The Communities at BRANSON CREEK

An Excellent +/-138.7 Acre Senior Living Development Site in Branson, Missouri

CB Richard Ellis, Inc. | Senior Housing Services Group | Property ID#176122 | Broker s Lic. #00409987

:: DISCLAIMER AND CONFIDENTIALITY

CB RICHARD ELLIS

Disclaimer
This Offering Memorandum was prepared in March of 2011, by CB Richard Ellis, Inc. (Broker) solely for the use of prospective purchasers of the real property commonly known as the property (the Property). Neither the Broker nor the owners of the Property (Owner) makes any representation or warranty, express or implied, as to the completeness or the accuracy of the material contained in the Offering Memorandum. This Offering Memorandum is condential. By accepting the Offering Memorandum, you agree (i) that you will hold and treat the Offering Memorandum and its contents in the strictest condence, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii) that you will not disclose the Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner, and (iv) that you will not use the Offering Memorandum in any fashion or manner detrimental to the interest of the Owner or Broker. We obtained the information within this Offering Memorandum from sources we believe to be reliable. However, we have not veried its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or nancing or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

SENIOR HOUSING SERVICES GROUP

Contact Information:
David Rothschild

Executive Vice President | Lic. 01211079 619-696-8303 | david.rothschild@cbre.com

Matthew Whitlock

Senior Vice President | Lic. 0120729 978-740-0024 | matthew.whitlock@cbre.com

Mary Christian

Senior Vice President | Lic. 01223961 619-696-8336 | mary.christian@cbre.com

Brian Kirby

Condentiality

Financial Analyst | Lic. 01505845 619-696-8337 | brian.kirby@cbre.com

Marior Bernal

Client Services Specialist | Lic. 01359437 619-696-8392 | marior.bernal@cbre.com

Tina Machado

This Offering is highly condential. All of your employees or agents are bound by the Condentiality Agreement that you have executed and they shall not disclose any information relating to the marketing or potential sale of this community. The employees or residents at the community are not to be contacted or notied of this potential sale activity in any way by you, your employees or agents. Competitive senior housing companies and properties are not to be alerted of this Offering. All communication, inquiries and requests should be directed to the CB Richard Ellis Senior Housing Services marketing team.

Client Services Specialist | Lic. 01823473 619-696-8399 | tina.machado@cbre.com

DISCLAIMER AND CONFIDENTIALITY

:: EXECUTIVE SUMMARY
The Offering
The CB Richard Ellis Senior Housing Services Group is pleased to present the exciting opportunity to develop a class A senior living community located at the beautiful, master planned community, The Communities at Branson Creek (Branson Creek), in Branson, Missouri. The Communities at Branson Creek was named one of Americas Best 100 MasterPlanned Communities, and includes new-home neighborhoods, top-notch recreational amenities and two top rated championship golf courses with world-class reputation on over 6,000 acres. At nal build-out Branson Creek will have single family homes for families, retirees and second homes, as well as other uses including but not limited to an equestrian facility, retail, grocery, hiking trails, educational uses, religious facilities and multi-family. Branson Creek is conveniently located just south of downtown Branson and is serviced by the Branson Airport which ies to 60 destinations daily. The owner and master developer of The Communities at Branson is San Diego, CAbased McMillin Homes. The Branson MSA, including Stone and Taney County, has approximately 80,000 residents and draws over 7.9 million tourists annually to this entertainment Mecca featuring an array of theaters, attractions and active recreational pursuits. McMillin Homes has set aside an ideal 138.7 +/- acre site nestled between two golf courses for development of a senior living community. The Owners are interested in selling this parcel to a senior living developer/operator. The Owners will entertain Offers for more or less land within the development, or different land within the development, depending on the desired specications of the potential purchaser. For more information regarding The Communities at Branson Creek, visit the website www.branson-creek.com and www.mcmillinhomes.com/branson. Please contact the CB Richard Ellis Senior Housing Services Group to discuss this exciting opportunity further. Site Size: Zoning: Asking Price: Bid Due Date: 138.7 acres Approved master plan governing commercial and residential developments None. The development site is being marketed un-priced None. Owners will entertain offers immediately
+/-

The Communities at Branson Creek was named one of Americas Best 100 Master-Planned Communities

EXECUTIVE SUMMARY

:: PROPERTY SUMMARY
Regional Aerial
N O R T H

Senior Housing Site +/138.7 Acres

The owner makes no warranties or representation of any kind or character, expressed or implied, with respect to the matters depicted or covered by renderings, drawings, or illustrated information provided herein. For precise details regarding this proposed development, refer to the nal recorded plat. The owners of the property shown and their successors and assigns reserve the right to make zoning, development, ownership, and/or use changes for any part(s) of the properties. The developer reserves the right to change the amenity package and plans without further notice. All acreage is depicted as gross.

