Confidential

Confidential Offering Memorandum

TEN50

Live. Work. Thrive. On Federal Highway.

1050 N Federal Highway, Hollywood, FL 33020 Live Local Mixed-Use Development2026

Confidential & Proprietary

This memorandum is provided on a confidential basis for the sole purpose of evaluating an investment in TEN50.

This document is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. It contains forward-looking projections that involve risk and uncertainty; actual results may differ materially. Figures are sponsor estimates subject to change and independent verification. Any offering will be made solely pursuant to definitive transaction documents. Recipients agree not to reproduce or distribute this material without the written consent of Starlife Group.

Executive Summary

A vertically integrated Live Local tower on Hollywood's Federal Highway.

TEN50 is a 23-story, 460-unit mixed-use development by Starlife Group at 1050 N Federal Highway in Hollywood, Florida — a supply-constrained, high-growth South Florida corridor between Miami and Fort Lauderdale.

Qualifying under Florida's Live Local Act, the project pairs 184 income-restricted units (40% at 120% AMI) with 276 market-rate residences and 10,000 SF of retail, unlocking a 30-year tax reimbursement, density and parking benefits, and a streamlined approval path. Developed and built in-house by Starlife Group and Starlife Builders.

23 Stories · 460 Units

Investment Highlights

Why TEN50

01Prime Location1050 N Federal Hwy — steps from Young Circle, between Miami & Fort Lauderdale, <5% vacancy.
02Live Local Act184 units at 120% AMI unlock a 30-year tax reimbursement plus density & parking bonuses.
03Vertical IntegrationStarlife Group (developer / land owner) + Starlife Builders (GC) capture margin end-to-end.
04Compelling Returns$68.7M projected net profit · ~2.0x equity multiple · ~99.5% return on equity.

The Offering

Investment terms

The summary terms below are indicative and will be finalized in the definitive transaction documents / term sheet.

Sponsor / DeveloperStarlife Group

ProjectTEN50 · Hollywood, FL

Total development cost$196.0M

Total equity$68.0M

Security offeredPer term sheet

Minimum investmentPer term sheet

Preferred return / structurePer term sheet

Target hold period~3.5 years

Distribution timingPer term sheet

EB-5 eligibilityPer term sheet

The Asset

A 23-story mixed-use landmark

460 residential units — studios to 3-bedroom, averaging ~800 SF.

10,000 SF ground-floor retail at $75/SF annual rent.

537 parking spaces — with a 30% reduction benefit under the Live Local Act.

184 units (40%) at 120% AMI — 30-year tax reimbursement on the affordable component.

Resort-style amenities — rooftop pool, fitness, co-working, pickleball and more.

Conceptual Rendering

Site & Specifications

~1.5 acres on Federal Highway

61,089Sq ft · ~1.5 acres

Live LocalQualifying site · on US-1

$18MCurrent land basis

$25–30MValue upon approval

Adjacent GAIA Residences parcel sold for $23M without site-plan approval — validating premium land values and the built-in equity cushion on this block.

Location

Between Miami and Fort Lauderdale, on the water's doorstep.

Hollywood is absorbing $1.5B+ of new development with sub-5% vacancy and sustained rental demand.

Location Highlights

Minutes to everything

★TEN50 · 1050 N Federal Highway

1Hollywood Beach & Broadwalk · 1.5 mi

2Dania Pointe ($1.2B retail) · 2 mi

3FLL Airport · 4 mi · 10 min

4Port Everglades · 5 mi · 15 min

5Downtown Fort Lauderdale · 7 mi · 20 min

Also walkable: Young Circle ArtsPark (0.5 mi) · Hollywood Beach Golf Course (adjacent) · Brightline nearby. Miami — 15 mi · 20 min.

