**Exhibit 10.34**

**PLEDGE AGREEMENT**

This PLEDGE AGREEMENT, dated as of October 2, 2006, is made by GMHCOMMUNITIES, LP, a Delaware limited partnership (“Borrower”), SAVOYVILLAGE ASSOCIATES INTERMEDIATE, LLC, a Delaware limited liability company,CROYDEN AVENUE ASSOCIATES INTERMEDIATE, LLC, a Delaware limited liabilitycompany, MONKS ROAD ASSOCIATES INTERMEDIATE, LLC, a Delaware limited liabilitycompany, SOUTH CAROLINA ASSOCIATES INTERMEDIATE, LLC, a Delaware limitedliability company, RENO ASSOCIATES INTERMEDIATE, LLC, a Delaware limitedliability company, DENTON ASSOCIATES INTERMEDIATE, LLC, a Delaware limitedliability company, LANKFORD DRIVE ASSOCIATES INTERMEDIATE, LLC, a Delawarelimited liability company (collectively, the “Property Pledgors”),CLARIZZ BOULEVARD ASSOCIATES INTERMEDIATE, LLC, a Delaware limited liabilitycompany, LAKESIDE ASSOCIATES INTERMEDIATE, LLC, a Delaware limited liabilitycompany, URBANA ASSOCIATES INTERMEDIATE, LLC, a Delaware limited liabilitycompany, RED MILE ROAD ASSOCIATES INTERMEDIATE, LLC, a Delaware limitedliability company, BURBANK DRIVE ASSOCIATES INTERMEDIATE III, LLC, a Delawarelimited liability company, COMMONS DRIVE ASSOCIATES INTERMEDIATE, LLC, aDelaware limited liability company, ABBOTT ROAD ASSOCIATES INTERMEDIATE, LLC, aDelaware limited liability company, CAMPUS VIEW DRIVE ASSOCIATES INTERMEDIATE,LLC, a Delaware limited liability company, ALEXANDER ROAD ASSOCIATESINTERMEDIATE, LLC, a Delaware limited liability company, BROWN ROAD ASSOCIATESINTERMEDIATE, LLC, a Delaware limited liability company and KELLER BOULEVARDASSOCIATES INTERMEDIATE, LLC and LANKFORD DRIVE ASSOCIATES INTERMEDIATE II,LLC, a Delaware limited liability company (collectively the “MezzanineSubsidiary Pledgors”) and COLLEGE PARK INVESTMENTS LLC, a Delaware limitedliability company (“CPI”) (Borrower, together with the PropertyPledgors, the Mezzanine Subsidiary Pledgors and CPI are individually, a “Pledgor”and collectively, the “Pledgors”), in favor of WACHOVIA BANK, NATIONALASSOCIATION, as lender (the “Lender”) parties to the Loan Agreementreferred to below.

RECITALS:

WHEREAS, pursuant to the Loan Agreement, dated as of October 2, 2006(as amended, supplemented or otherwise modified from time to time, the “LoanAgreement”), among Borrower and the Lender, the Lender has agreed to make aloan to the Borrower upon the terms and subject to the conditions set forththerein, such loan is evidenced by that certain Note, dated as of the datehereof, issued by the Borrower thereunder (the “Note”);

WHEREAS, in connection with the Loan, each of the Mezzanine SubsidiaryPledgors and CPI have executed and delivered that certain Guaranty, dated as ofOctober 2, 2006, pursuant to which such Mezzanine Subsidiary Pledgors and CPIguaranty the obligations of the Borrower under the Loan Agreement, the Note andthe other Loan Documents (the “Material Subsidiary Guaranty”);

WHEREAS, in connection with the Loan, each of the Property Pledgorshave executed and delivered that certain Guaranty, dated as of October 2, 2006,pursuant to which such Property Pledgors guaranty the obligations of theBorrower under the Loan Agreement, the Note and the other Loan Documents (the “PropertyPledgor Guaranty”); and

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WHEREAS, it is a condition precedent to the obligation of the Lender tomake the loan to the Borrower under the Loan Agreement that each Pledgor shallhave executed and delivered this Pledge Agreement to the Lender as collateralfor the obligations of the Borrower, the obligations of each MaterialSubsidiary Pledgor under the Material Subsidiary Guaranty and the obligationsof each Property Pledgor under the Property Pledgor Guaranty.

