17 Corporate Plaza, Suite 200 Newport Beach, CA 92660 O: 805.259.9499 Property Owner/Developer (following purchase from Full Bloom Market Garden, LLC): Mustang Whately Investors, LLC (“MWI”) a Massachusetts limited liability company MWI members (4): 70% Mustang Renewable Power Ventures, LLC, A California limited liability company 100% owned by John Dewey 17 Corporate Plaza, Suite 200 Newport Beach, CA 92660 (805) 259-9499 [email protected]10% Kurt Parbst Envirotech Cultivation Solutions 329 Tranquil Ave Charlotte, NC 28209 (704) 905-2176 [email protected]10% Zev Ilovitz Envirotech Cultivation Solutions 3527 Mt Diablo Blvd. Lafayette, CA 94549 (707) 391-0942 [email protected]10% Charles Smith Consultant 2 Repton Circle #2416 Watertown, MA 02472 (781) 405-1771 [email protected]
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17 Corporate Plaza, Suite 200 Newport Beach, CA 92660
O: 805.259.9499 Property Owner/Developer (following purchase from Full Bloom Market Garden, LLC): Mustang Whately Investors, LLC (“MWI”) a Massachusetts limited liability company MWI members (4): 70% Mustang Renewable Power Ventures, LLC, A California limited liability company
100% owned by John Dewey 17 Corporate Plaza, Suite 200 Newport Beach, CA 92660 (805) 259-9499 [email protected]
John Dewey has specialized in real estate finance, investment and development for more than 30 years. He owns self-storage and industrial properties. In 2008, he founded Mustang Renewable Power Ventures to develop advanced recycling facilities and environmental infrastructure projects (i.e., water, wastewater, renewable energy) in public private partnerships with US municipalities. In 2011, he was awarded a contract by Santa Barbara County, CA to develop and operate an advanced recycling project including solar and anaerobic digestion to divert 70% of the waste from landfilling and to produce renewable energy. The project is currently under construction and is scheduled to commence operations in Q3 2020 (www.ResourceRecoveryProject.com). He was also awarded a similar project in Pensacola, FL. John is a graduate of UCLA with a BA in Business-Economics.
Kurt Parbst holds an MS in Biological and Agricultural Engineering from NC State and over the past 20 years, Kurt has worked in engineering, sales, and marketing roles in the field of design and specification of environmental control technologies for the commercial cultivation of plants. He focuses on the energy and labor-intensive aspects of cultivation including lighting, heating, cooling, humidity control, and work flow. Kurt is a partner in two companies that design, specify, and develop plant cultivation facilities. Envirotech Cultivation Solutions http://envirotechcultivation.com/ is a designer, integrator, and supplier of plant cultivation technologies sourced from around the world focused on environmental control, disease management, and sustainability. Grow Energy http://growenergy.co/ is a designer and supplier of cultivation facility micro-grids with natural gas driven CHP power plants as the anchor component. He regularly writes and speaks about the importance that the growing environment has on greenhouse crop production and about technologies that allow us to grow plants commercially with efficient and environmentally sensitive methods. Zev Ilovitz is an expert in High-tech Greenhouse project development. He has spent the past 9 years acting as President of Envirotech Cultivation Solutions, an engineering and design/build firm providing services to the greenhouse industry. In that capacity he has successfully helped to advance the adoption of energy and water efficient greenhouse technologies in the US thereby reducing the environmental impact and increasing productivity and sustainability of their customers. Charles Smith, Esq., is a strategic advisor and compliance consultant. He advises clients on many facets of the cannabis business with a focus on state and local licensing and compliance. A member of the New York State Bar, Charles is intimately familiar with cannabis laws and regulations throughout the United States. His experience spans across multiple states; including, California, Colorado, Florida, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania. He serves as a trusted advisor to cannabis companies throughout the country with respect to many aspects of the industry including: licensing/compliance, strategy and nationwide expansion. Charles works extensively with Registered Marijuana Dispensaries ("RMD") and Marijuana Establishment applicants in Massachusetts, providing compliance consulting in the licensing and regulatory process.