Map of TEN50 location and nearby points of interest

Hollywood & Fort Lauderdale

Market & Demographics

Population growth driving housing demand

Population

150,000+ Hollywood population ~306,000 new FL residents / year through 2030 Strong in-migration driving demand

Economy

$85,359 median household income Between Miami & Fort Lauderdale job centers Growing professional-services sector

Employment Anchors

Memorial Regional Hospital ($670M expansion) Hard Rock & Margaritaville · Barry University Multiple hospitals & offices within 3 miles

Hollywood Rental Market

A deep, growing comp set

21 Hollywood14 stories · 200 units · luxury
$4.21 / SF

NINE Hollywood12 stories · 204 units · studios–2BR
$1,465–$3,765 rents

GAIA Residences18 stories · 238 units · 401 N Federal
$23M land (ALTA Developers)

One Hollywood22 stories · 248 units
Premium downtown location

1818 Building277 units · 94.5% occupied
Sold $190M (2025) · $685K/door

Block 57Young Circle · 890 units
2M+ SF mixed-use development

Rent Trends & Strategy

Pricing into a 5.6% growth market

Market (2025)

$2,532 average Hollywood rent 5.6% YoY rent growth Premium units $2,900+ (~45% of market) Vacancy below 5%

TEN50 Strategy

Market-rate (276): ~$3,100/mo · ~$4.00/SF Live Local (184): ~$2,500/mo (120% AMI) Top-tier amenities command premium

Map of Hollywood rental market with TEN50 and comparable properties

★

TEN50The subject · 460 units · 23 stories · Live Local

21 Hollywood200 units · 14 stories · ~$4.21 / SF

GAIA Residences238 units · 18 stories · $23M land (ALTA Developers)

Block 57890 units · 2M+ SF · Young Circle

1818 Building277 units · 94.5% occupied · sold $190M ($685K/door)

Hollywood Rental Market

Rent Growth & Absorption

A market that absorbs new supply

39.5%5-yr rent growth2020–2025 cumulative ($1,600 → $2,232)

~1,200Units / yearAnnual Hollywood absorption capacity

12–15MonthsTo 90%+ stabilization (comps)

10–13%Projected growthCumulative rent growth through 2030

TEN50's 460 units represent less than half the market's annual absorption; the Live Local pricing advantage on 40% of units supports rapid lease-up. 2030 stabilization captures continued growth as South Florida adds 1.5M+ residents this decade.

Historical & Projected Rents

Average Hollywood rent, 2020–2030

$1,600

2020

$1,750

2021

$2,000

2022

$2,100

2023

$2,150

2024

$2,232

2025

$2,310

2026

$2,395

2027

$2,485

2028

$2,565

2029

$2,640

2030

Actual · +39.5% (2020–2025) Projected · +18.3% (2026–2030)

Lease-Up & Stabilization

Occupancy forecast by month

50%

Month 3

65%

Month 6

78%

Month 9

88%

Month 12

92%

Month 15

94%

Month 18

TEN50 targets 50% occupancy by month 3 and 90%+ stabilization within 12–15 months — consistent with comparable Hollywood lease-ups, and supported by the Live Local pricing advantage on 40% of units.

Projected Rent Growth by Market

Cumulative growth through 2030

13%

Hollywood

12%

Broward County

11%

Fort Lauderdale

11%

South FL Avg

10%

Hallandale

Sponsor projections — conservative 10–13% cumulative rent growth driven by population inflows, limited new supply and employment fundamentals.

Market & Demographic Signals · 2026

Independent data backs the thesis

#1Fastest-growing US stateFlorida +8.24% since 2020 (U.S. Census, Vintage 2024)

~23MFlorida residents (2025)467,000+ new arrivals in 2023 alone

84%From global migrationShare of US growth from international migration, 2023–24

+4%Hollywood rent growthSubmarket asking-rent growth, early 2026 (Newmark)

$2,344Broward avg rentPer unit, asking — H1 2025 (Matthews)

#1Miami metro multifamilyTop occupancy & rent growth among large South metros (MIAMI Realtors, 2026)

Sources: U.S. Census Bureau (Vintage 2024); Newmark Broward Report; Matthews Multifamily; MIAMI REALTORS® (2026). Third-party market figures; sponsor projections may differ.