NOW, THEREFORE, in consideration of the premises and to induce theLender to enter into the Loan Agreement and to induce Lender to make the loanto the Borrower under the Loan Agreement, each Pledgor hereby agrees with theLender, as follows:

# 1.             Defined Terms.

## (a)           Unless otherwisedefined herein, terms which are defined in the Loan Agreement and used hereinshall have the meanings given to them in the Loan Agreement.

## (b)           The following termsshall have the following meanings:

“Additional Collateral”:all Accounts; all Chattel Paper; all Commercial Tort Claims; all Copyrights;all Copyright Licenses; all Deposit Accounts; all Documents; all Equipment; allGeneral Intangibles; all Instruments; all Inventory; all Investment Property;all Letter of Credit Rights; all Patents; all Patent Licenses; all SecuritiesAccounts, and all Investment Property held therein or credited thereto; allTrademarks; all Trademark Licenses; all Vehicles; all Goods and other propertynot otherwise described above; all books and records pertaining to theCollateral; and to the extent not otherwise included, all SupportingObligations in respect of any of the foregoing, and all collateral security andguarantees given by any Person with respect to any of the foregoing, in eachcase as defined in the Code.

“Code”: theUniform Commercial Code from time to time in effect in the State of New York.

“Collateral Account”:any account established to hold money Proceeds, maintained under the soledominion and control of the Lender, subject to withdrawal by the Lender only asprovided in subsection 8.

“GuaranteedObligations”: the maximum obligations, if any, of the related Pledgor underthe Material Subsidiary Guaranty or the Property Pledgor Guaranty (as suchmaximum obligations are specified therein), as the case may be, which to theextent applicable,is more particularly set forth on Schedule II attachedhereto.

“Issuer”: each ofthe corporations, limited liability companies and partnerships identified onSchedule I as an issuer of Pledged Stock, Pledged LLC Interests or PledgedPartnership Interests.

“Limited LiabilityCompany”: any Issuer identified as a limited liability company on Part B ofSchedule I hereto or in a supplement hereto.

“Limited LiabilityCompany Agreement”: as to any Limited Liability Company (or in anysupplement hereto), its certificate of formation and operating agreement orother Governing Documents, as each may be amended, supplemented or otherwisemodified from time to time.

“LLC Interest”:any Limited Liability Company membership interest or economic interest.

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“Mezzanine Asset Owner”shall mean each entity listed as a “Mezzanine Asset Owner” on Schedule IIattached hereto.

“Obligations” thecollective reference to all obligations and liabilities of each Pledgor to theLender, whether direct or indirect, absolute or contingent, due or to becomedue, or now existing or hereafter incurred, which may arise under, out of or inconnection with the obligations evidenced by the Note, the Loan Agreement,Material Subsidiary Guaranty, the Property Pledgor Guaranty or any other LoanDocuments and any other document made, delivered or given in connectiontherewith, whether on account of principal, interest, reimbursementobligations, fees, indemnities, costs, expenses (including, without limitation,all fees and disbursements of counsel to the Lender that are required to bepaid by Pledgor pursuant to the terms of the Loan Agreement or other documents)or otherwise.

“Partnership”: anyIssuer identified as a partnership on Part C of Schedule I hereto or in asupplement hereto.

“Partnership Agreement”:as to any Partnership (or in any supplement hereto), its certificate offormation and partnership agreement or other Governing Documents, as each maybe amended, supplemented or otherwise modified from time to time.

“Partnership Interest”:any partnership interest or economic interest in a Partnership.

“Pledge Agreement”:this Pledge Agreement, as amended, supplemented or otherwise modified from timeto time.

“Pledged Collateral”:the Pledged Stock, the Pledged LLC Interests, the Pledged PartnershipInterests, the Additional Collateral and all Proceeds.