MUSTANG RENEWABLE POWER VENTURES, LLC PRIMARY CONTRACT: John Dewey TITLE: CEO/Founder ADDRESS: 17 Corporate Plaza, Suite 200 Newport Beach, CA 92660 PHONE: (805) 259-9499 FAX: (805) 392-8113 EMAIL: [email protected] Mustang was founded in 2008 responding to increasing demand for environmentally sustainable solid waste management projects in California and the US. Mustang is developing a number of resource recovery and waste diversion projects throughout North America. Mustang’s projects use licensed European technologies to: 1) sort, separate and recover recyclable materials (Mixed MSW MRF); and, 2) convert organic food & green waste to compost and energy via dry fermentation anaerobic digestion (AD). Additionally, when project circumstances support conversion technology, Mustang is the preferred North American developer of a proven (11 operating facilities) Japanese thermal process technology (gasification) that diverts 95+% of the MSW residual following the MRF and AD while producing clean renewable power. Additionally, Mustang is a Public Private Partnership (P3) environmental infrastructure developer developing a number of water, wastewater and renewable energy projects in North America. Mustang was selected by Santa Barbara County (CA) in 2011 as the Public Private Partnership (P3) Design/Build/Own/Operate Contractor of a Resource Recovery Project to process ~250,000 tons of Mixed MSW and ~40,000 tons of Source Separated Recyclables (SSR) per year (20 year concession) at the County owned Tajiguas Landfill. Mustang was selected over a field of 9 competitive regional, national and international waste management firms. The project will include a mixed waste processing facility combined with a dry fermentation anaerobic digestion and composting facility. The project’s landfill diversion rate is anticipated to exceed 60% bringing the County’s overall diversion rate to >85%. The Santa Barbara Project completed construction in Q1 2021. More information about the Santa Barbara Project can be found at www.ResourceRecoveryProject.com Project CapEx: $175 million; Contract Value: $300 million. See Reference P3 Project Summary below. Mustang was selected by Escambia County and the Emerald Coast Utility Authority (Pensacola, FL) in 2015 as the P3 Design/Build/Own/Operate Contractor of a Resource Recovery Project to process ~250,000 tons of Mixed MSW and ~40,000 tons of SSR per year (25 year concession) at the County’s Perdido Landfill. Mustang was selected over a field of 6 competitive national and international waste management firms. The project will include a mixed waste processing facility combined with an aerated composting facility and a processed engineered fuel production facility. The project’s landfill diversion rate is anticipated to exceed 75% bringing the County’s overall diversion rate to >70%. Project CapEx: $70 million; Contract Value: $600 million. Additionally, Mustang was a shortlist finalist on a comparable solid waste P3 RFP in Hartford, CT and Sacramento, CA within the past 2 years.
Mustang prefers to work in a Private Public Partnership with cities & counties interested in responsibly leveraging their waste resource to sustainably & economically benefit their ratepayers. Dewey is also a principal in a real estate investment firm specializing in complex project entitlements, finance and development, with an emphasis on environmentally impacted properties, including ownership of 3 former landfills. Dewey and partners have developed and/or financed in excess of $2 billion of commercial, industrial, multi-family and residential development projects in California over the past 30+ years. Dewey earned a BA in Business-Economics from UCLA. Mustang Renewable Power Ventures, LLC (“Mustang”) is an affiliate of The Dewey Group. John Dewey, CEO & Managing Member of Mustang Power, will manage the day-to-day project entitlement activities for the Project. Mustang will serve as the Project Developer and Team Lead, managing an integrated team of global and locally experienced, financially capable partners to successfully finance, design, engineer, develop, construct, own and operate the Project. John Dewey’s real estate investment, finance, entitlement and