September, 2020

Dear Investors:

SCG is pleased to report that as of August of 2020, the construction of  The Heaven of Athens project is complete.  In addition to the on-time completion of the construction schedule, we are also pleased to announce the following:

100 % Leased: As of August 8th, 2020, 100% of all units have been rented. Additionally, have come in on target at the average monthly rate of  $700 per month per student for the 294 beds available in the 93 units. Since rents are to be paid on a monthly basis, we will be able to start with preferred return payment to investors on a quarterly basis. Additionally, the final quality of the project was kept right on target with some additional improvements added for completion. 

PR: The opening of the Haven was inaugurated on August 6th in a ceremony with representatives of the University of Georgia (UGA), the city authorities of Athens, students, and professors. This high-profile opening of the Haven bodes well for future occupancy. 

Cost projection: We are pleased to announce that upon completion, the total cost of the project was below budget by approximately $1.2 million. The initial budget was set at $19.5 million. As of the posting of this update, $17.7 million was spent on the project. We are still anticipating an additional $0.6 million in expenses to be incurred, leaving a savings of nearly $1.2 million.

Monitoring the Impact of COVID-19: In response to COVID-19, the University of Georgia has implemented a mixed on-campus, off-campus class, and activity schedule. Additionally, on August 3, the University launched a pilot COVID-19 surveillance testing program designed to monitor the spread of COVID-19 on campus, with the intent of helping healthcare leaders to plan and respond accordingly. Following a pilot period, students, faculty, and staff will be randomly selected by the University to participate in ongoing surveillance testing. SCG will continue to follow and monitor the on-campus COVID-19 protocols of the University of Georgia, and we will advise investors of any changes that might impact the rents or occupancy at the Haven.