“Pledged LLC Interest”:any and all of Pledgor’s interests, including units of membership interest, inthe Limited Liability Companies as set forth in Schedule I attached hereto,including, without limitation, all its rights to participate in the operationor management of the Limited Liability Companies and all its rights toproperties, assets, member interests and distributions (except as otherwiseprovided herein) under the Limited Liability Company Agreements in respect ofsuch member interests.

“Pledged PartnershipInterest”: any and all of Pledgor’s interests, including units ofpartnership interest, in the Partnerships as set forth in Schedule I attachedhereto, including, without limitation, all its rights to participate in theoperation or management of the Partnerships and all its rights to properties,assets, member interests and distributions (except as otherwise providedherein) under the Partnership Agreements in respect of such partnershipinterests.

“Pledged Stock”:the shares of capital stock listed on Schedule I hereto, together with allstock certificates, options or rights of any nature whatsoever which may beissued or granted by any of the Issuers to the Pledgors in respect of thePledged Stock while this Pledge Agreement is in effect.

“Proceeds”: all “proceeds”as such term is defined in Section 9-306(1) of the UCC and, in any event, shallinclude, without limitation, all dividends, distributions or other income fromthe Pledged Stock, Pledged LLC Interests or Pledged Partnership Interests, orcollections thereon with respect thereto.

“Securities Act”:the Securities Act of 1933, as amended.

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(c)           The words “hereof”, “herein” and “hereunder”and words of similar import when used in this Pledge Agreement shall refer tothis Pledge Agreement as a whole and not to any particular provision of thisPledge Agreement, and Section, Schedule, Annex, and Exhibit references are tothis Pledge Agreement unless otherwise specified.  The meanings given to terms defined hereinshall be equally applicable to both the singular and plural forms of suchterms.

# 2.             Pledge; Grant of SecurityInterest.  Each Pledgor herebydelivers, pledges, assigns, and transfers, as appropriate, to the Lender, allthe Pledged Collateral and hereby grants to the Lender, a first securityinterest in the Pledged Collateral, as collateral security for the prompt andcomplete payment and performance when due (whether at the stated maturity, byacceleration or otherwise) of the Obligations.

# 3.             Transfer Powers.  Concurrently with the delivery to the Lenderof each certificate representing one or more shares of the Pledged Stock, orany Pledged LLC Interest or Pledged Partnership Interest which is certificated,each Pledgor shall deliver an undated stock power or transfer power coveringsuch certificate, duly executed in blank with, if the Lender so requests,signature guaranteed.

# 4.             Representations and Warranties.  Each Pledgor represents and warrants that:

## (a)           the shares ofPledged Stock listed on Schedule I constitute all the issued and outstandingshares of all classes of the Capital Stock of the Issuers and are representedby the certificates listed thereon;

## (b)           the Pledged LLCInterests listed on Part B of Schedule I constitute all the issued andoutstanding LLC Interests of all classes of the Issuers and are represented bythe certificates listed thereon, if such Pledged LLC Interests arecertificated;

## (c)           the PledgedPartnership Interests listed on Part C of Schedule I constitute all the issuedand outstanding Partnership Interests of all classes of the Issuers and arerepresented by the certificates listed thereon, if such Pledged PartnershipInterests are certificated;

## (d)           all the shares ofthe Pledged Stock, the Pledged LLC Interests and the Pledged PartnershipInterests have been duly and validly issued and are fully paid andnonassessable;

## (e)           such Pledgor is therecord and beneficial owner of, and has title to, the Pledged Stock, thePledged Partnership Interests and the Pledged LLC Interests free of any and allLiens or options in favor of, or claims of, any other Person, except the Liencreated by this Pledge Agreement;

## (f)            upon delivery tothe Lender of the stock certificates evidencing the Pledged Stock, thecertificates evidencing the Pledged LLC Interests, if any, or the certificatesevidencing the Pledged Partnership Interests, if any, (and assuming thecontinuing possession by Lender of such certificate in accordance with therequirements of applicable law), the Lien granted pursuant to this PledgeAgreement will constitute a valid, perfected first priority Lien on the PledgedCollateral in favor of the Lender, enforceable as such against all creditors ofthe Pledgors and any Persons purporting to purchase any Pledged Collateral fromthe Pledgors;