development career spans more than 35 years and transaction volume in excess of $1 billion. He initially worked in real estate capital markets for Shearson Lehman/American Express Real Estate Capital Markets for nearly ten years, placing commercial and large residential debt and equity exceeding $450 million transaction volume. Additionally, John arranged acquisition and renovation financing for nearly 5,000 multifamily units using private equity, conventional and tax-exempt municipal-bond, and tax credit financing. Most recently, John has acquired environmentally impacted industrial real estate projects with complex entitlement issues (i.e., “brownfields”). Over the past seven years, John has financed and renovated a number of brownfield projects, including three former landfills, totaling in excess of $50 million acquisition value. These projects have required significant environmental investigations and regulatory agency approvals by the Department of Toxic Substances Control (“DTSC”), Los Angeles Regional Water Quality Board (“LARWQCB”), Los Angeles County Environmental Health Department-Solid Waste Management Program (“SWMP”) and the South Coast Air Quality Management District (“SCAQMD”). On each property, Dewey was successful in obtaining a No Further Action (“NFA”) letter from each regulatory agency. Mustang is a successful project developer based in California that has been developing resource recovery projects (“RRP”) using proven waste processing technologies since 2008. Mustang, based in Newport Beach, California, is a developer of RRPs throughout the United States. Jointly, the principals of Mustang Power, Rob Rossi and John Dewey, have acquired, financed, and managed over $2 billion worth of real estate projects. Mustang’s management team has over 50 years of real estate entitlement, development, and project financing experience. Its real estate portfolio includes over 1.5 million square feet of commercial, industrial, office, and retail properties in Los Angeles, Ventura, Santa Barbara, and San Luis Obispo Counties. The team has developed projects in the City and County of Santa Barbara, the City of Goleta, the City and County of San Luis Obispo, and the County of Ventura. Mustang has a unique combination of environmental agency coordination, landfill gas mitigation, complex project entitlement experience, and institutional financing track record. Mustang has not defaulted on a project nor failed to complete a project within the past ten years. Mustang has not been involved in litigation as a plaintiff against an owner, design firm or construction contract administration firm, or served the owner with a claim for additional compensation prepared by an attorney or a claims consultant, excluding routine change order requests, in the past five years, With respect to previous projects completed or ongoing, the Applicant as well as affiliated companies, is not involved in any dispute, formal claim, or litigation with the owner, nor any authority or organization with which the owner has a vested interest.
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REFERENCE P3 PROJECT SUMMARY – MUSTANG SANTA BARBARA (MSB) INVESTORS, LLC
Item Notes
Project Name Santa Barbara Tajiguas Landfill Resource Recovery Project (“TRRP”)
Scott McGolpin, Director Public Works, +1 (805) 896-5574, [email protected] Santa Barbara County Public Works Department Resource, Recovery & Waste Management Division 123 East Anapamu, Santa Barbara, CA 93101
Contract period (term) Contract operations commencement date Q1 2021, following construction completion and commissioning. The Contract will be for a 10 year term and is estimated to terminate in 2031 followed by five (1) year extension periods, optional, at the discretion of the client.
Relevance The TRRP is designed to process 190,000-250,000 TPY of Municipal Solid Waste (“MSW”), 40,000 TPY of Commingled Source Separated Recyclables (“CSSR”) and potentially as much as 35,000 TPY of Source Separated Green Waste. The project includes a Mixed Waste Processing Facility (“MWPF”) that will include two automated sorting lines: 1) for MSW and 2) for CSSR. Bekon is the system Designer of the ADF and Diani will be the EPC of the Bekon ADF.