Regulatory Tailwind

The Live Local Act works in TEN50's favor

Florida's Live Local Act — strengthened by SB 1730, signed June 23, 2025 — delivers by-right entitlements and tax relief that directly de-risk and enhance TEN50.

Up to 100% tax exemptionProperty-tax relief on income-restricted units — a 30-year reimbursement on TEN50's 184 affordable (120% AMI) units.

Administrative approvalSB 1730 mandates ministerial approval without quasi-judicial boards, shortening the entitlement path.

Density, height & FAR bonusesBy-right entitlements above base zoning enable the 23-story, 460-unit program.

Parking reductionsReduced minimums — a 30% parking reduction benefit is applied at TEN50.

Source: Fla. SB 1730 (2025); Holland & Knight; Florida Housing Coalition. Not legal advice.

Target Demographics

Who lives at TEN50

Young Professionals (25–44)

47% primary renter demographic Walkable urban lifestyle near jobs, beach & entertainment

Family Households

53% of Hollywood rentals are families 28% with children — served by 2BR & 3BR units

Educated Workforce

27% hold a bachelor's degree or higher Supports premium rents & stable occupancy

Development Team

Vertically integrated, end to end

Starlife Group

Developer, Land Owner & General Partner Complete ownership and development expertise — land through completion Globally recognized, multi-award-winning; ranked among the top 100 developers worldwide

Starlife Builders

General Contractor & Builder (affiliate) A-to-Z construction management & execution in-house High-rise residential delivered on time and on budget

Vertical integration eliminates third-party delays and captures the developer, builder and brokerage margin within a single deal — managing $360M+ in development budgets across South Florida and Europe.

Development Timeline

~3.5 years from approval to stabilization

Q1–Q2 2026Site-Plan ApprovalsFinal entitlements & Live Local approval

Q3 2026–Q1 2027PermittingBuilding permits & final engineering

Q2 2027Construction StartsSite prep & foundation

Q2 2027–Q4 2028Vertical ConstructionStructure & MEP systems

Q1–Q3 2029Interiors & AmenitiesUnit & amenity build-out

Q4 2029Substantial CompletionCertificate of Occupancy · lease-up

2030–2031StabilizationReach 90%+ occupancy

Horizon~3.5 Year HoldApproval to stabilized exit

Product & Amenities

Resort-style living

Wellness & Recreation

Rooftop pool deck with skyline views Fitness center · Pilates & yoga Pickleball court · cabanas · game room

Work & Lifestyle

Co-working & conference rooms Clubhouse · movie theater Podcast room · penthouse units

Resort-Style Frontage

Project Renderings

A landmark for Federal Highway

Renderings are conceptual and subject to final design development.

Financial Overview

Capital structure

$196MTotal Development CostLand, hard & soft costs

$271.5MStabilized ValuationAt a 5.5% cap rate

$68.7MNet ProfitAfter all costs, commissions & fees

~99.5%Return on EquityOn ~$68M total equity

Sources & Uses of Funds

$196M total capitalization

Sources	Amount
Land equity	$18.0M
Cash equity	$50.0M
Construction loan	$128.0M
Total sources	$196.0M

Uses	Amount
Land acquisition	$18.0M
Hard costs	$126.0M
Soft costs	$52.0M
Total uses	$196.0M

Upon site-plan approval, land value is expected to rise to $25–30M, providing an immediate equity cushion and downside protection for investors.

Detailed Cost Breakdown

Where the $196M goes

$126MHard costs · 64%

$52MSoft costs · 27%

$18MLand · 9%

Hard costs cover construction materials, labor, MEP systems and site work for the 23-story tower. Soft costs include permits, professional fees, insurance, marketing, financing costs and contingencies. Land is held at its current $18M basis.

Fee Structure

Market-rate developer compensation

Fee	Basis	Amount
Developer fee	4% of total project cost	$7,840,000
Acquisition fee	3% of land cost	$540,000
Guarantee fee	1% annually on loan amount	$1,280,000
Asset management fee	1% per year on equity deployed	Ongoing

All fees are market-rate and consistent with industry standards for projects of this scale and complexity.