PROPERTY SUMMARY

:: PROPERTY SUMMARY
The Communities at Branson Creek Detailed Aerial
H w y

65

N O R T H

2
Proposed Senior Housing Site +/138.7 Acres

1 5 3

48 40 45 46 47 40 42 32 42 42 42 I 37 36 34 35 H 28 G 33 D 11 C B 9 6 8

10

41 40 44

39 38

43 44 27 30 31

A 22 A 12 E F 25 21 13 23 27 26 20 24 14 17 16 15 29 19 18

EXISTING LAND USES: A. Branson Creek Golf Course and Country Club +/- 276.2 acres B. The Fieldstone Villas +/- 29.4 acres C. The Fieldstone Bluffs +/- 38.9 acres D. Oak Knoll +/- 84.9 acres E. Ironridge +/- 25.4 acres F. The Legends +/- 17.3 acres G. Murder Rock Golf Course and Country Club +/- 75.1 acres H. The Cliffs +/- 9.1 acres I. Branson Airport +/- 341.1 acres

PROPOSED LAND USES: 1. Single Family Homes +/- 29.7 acres 2. Commercial +/- 8.5 acres 3. Open Space +/- 42.9 acres 4. Equestrian Community +/- 65.5 acres 5. Valley Cottages +/- 74.5 acres 6. Open Space +/- 32.0 acres 7. Gated Community Single Family +/101 acres 8. Patio Homes +/- 51.9 acres 9. Vacation Resort +/- 59.9 acres 10. Golf Villas +/- 28 acres 11. Vacation Resort +/- 55.3 acres 12. Golf Villas +/- 79.4 acres 13. Open Space +/- 23.6 acres 14. Single Family Lots +/- 217.5 acres 15. Religious +/- 89.1 acres 16. Gated Single Family +/- 33.7 acres

17. Open Space Hiking Trails, Mine/Cave Ruins +/- 246.1 acres 18. Educational Use +/- 55.8 acres 19. Single Family Lots +/- 211.2 acres 20. Patio Homes +/- 42.4 acres 21. Vacation Resort +/- 85.3 acres 22. Commercial (Retail, Grocery) +/- 85.3 acres 23. Commercial Lifestyle Center +/- 29.8 acres 24. Nightly Rental Cabins +/- 126.6 acres 25. Patio Homes +/- 8.9 acres 26. Golf Villas +/- 11.6 acres 27. Single Family Lots +/- 217.6 acres 28. Open Space +/- 35.9 acres 29. Open Space +/- 125.4 acres 30. Multi-Family Homes +/- 42.1 acres 31. Educational Use +/- 62.4 acres 32. Open Space +/- 255.8 acres

33. Ofce +/- 35.9 acres 34. Vacation Resort +/- 46.0 acres 35. Gated Single Family +/- 24.6 acres 36. Single Family Lots +/- 43.4 acres 37. Theme Park +/- 256.7 acres 38. Open Space +/- 77.4 acres 39. Commercial +/- 49.3 acres 40. Open Space +/- 984.9 acres 41. Aviation Residential +/- 82.9 acres 42. Industrial +/- 477 acres 43. Valley Cottages +/- 55.8 acres 44. Multi-Family Homes +/- 106.1 acres 45. Equestrian Community +/- 300 acres 46. Single Family Lots +/- 38.4 acres 47. Multi-Family Lots +/- 24.5 acres 48. Single Family Lots +/- 27.1 acres

The owner makes no warranties or representation of any kind or character, expressed or implied, with respect to the matters depicted or covered by renderings, drawings, or illustrated information provided herein. For precise details regarding this proposed development, refer to the nal recorded plat. The owners of the property shown and their successors and assigns reserve the right to make zoning, development, ownership, and/or use changes for any part(s) of the properties. The developer reserves the right to change the amenity package and plans without further notice. All acreage is depicted as gross.