Time period of involvement
Mustang Power was selected as the Preferred Proponent in July 2011 from a field of 10 qualified Proposers. Following the negotiation of a Term Sheet with 5 jurisdictions that will provide MSW and other waste flow to the project over a 15 month period, the Project commenced its Environmental Impact Review process in October 2012. The Final EIR is estimated to be approved in March 2016 with construction to commence thereafter with commissioning and operations to commence in 2017. The Contract between Mustang and the Joint Powers Authority (to be formed among the 5 participating jurisdictions) will be for a 20 year waste delivery and operations term, with two optional 5 year extension periods
Description of project $175,000,000 estimated Total Project Cost for the MRF, ADF including CHP power generating components, and Composting Area. This Resource Recovery Project will be receiving a mixture of commercial, residential, and self-haul feedstock from unincorporated areas of the south coast of Santa Barbara, Goleta, Buellton and Solvang. The ~66,000 square foot (sf) MRF is anticipated to recover approximately 25-30% (75,000 tpy) of valuable recyclables (i.e., glass, metal, paper, plastic,
wood) and an estimated 30-40% compostable organic waste. Mustang and VDRS designed a Phase 1 MRF Equipment based on the MADT (including ~35,000 tpy of CSSR) of ~190,000 + 10% (~209,000 tpy). The MRF Equipment line is designed to accommodate up to ~250,000 TPY of MSW and ~40,000 TPY of CSSR. Additionally, an approximate 22,000 tons per year (TPY) of high moisture content (MC) paper from the 155,000 TPY MSW is expected to be recovered. Unfortunately, this high MC paper is not marketable as a recyclable if the MC exceeds 18%. Based on four 100 ton Santa Barbara MSW sampling events and lab analysis, approximately 50% of the recovered paper has a 20-45% MC. The remaining 50% of the paper has a MC exceeding 50% and will be fed into the AD with the other organic waste recovered from the MSW, ~82,000 TPY ADF capacity. The 20-45% MC paper is proposed to be dried down to a marketable 15% MC using a Rolling Bed Dryer (RBD) technology from Allgaier Process Technology (based in Stuttgart, Germany). The RBD will utilize the exhaust heat from the ADF’s two 1.1 Mw GE Jenbacher 416 Combined Heat & Power (CHP) internal combustion engines to dry the paper from 45% MC down to 18%. The Allgaier RBD has operated successfully at commercial scale using wood chips (10 TPH) as a feedstock in the Netherlands, Topell Energy Facility for more than 500 hours. A successful test of 40-45% MC paper was processed by Allgaier at their pilot scale RBD on October 30th, 2014. The TRRP’s proposed commercial scale (5 TPH, 80 TPD) RBD to dry high MC paper recovered from MSW will be the first ever deployment of its kind and represents a leading edge commercial application of organic waste from MSW biogas recovered via AD to fuel 2.2 Mw of CHP electricity and heat in order to achieve: increased recycling, landfill waste diversion, use of CHP heat that would otherwise be wasted, while producing renewable energy to the local community (via SCE) while achieving a 78+% energy efficiency (38% electrical efficiency + 40% heat efficiency). An additional project element includes the AD of organic waste recovered from residential and commercial MSW by the MRF. The organic waste will be fed by conveyor to a 16 digester Bekon ADF to be constructed adjacent to the MRF. This has never previously been performed successfully on residential MSW in California using automated MRF equipment. One of the challenges of this process is that the organic waste from MSW is recovered as a -3” fraction, also known as MSW fines, which has been shown to have 30-35% inert, non-biodegradable contaminants (i.e., glass metal, plastic, stones) which must be removed following AD and aerobic composting using sophisticated screening and sorting technology including a densimetric table (DTable) also provided by Allgaier. The DTable has been used previously to cleanup glass and stones in residential MSW organic waste based compost at Zbest composting in Gilroy, CA. A successful deployment of this proposed technology is key to future widespread adoption of residential MSW MRF diversion and recovery of MSW organic waste into electricity and compost.
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The ADF is estimated to produce 2.2 gross Mw (1.6 MW net) of renewable power that will be sold to Southern California Edison pursuant to a 20 year, fixed price Power Purchase Agreement. AD digestate residue will then be aerobically composted on a 4+ acre composting area to be developed on a closed portion of the landfill for a 6 week period prior to screening and delivery to agricultural markets in Northern Santa Barbara County. Operating costs for the MRF and ADF are estimated at $57/ton and $68/ton respectively (210,000 tpy and 75,000 tpy).
Current status of project The project was permitted by Santa Barbara County and 9 additional regulatory agencies having jurisdiction over the project. Financial Close reached in December 2018. MRF Construction is complete was operational in February 2021 and ADF/CMU construction was complete in April 2021 with full operations estimated for June 2021.
Contract model Design, Build, Operate P3
Role(s) on project Mustang Power is the Project Developer and Operator with primary responsibilities for managing the relationship directly with Santa Barbara County and the other participating jurisdictions. VanDyk Recycling Solutions/Bollegraaf is the Project’s MRF equipment vendor and system designer; Bekon is the Project’s ADF System Designer; Diani Building Corp. is the ADF’s EPC Manager and Design-Builder.
