Five Bridges Development Update

Dear Investors:

We are pleased to share a key update on the progress toward the first major principal return distribution for the Five Bridges project. As of today, we have officially signed off on all documentation related to the transfer of the 80-unit block that NAHF Real Estate Trust will retain for the long term. This includes the necessary security agreements for the CMHC-insured term financing, as required by the lender’s legal counsel.

Assuming everything proceeds as expected, we anticipate that the lender will advance funds into trust next week. Once our legal counsel confirms receipt of the funds, we will follow up with an email to confirm the distribution timeline for investors who are not rolling over their principal investment.

Out of the more than 100 investors involved in the project, we are still awaiting approximately 16 responses with completed banking instruction forms. We appreciate the responses received so far, and to avoid delays for those who are ready, we plan to process distributions in batches. This means investors who have already submitted their information will not need to wait for everyone else to respond before receiving their funds.

Beginning today, either a member of the NAHF team or your Waverley Dealing Representative will be reaching out to confirm your banking details verbally. While this additional step may seem overly cautious, it serves as a manual two-factor authentication measure to help prevent any potential errors or misdirected funds and protect against investor email account security breaches.

We are now in the final stages of this significant liquidity event and are excited to see this successful project approaching full completion. The Millennial and ACE teams continue to work diligently on the sale of the remaining eight condos, and the final profit accounting is nearly complete.

Once the initial distributions are underway, we will provide another update outlining the next steps to bring this investment to a full close.

Looking ahead, the timeline for pre-framed panels has been finalized, with initial wood wall deliveries expected in May. To provide a more interactive view of progress, we’ve made the visual “Construction Tracker” report available for download via the link below. It includes up-to-date photos and progress charts for each construction area.