PROPERTY SUMMARY

:: PROPERTY SUMMARY
Senior Housing Site Aerial with Existing Land Development
N O R T H

Senior Housing Site 138.7+ Acres -

The Legends BRANSON

CREEK

The owner makes no warranties or representation of any kind or character, expressed or implied, with respect to the matters depicted or covered by renderings, drawings, or illustrated information provided herein. For precise details regarding this proposed development, refer to the nal recorded plat. The owners of the property shown and their successors and assigns reserve the right to make zoning, development, ownership, and/or use changes for any part(s) of the properties. The developer reserves the right to change the amenity package and plans without further notice. All acreage is depicted as gross.

PROPERTY SUMMARY

:: PROPERTY SUMMARY
Branson Attractions Map
Sight & Sound Theatre Silver Dollar City Park Skaggs Regional Medical Center Branson Landing (100+shops)
Waterfront shopping, dining and entertainment

The Meadows Mall & Cinema

Branson Scenic Railway Holiday Hill Resort and Golf Course Skaggs Community Hospital

Thousand Hills Golf Course

College of the Osarks

Branson Landing Cruises on Lake Taneycomo

Pointe Royal Golf Course Table Rock State Park

Senior Housing Site +/138.7 Acres

Branson Creek Golf Course John Dalys Murder Rock Golf Course

Big Cedar Lodge

Branson Airport

7 miles Big Cedar Lodge With over 50 theaters and 100+ shows, Branson is known as The Live Music Show Capital of the World
0 mi 1 2 3 4

PROPERTY SUMMARY

:: PROPERTY SUMMARY
Branson Airport
The new Branson Airport is conveniently located just off the U.S. 65. It is approximately three miles from the Branson Creek site and eight miles south of the center of Branson and has replaced prior commercial airport service which was located 50 miles away in Springeld. In addition to the improved accessibility, convenience and cost savings experienced by residents, tourists and corporate visitors, the economic impact of the new airport for Branson and the region is expected to be considerable. It will provide approximately $209 million in new revenues to the Branson Lakes regional economy, approximately $77.5 million in payroll earnings and will support approximately 3,299 jobs. There are plans for spillover development in the construction of an 8,000-seat arena and 15,000-seat amphitheater near the airport. Branson Airport is serviced by AirTran Airways, with direct ights from Atlanta and service to over 50 destinations; Frontier Airlines, with daily service to Denver and service to Milwaukee; and Branson Air Express with non-stop ights to Austin and Dallas. AirTran has recently added year round ghts from Branson to Baltimore, Chicago-Midway and Houston-Hobby. The new 58,000 square foot terminal, located on 922 acres with an ultimate capacity of 1.4 million passengers and further expansion capability, includes a General Aviation facility with hangars for based aircraft as well an executive terminal with pilot lounges, a conference room and wi- access throughout. Complete auto rental and ground transportation services are offered. The General Store and a Famous Daves Barbecue are located in the terminal, described by one user as a big log cabin with several touches of country charm. As the rst privately nanced and operated commercial service airport in the United States, Branson Airport enjoys far more operational exibility than public use airports which are hindered by the municipal process. Bypassing the usual intense competition between airlines, the airport can offer exclusive development rights to airlines. It is able to develop unconventional revenue streams and provide cost effective service to customers by striking unique deals with vendors and concessionaires. In a pay-for-performance agreement with the airport, the City of Branson will pay a subsidy of $8.24 to Branson Airport for each arriving visitor with an annual cap of $2 million.

Branson Airport offers service to over 50 destinations

PROPERTY SUMMARY

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:: MARKET AREA
Competitive Overview
The Communities at Branson Creek is an excellent location for a senior living development. A search of the surrounding market reveals strong demand for a new senior living community to service Branson and this new master planned community. Within 25 miles of the subject, there is only one competitive assisted living project living community called Culpepper Place at Branson Meadow. The larger projects are all stand-alone skilled nursing facilities (SNF) and the other assisted living (AL) communities are too small to be competitive. Culpepper Place has 104 beds ranging in size from 350 square feet to 650 square feet and is currently 100% occupied with a waiting list. Rates at Culpepper Place start at the following: Unit Type Studio One Bedroom Two Bedroom Monthly Rate $2,700 $3,200 $3,400

Senior Housing Communities within 15 Miles of Branson Creek

We have provided a map of the communities which serve seniors that are located within a 15 mile radius, the majority of which we would not consider to be competitive to a new senior living community located at The Communities at Branson Creek.