Performance Mustang has met every performance criteria set forth by Santa Barbara County throughout the RFP and permitting phase.
Other information Mustang was responsible for 100% of all project debt and equity financing. Mustang contributed more than $14 million of capital to fund the project’s design, engineering and permitting costs and expenses prior to construction of the project. Mustang has an excellent working relationship with Santa Barbara County and each of the other participating jurisdictions.
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MUSTANG SANTA BARBARA PROJECT SITE PLAN
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MUSTANG SANTA BARBARA PROJECT MRF
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MUSTANG SANTA BARBARA PROJECT MRF SITE PLAN
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MUSTANG SANTA BARBARA ADF SITE PLAN
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Respondent Mustang Real Estate Project Number 1
Developer John Dewey Item Notes
Project Name Rebel Self Storage/Carson Storage Etc. (“Carson”)
Project Location US, California, 20501 S. Main Street, Carson, CA 90745 (110 Freeway frontage near the 110/405)
Project Owner CS Investors, LLC and Carson-Dewey, LLC (John Dewey is a managing partner of these partnerships)
Reference contact details
Bruce Rothman, +1 (310) 980-9025, [email protected] Storage Etc., Partner 2870 Los Feliz Place, Los Angeles, CA 90039
Contract period (term) 10 year conduit financing, for the acquisition and renovation of this brownfield investment project developed on a former landfill. The initial 10 year conduit loan was refinanced in 2015 for an additional 10 years including $2,000,000 of cash out refi-proceeds.
Relevance Dewey exclusively managed the acquisition, financing and complex permitting of this 12 acre project closed in 2005. The Carson project is comprised of nearly 144,000 square feet (SF) of self-storage warehouse storage space located on 12 acres overlying a former landfill. Dewey completed the extensive brownfield investigation successfully obtaining “No Further Remedial Action Required” letter from the State of California Department of Toxic Substances Control (DTSC) allowing the project to be acquired and financed with 93% acquisition and renovation debt financing provided by a wall street conduit lender, UBS. The regulatory oversight was complex, multi-jurisdictional and effectively managed by Dewey to its desired successful conclusions.
Time period of involvement
2005 acquisition. Permitting and other regulatory agency involvement from 2003 through 2005.
Description of project $14,000,000 Initial Project Acquisition Cost for the 144,000 SF of self-storage space and 6 acres of boat, RV and vehicle storage area. UBS, the project lender, provided $13,000,000 of acquisition financing to the Project based on a $19,000,000 appraisal prior to closing. Dewey and partners contributed $2,500,000 of equity to complete the acquisition and renovation of the Project.
Current status of project The Carson Project is operated for cash flow on a long term hold. NOI for property in 2005: $1,350,000 NOI for property in 2020: $2,500,000
Contract model Acquire, Renovate, Own, Operate, Hold for Cash Flow
Role(s) on project John Dewey was the Managing Partner/Project Developer and Owner with primary responsibilities for managing all permitting, entitlements and managing all regulatory agency relationships. Dewey additionally managed the relationship with TDA, the pension fund advisor/lender to the Project. Dewey owns an 11% interest in the Carson Project.
Performance Dewey fully performed all of its project management, financing and permitting responsibilities for the Project.
Other information Dewey has an excellent working relationship with the City of Carson and all of the regulatory agencies having oversight over the project, particularly DTSC.
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Respondent Mustang Real Estate Project Number 2
Developer John Dewey Item Notes to Respondents
Project Name Brooks Institute Buildings & 28 acres of Vacant Land Project (“Brooks”)
Project Location US, California, 5301 N. Ventura Ave, Ventura, CA 93001
Project Owner RDKJV, LLC & RDK Land, LLC (John Dewey is the managing partner of these partnerships)
Reference contact details
Rob Rossi, Partner, +1 (805) 543-4333, [email protected] Rossi Enterprises 750 Pismo Street, San Luis Obispo, CA 93401
Contract period (term) Contract (15 year operating lease) commencement date 1/1/2001, Lease expired 12/31/2016, Dewey and two partners purchased 50% of the project from Rob Rossi in 2007-2008 using GE Capital as their Joint Venture Equity Partner. GE Capital provided $14,500,000 of equity capital. Dewey and partners arranged an additional $2,500,000 of conventional bank debt financing and have since contributed a total of $4,000,000 of additional equity capital to the Brooks Project.
