of next year.

Now in Phase I, approximately 10% of the total construction is completed as of today’s date. I have enclosed on the next page progress photos showing the site work and construction of the Clubhouse and Building 6 from February17th to April 18th, 2017.