0 mi

10

12

MARKET AREA

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:: MARKET AREA
Demographic Map
Highlandville Highlandville

Demographic Highlights
There are 1,533 income qualied adult children in a ten mile market whose incomes are $75,000+ There are 528 seniors ages 75+ within ten miles of the site with incomes over $50,000
20 Miles 20 Miles

Approximately 26% of the adult children (potential caregivers) age 45 to 54, within a ten mile radius, have average incomes of $75,000 or higher approximately 826 people The 2015 estimated population over 65 years old within a ten mile radius is 9,024 (19% of the population) The 2010 average household income within a ten mile radius is $51,058

Branson West Branson West Branson Branson

10 Miles 10 Miles

Forsyth Forsyth Kimberling City Kimberling City Shell Knob Shell Knob
5 Miles 5 Miles

Table Rock Lake

Hollister Hollister

Bull Shoals Lake

No Window

2010 estimated average housing value within a ten mile radius is $155,198 The population within ten mile of the site is expected to grow by 8.87% from 2010 to 2015
Diamond City Diamond City

Blue Eye Blue Eye Omaha Omaha Oak Grove Oak Grove

Miles

7 10

Harrison Harrison

KM

Average HH Income 5 Miles 10 Miles 20 Miles $49,385 $52,196 $52,084

Ages 65 & Over 3,549 8,658 16,134

2010 Average Household Income estimated by block group

$100,000 or more $85,000 to $100,000 $70,000 to $85,000 $55,000 to $70,000 less than $55,000

MARKET AREA

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:: AREA OVERVIEW
Branson Overview
Branson, MO is a city in southwestern Missouri, in Taney County, 35 miles south of Springeld, Missouri and 173 miles north of Little Rock, Arkansas. It is located within the heart of the Ozark Mountains and is surrounded by three lakes. The Branson Micropolitan Statistical Area embraces Stone and Taney counties, which had an estimated population of 79,447 in 2009. The 2011 population of Branson is approximately 7,651. Branson is an entertainment capital that caters to families and features an array of live theaters, attractions and active recreational pursuits. Its historic downtown, with car trafc of 7,000 daily, makes its Main Street, Route 76, also known as, Country Music Boulevard, one of the busiest in America. A variety of about 130 unique businesses offering a unique combination of shops are situated on this street. The scenic natural beauty of the Branson area, the theaters with their line-up of major recording artists, as well as its focus on family oriented entertainment have attracted abundant development to the area. Branson Landing, opened in 2006, is a $420 million, 95-acre development along Lake Taneycomo waterfront which blends over 100 retail shops with dining, luxury lodging, river walk, town square, marinas, and nightlife into a dynamic, waterfront setting. The Branson Convention Center (2007), operated by the Hilton, is situated between the Landing and Historic Downtown Branson. In spite of its small population, Branson has more than 268 restaurants, ve shopping centers (three outlet centers, one mall, and one lake front, lifestyle retail center) as well as numerous big-name retailers like Wal-Mart, Home Depot, Target, Kohls and more. Transportation U.S. Highway 65, a north-south highway, is the main route through Branson. State Route 76 runs east/west to Branson, before turning south towards Branson West. Branson is serviced by the Branson Airport, located less than 10 miles from downtown Branson, with daily service from Branson Airport to more than 60 destinations including Mexico and Costa Rica. As the only privately owned, privately operated commercial service airport in the United States, Branson Airport is served by AirTran, Frontier Airlines and Branson AirExpress, the latter of which offers ights to and from the major metropolitan hubs in Tennessee, Mississippi, Louisiana, Iowa, and Texas. Arts and Attractions With more than 50 theaters, more than 100 shows, and approximately 11,000 more theater seats than those on Broadway, Branson is one of the live show capitals of the world. They offer a variety of entertainment options - magicians for the family, country music legends, rock n roll, gospel, musical theater, comedy and dinner shows, from intimate performances to major world-class productions and well-known performers that play limited engagements. AREA OVERVIEW

Branson Landing features over 100 retail shops, restaurants, luxury lodging and entertainment