Relevance Dewey exclusively managed the complex permitting of 70,000 square feet (SF) of expansion space for its then tenant, the Brooks Institute, through the County of Ventura (completed in 2011) with additional permitting from the US Army Corps of Engineers, the California Department of Fish & Game, the Regional Water Quality Control Board and the US Fish & Wildlife Department. Dewey additionally completed entitlements for 7.7 acres of contractor storage yards on the 28 acres of vacant land adjacent to the Brooks Institute campus property.
Time period of involvement
2008 acquisition. Permitting and other regulatory agency involvement from 2008 through 2016. 70,000 SF of industrial/flex buildings sold to Patagonia in 2017. 28 acres of land still owned and now partially improved as contractor storage yards.
Description of project $21,000,000 Initial Project Acquisition, Development & Construction Cost for the 70,000 SF of industrial and institutional space and 28 acres of vacant land. The project is adjacent to a former oil refinery site and required significant brownfield investigation prior to Dewey’s acquisition and financing by GE Capital. Dewey completed the permitting of a 70,000 SF expansion for their tenant/client, Brooks Institute in 2010.
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Current status of project The 70,000 SF of industrial buildings were sold to Patagonia in 2017. Dewey completed Ventura County permitting and lease-up of 7.7 acres of contractor storage yards on the 28 acre land parcel in 2019. The contractor storage yards now generate $300,000 of gross lease revenue per year ($0.10/SF/Mo, $25,000/Mo gross rents). The 28 acres of land is under contract to be sold to the Trust for Public Land with an estimated closing date of June 15, 2021.
Contract model Acquire, Design, Build, Own, Operate
Role(s) on project John Dewey is the Managing Partner/Project Developer and Owner with primary responsibilities for managing all Ventura County entitlements. Dewey owns a 40% interest in the 28 acres of land partially leased as contractor storage yards.
Performance Dewey has fully performed all of its project management, financing and permitting responsibilities for the Project.
Other information Dewey and his equity partners are responsible for 100% of all project debt and equity financing. Dewey and two partners contributed more than $6.5 million of equity in addition to GE Capital’s contribution of $14.5 million of equity to fund the project’s acquisition, engineering and permitting costs and expenses. Dewey has an excellent working relationship with Ventura County and all of the regulatory agencies having oversight over the project.
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Respondent Mustang Real Estate Project Number 3
Developer John Dewey Item Notes
Project Name Lopez Canyon & Sky Terrace Project (“Lopez/Sky”)
Project Owner SE Lopez 1, LLC & SE Sky SPE, LLC (John Dewey is a managing partner of these partnerships)
Reference contact details
Rob Perkins, Executive Vice President, +1 (650) 343-6333, [email protected] TDA Investment Group, Fiduciary Real Estate Investment Manager for Isis Lending, LLC (“TDA”) 2025 Pioneer Court, San Mateo, CA 94403
Contract period (term) 12-16 year financing placed by Dewey with TDA, a pension fund advisor to the Southern California Laborers Pension Fund Trust, for the acquisition and renovation of this brownfield investment project developed on a former landfill
Relevance Dewey exclusively managed the acquisition, financing and complex permitting of this 71 acre project in two phases closed in 2008. The Lopez/Sky project is comprised of nearly 80,000 square feet (SF) of industrial and warehouse storage space located on 36 useable acres of industrial yard storage space, including 12 acres overlying a former landfill. Dewey completed the extensive brownfield investigation successfully obtaining “No Further Remedial Action Required” letters from the Los Angeles County Environmental Health Department, the Los Angeles Regional Water Quality control Board, the California Department of Toxic Substances Control Board and the South Coast Air Quality Management District allowing the project to be acquired and financed with 100% acquisition and renovation debt financing provided by a major pension fund lender. Additionally, Dewey successfully processed five (5) separate site plan approvals from the Los Angeles County Department of Regional Planning and the closure of a 64 unit mobile home park previously located on the site, approved by the Los Angeles County Planning Commission. The regulatory oversight was complex, multi-jurisdictional and effectively managed by Dewey to its desired successful conclusions.