Pro Forma — Stabilized

Revenue to net operating income

Revenue (annual)	Amount
Market-rate · 276 × $3,100/mo	$10,267,200
Live Local · 184 × $2,500/mo	$5,520,000
Retail · 10,000 SF × $75/SF	$750,000
Parking, amenity & other	$1,552,740
Gross potential income	$18,089,940

Operating	Amount
Gross potential income	$18,089,940
Operating expenses (net of LL tax)	($3,159,940)
Net operating income	$14,930,000
Cap rate	5.5%
Stabilized value	$271,500,000

30-year Live Local tax reimbursement on 184 units (40%) materially reduces operating expenses. Figures are sponsor estimates; line items to be confirmed in final underwriting.

Returns & Exit

Projected project-level returns

$271.5MStabilized value$14.93M NOI at 5.5% cap

$68.7MNet profitAfter 1% commission & 1.5% closing

~2.0xEquity multipleOn ~$68M equity over ~3.5 yrs

~99.5%Return on equityProject-level return on cost ~35%

Net sale proceeds of ~$264.7M (after commission & closing) less $196M total cost yields ~$68.7M of profit. Investor-level returns and IRR will be set out in the term sheet.

Sensitivity Analysis

Resilient across scenarios

Scenario	NOI	Value @ cap	Net profit
Base case	$14.93M	$271.5M	$68.7M
Rents −5%	$14.08M	$255.9M	$53.2M
Rents +5%	$15.79M	$287.1M	$84.3M
Op-ex +10%	$14.21M	$258.4M	$55.6M
Cap rate 6.0%	$14.93M	$249.1M	$46.3M
Cap rate 5.0%	$14.93M	$298.0M	$95.2M

Even in conservative cases the project remains profitable — supported by Live Local tax benefits, land-value creation, and strong Hollywood fundamentals.

SWOT Analysis

A clear-eyed view

Strengths

Prime Federal Highway location, high visibility
Live Local: 30-year tax reimbursement
Vertically integrated developer / builder
Immediate land-value appreciation on approval

Opportunities

$1.5B+ Hollywood development wave
Florida population growth through 2030
10–13% projected rent growth
Retail adds revenue diversification

Weaknesses

Large unit count extends lease-up
Timeline subject to permitting
Significant equity requirement (~$68M)

Threats

Interest-rate volatility on financing
Material-cost inflation
Competing supply · demand cyclicality

Risk & Mitigation

How we de-risk the plan

Entitlements

Site-plan approvals targeted Q2 2026; Live Local streamlines approvals & zoning.

Vertical Integration

In-house GC (Starlife Builders) controls quality, cost & schedule.

Equity Buffer

Land value rises on approval — immediate cushion & downside protection.

Market Validation

Adjacent GAIA site sold for $23M; comps achieving 90%+ occupancy.

Diversified Income

Market-rate, Live Local, retail, parking & amenity revenue streams.

Conservative Underwriting

Profitable across downside scenarios; 30-year tax benefits protect NOI.

TEN50

TEN50

A vertically integrated Live Local tower on Hollywood's Federal Highway.

Why TEN50

Investment terms

A 23-story mixed-use landmark

~1.5 acres on Federal Highway

Between Miami and Fort Lauderdale, on the water's doorstep.

Minutes to everything

Population growth driving housing demand

A deep, growing comp set

Pricing into a 5.6% growth market

A market that absorbs new supply

Average Hollywood rent, 2020–2030

Occupancy forecast by month

Cumulative growth through 2030

Independent data backs the thesis

The Live Local Act works in TEN50's favor

Who lives at TEN50

Vertically integrated, end to end

~3.5 years from approval to stabilization

Resort-style living

A landmark for Federal Highway

Capital structure

$196M total capitalization

Where the $196M goes

Market-rate developer compensation

Revenue to net operating income

Projected project-level returns

Resilient across scenarios

A clear-eyed view

Strengths

Opportunities

Weaknesses

Threats

How we de-risk the plan

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