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:: AREA OVERVIEW
Local attractions include Silver Dollar City, an 1890s Ozarks village inhabited by a colony of unique crafters and artists, features rides and amusements, live comedies, many dining places, dozens of country musicians and an evening music show; White Water, Waltzing Waters, Ride The Ducks, The Haunted House and Monster Asylum, Buttery Palace & Rainforest Adventure and Predator World. Ripleys Odditorium in Branson is housed in a building that has been made to look as if it is cracked wide open by an earthquake or other disaster. Economy Branson has become a focus of international attention as both a major development area and an entertainment and tourism Mecca. It serves as the job, service and shopping center for the Taney and Stone county areas with approximately 7.9 million tourist visitors annually who pump almost 2 billion dollars annually into the local economy. Tourism and related businesses are the major industries in Branson and either employ or effect the employment of almost everyone who works there. Accommodation and food services, the arts, entertainment, and recreation, are major business segments. Health care and educational services are also large contributors to the economy. The largest employer in Branson is Herschend Family Entertainment (2,300), while the largest employers in nearby Springeld are St Johns Regional Health Center, Cox Medical Center South, SW Missouri State University, City of Springeld, Oxford Healthcare, and Chase Bank Card Services. Healthcare State-of-the-art healthcare is available at the Skaggs Regional Medical center, a multi-award winning, short term, acute care, 177-bed hospital located two miles from downtown Branson. The campus includes Skaggs Hospital, Skaggs Outpatient Center, a helicopter landing pad for air ambulance service and two medical ofce plazas. Skaggs RMC has received the distinguished Hospital Award for Clinical Excellence in 2009 through 2011, the Emergency Medicine Excellence Award in 2010, the Womens Health Excellence Award in 2010/2011 and the Pulmonary Care Excellence Award in 2010/2011. It is also the recipient of the HealthGrades Critical Care Excellence Award 2011. Other hospitals/medical centers near Branson are the Carroll Regional Medical Center (about 27 miles; Berryville, AR), the North Arkansas Medical Center (about 30 miles; Harrison, AR) and the Eureka Spring Hospital (about 33 miles; Eureka Springs, AR) Education There are several, highly ranked, post-secondary institutions within approximately seventy miles of Branson. Southwest Missouri State University (about 37 miles; full-time enrollment: 14,680) was ranked 52nd in the Midwest for 2011 by U.S. News and World Report in the category of regional universities. Drury University (about 40 miles, full-time enrollment: 3,125) has been at or near the top of the Great Schools at Great Prices list for the Midwest since 1999, including ve years in the #1 slot. US News and World Report names Drury University as one of Best Regional Universities (Midwest) and Drury is on Time Magazines Honorable Mention for Best Liberal Arts School in the Nation. The University of Arkansas (about 70 miles, full-time enrollment: 13,324) was ranked in the top tier among the best national universities in the 2010 edition of Americas Best Colleges, (USN&WR). The University of Arkansas is listed among the most affordable of major research universities according to The Princeton Review and among Americas 100 Best College Buys as rated by Institutional Research and Evaluation, Inc.

Silver Dollar City is one of many local attractions in Branson

AREA OVERVIEW

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Parks And Attractions In addition to its nine local parks, the Branson area features lake and mountain scenery, wilderness areas and picturesque glades, creeks and streams. It is home to three scenic lakes, Table Rock, Taneycomo and Bull Shoals, which are renowned for shing and also offer boating, parasailing, jet skiing, scuba diving and swimming. Bransons 42-acre state-of-the-art sports and recreation center complex in Branson Hills combines tness, recreation, a 12,000 square foot aquatics park and organized athletics at one location. The completed 44,000 square foot recreation center features two gymnasiums, a tness center and indoor track. Other outdoor facilities include four baseball elds in a cloverleaf design with a concession building, soccer elds, pavilions, a two-mile walking trail, and a playground. The Lakeside Forest Wilderness Area overlooking Lake Taneycomo features 130 acres of wooded and rugged hill country scenic views with woodland trails, a waterfall and a cave in the heart of Branson. A two-mile stretch of the wilderness area is along the Lake Taneycomo shoreline. Ten golf courses are currently open in the Branson/Lakes Area with a choice of courses within just a few miles of each other. Sports Hammons Field, a 6,750-seat stadium, is home to the Springeld Cardinals, a Class Double-A team afliated with the St. Louis Cardinals. Missouri State University has one of ve NCAA Division I athletic programs in Missouri and features 10 mens and 11 womens sports in its 21-sport intercollegiate program. Springeld is home to an annual PGA Tour-sponsored event, the Ozarks Open at Highland Springs Country Club featuring some of the up-and-coming PGA Tour players competing for a guaranteed purse of $150,000. In tennis, the city serves as home to World TeamTennis - Springeld Lasers, and has served as host city for the FedCup, Missouri Valley Championships, the Volvo Regional and the USTA-sanctioned Pro Classic. The Park Board has also been responsible for attaining several ASA national softball tournaments, and continues to be successful in bringing future national, regional and state events to the city.
Murder Rock Golf and Country Club

AREA OVERVIEW

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