Time period of involvement
2007-2008 acquisition. Permitting and other regulatory agency involvement from 2007 through 2011.
Description of project $15,000,000 Initial Project Acquisition Cost for the 80,000 SF of industrial and warehouse storage
space and 71 acres of land. TDA, the project lender, provided an additional $3,000,000 of renovation financing to the Project to complete its repositioning.
Current status of project The Lopez/Sky Project is currently undergoing final phases of renovation in preparation for sale. Combined NOI for both properties in 2008: $1,200,000 Current NOI for both properties in 2020: $2,600,000 Dewey sold his 40% interest in these properties to his partners in 2014 to devote energy and resources to his Santa Barbara Recycling Project development.
Contract model Acquire, Design, Renovate, Own, Operate, Transfer
Role(s) on project John Dewey was the Managing Partner/Project Developer and Owner with primary responsibilities for managing all permitting, entitlements and managing all regulatory agency relationships. Dewey additionally managed the relationship with TDA, the pension fund advisor/lender to the Project.
Performance Dewey fully performed all of its project management, financing and permitting responsibilities for the Project.
Other information Mustang was responsible for all project debt and equity financing. Dewey arranged TDA’s debt financing, in excess of $18,000,000 to fund the project’s acquisition, engineering, permitting and renovation costs and expenses. Dewey has an excellent working relationship with Los Angeles County and all of the regulatory agencies having oversight over the project.
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JOHN DEWEY – THE DEWEY GROUP 17 Corporate Plaza, Suite 200
Mustang Renewable Power Ventures, LLC 2008-Present
Founder, CEO Dewey formed Mustang Power responding to the landfill capacity waste crisis in California and the US. Dewey’s skill sets in project entitlements, finance, development, with a recent emphasis (2003 to present) on environmentally impacted properties, provides an ideal foundation for waste resource recovery development projects. Mustang Power is developing of a number of resource recovery projects throughout North America. Mustang Power’s resource recovery projects use three technologies licensed from European & Japanese companies to: 1) sort, separate and recover recyclable materials; 2) convert organic food & green waste to compost and energy via anaerobic digestion; and, 3) convert the residual waste to energy using a thermal process called gasification. Mustang Power was selected in 2011 by Santa Barbara County (CA) as the Preferred Developer of a Resource Recovery Project to process ~250,000 tons of Mixed MSW per year at their Tajiguas Landfill. More information about the Project can be found at www.ResourceRecoveryProject.com.
The Dewey Group 1986-PRESENT
Founder, CEO Core Competencies: 35 years’ experience in commercial/industrial/brownfields/multifamily real estate project entitlement, investment, management & development, environmental remediation, mitigation & regulatory agency liaison, corporate finance/capital markets; mergers & acquisitions, joint venture formation; project finance, strategic planning, investment activity as a principal. Complex and challenging special projects orientation with a deep capital markets/finance background. A list of real estate financing, acquisition & development projects is attached as an exhibit. Los Coyotes Country Club Advisory Board Member 2010-Present Dewey serves on a 6 member advisory board to McAuley LCX, Inc. owner of the 27 hole Los Coyotes Country Club located in Buena Park, CA. Dewey advises the company on matters related to its proposed residential development recently entitled by the City of Buena Park and now under construction (80 for sale homes) in a joint venture with Brookfield. Bravo Energy Interim CFO, Advisory Board Member 2010-2012 Dewey, as Bravo’s Interim CFO, assisted the Company with the financial management and reporting for their three used oil refineries located in Chile, Argentina and Mexico. Dewey restructured the company’s $15,000,000 long term debt with the Overseas Private Investment Corp. (OPIC) saving more than $2,000,000 annual interest expense. Dewey also advised the company on capitalization, exit plans and strategy. Consultant 1986-2001 Various Residential and Commercial Mortgage Banking Firms Dewey has consulted with more than 20 firms and one government sponsored entity (GSE) on the topics of mortgage origination and debt and equity financing of mortgage banking firms. Dewey has been a speaker at industry conferences and authored a number of articles on various topics related to mortgage origination and financing. Dewey has also consulted with a number of single family and multi-family
developers regarding utilization of both taxable and tax-exempt bond financing. Dewey focused his activities on real estate financing, investment and development as a principal in 2003. Prior to his real estate activities, Dewey completed a number of special projects/consulting assignments. A partial list of such special projects follows: Polestar Capital Group, LLC 2001- 2003 MANAGING DIRECTOR Managing Director of West Coast operations for this New York based real estate investment bank providing leasehold improvement financing for Fortune 1000 clients. Clients managed by Dewey include Intel, Boeing, Qwest, Sun Microsystems, Cisco Systems, Bayer Pharmaceutical, Corning and Oracle. Published article in Journal of Real Estate Financing describing unique financial structure.
Director, Strategic Partner Program Coordinator 1996-1998 Southern Pacific Funding Corp. (SPFC) Created and implemented SPFC’s strategic partner program which included two acquisitions and three strategic alliance relationships procured by Dewey. Dewey’s five strategic partners contributed more than $125 million/mo. residential mortgage volume during 1998 into SPFC’s residential mortgage acquisition program. Partner, Project Finance Steadfast Properties 1995-2002 Arranged $150 million of highly leveraged acquisition and renovation finance from a wall-street boutique firm facilitating the acquisition and rehab of 24 multi-family REO projects totally 4,828 units in California with an average acquisition price of $43,000/unit. 75% of portfolio was sold following a ~4 year holding period for a 37% gain (+$50.3 million). Adjustable Rate Mortgage (ARM) Conduit–Program Coordinator 1993-1995 ContiTrade Services Corp. Conceived and implemented a mortgage acquisition and financing conduit program for three Southern California based mortgage bankers. Five securitizations were completed by the program totaling $650 million over an eighteen month program. Conti ultimately acquired two of the originators. Vice-President 1981-1986 Shearson Lehman-American Express Real Estate Finance Corp. Prior to founding his own consulting, investment and development firm, Dewey was employed as a Vice-President of Shearson Lehman-American Express Real Estate Finance Corp. specializing in debt and equity financing of multi-family properties. In that capacity, Dewey acquired and financed more than $600 million of multi-family properties, with approximately $150 million of equity and $450 million of tax-exempt bond financing. Dewey is a graduate of UCLA (BA, Business-Economics, 1981), is married (Rebecca) with two children (Grant, 25 and David, 23), enjoys running, mountain-biking, skiing and travel. Dewey served as vice-chairman of the Board of Directors of the Spina Bifida Foundation; based in Washington, D.C. Dewey was also involved with the March of Dimes and previously served as chairman of the Lighthouse Ministries advisory board, a community outreach program for Mariners Church in Irvine, CA. Operating on a budget of $5.0 million annually, Lighthouse engages more than 6,000 volunteers serving more than 20,000 lower income families of Orange County.
The Dewey Group arranged 100% of the Acquisition Financing for these multi-family projects for Steadfast Properties. Mr. Dewey retained Co-General Partner Interests averaging 10%
BROWNFIELD ACQUISITIONS
Type Project Location Acq Dt SF Acres DescriptionSite Acq
CostSelf-Storage Rebel Self Storage Carson 2004 145,000 sf 12 acres Acq. and renovation self-storage project located on a former landfill 15,500,000$ Self-Storage/Industrial Lopez Canyon Sylmar 2007 300,000 sf 17 acres Self-storage and industrial development on a former landfil 5,850,000 Self-Storage/Industrial Sky Terrace Sylmar 2008 2,352,240 sf 54 acres Self-storage and industrial development on a former landfil 9,150,000 Commercial/Residential Brooks Institute Ventura 2005 68,000 sf 30 acres 68,000 sf existing commercial+28 acres industrial development site 21,000,000
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