## (g)           Upon the filing ofUCC-1 financing statements in the jurisdictions referenced on Schedule IIattached hereto, the Liens granted pursuant to this Pledge Agreement on thePledged 

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## Collateralwhich are not certificated shall constitute perfected first priority Liens onsuch Pledged Collateral which are not certificated in favor of the Lender,enforceable as such against all creditors of the Pledgors and any Personspurporting to purchase any Pledged Collateral from the Pledgors.

## (h)           None of the PledgedStock, Pledged LLC Interests or Pledged Partnership Interests (i) are dealt inor traded on securities exchanges or in securities markets, (ii) are by theirterms expressly subject to Article 8 of the Uniform Commercial Code of anyjurisdiction, (iii) constitute an investment company security or (iv) are heldin a securities account (in each case within the meaning of Section 8-103(c) ofthe Code); and

## (i)            All consents ofeach required member in each Limited Liability Company or each required partnerin each Partnership to the grant of the security interests provided hereby andto the transfer of the Pledged LLC Interests or Pledged Partnership Interests,as the case may be, to the Lender or its designee pursuant to the exercise ofany remedies under Section 8 hereof have been obtained and are in full force andeffect.

# 5.             Covenants. Each Pledgor covenants and agrees with the Lender that, from and afterthe date of this Pledge Agreement until the Obligations are paid in full:

## (a)           If any Pledgorshall, as a result of its ownership of the Pledged Collateral, become entitledto receive or shall receive any stock certificate, partnership interestcertificate or membership interest certificate or similar certificateevidencing such interest (including, without limitation, any certificaterepresenting a stock dividend or a distribution in connection with anyreclassification, increase or reduction of capital or any certificate issued inconnection with any reorganization), option or rights, whether in addition to,in substitution for, as a conversion of, or in exchange for any shares of thePledged Collateral, or otherwise in respect thereof, each Pledgor shall acceptthe same as the Lender’s agent, hold the same in trust for the Lender anddeliver the same forthwith to the Lender in the exact form received, duly indorsedby such Pledgor to the Lender, if required, together with an undated stock ortransfer power covering such certificate duly executed in blank and with, ifthe Lender so requests, signature guaranteed, to be held by the Lender, subjectto the terms hereof as additional collateral security for the Obligations.  Upon the liquidation or dissolution of any ofthe Issuers, the Pledgor shall notify the Lender in advance of such liquidationor dissolution and the proceeds thereof shall be paid over to the Lender forrepayment of the Loan in accordance with the Loan Agreement, and in case anydistribution of capital shall be made on or in respect of the PledgedCollateral or any property shall be distributed upon or with respect to thePledged Collateral pursuant to the recapitalization or reclassification of thecapital of any of the Issuers or pursuant to the reorganization thereof, theproperty so distributed shall be delivered to the Lender and the Issuer,subject to the terms hereof, as additional collateral security for theObligations.  If any sums of money orproperty so paid or distributed in respect of the Pledged Collateral shall bereceived by Pledgor, such Pledgor shall, until such money or property is paidor delivered to the Lender, hold such money or property in trust for the Lendersegregated from other funds of such Pledgor, as additional collateral securityfor the Obligations.

## (b)           Without the priorwritten consent of the Lender, no Pledgor will (i) vote to enable, or take anyother action to permit, any of the Issuers to issue any stock or other equitysecurities of any nature or to issue any other securities convertible into orgranting the right to purchase or exchange for any stock or other equitysecurities of any of the Issuers, or (ii) sell, assign, transfer, exchange orotherwise dispose of, or grant any option with respect to, the PledgedCollateral, or (iii) create, incur or permit to exist any Lien or option infavor of, or any claim of any Person with respect to, any of the Pledged Collateral,or any interest therein, except for the Lien provided for by this PledgeAgreement, or

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## (iv) enterinto any agreement or undertaking restricting the right or ability of anyPledgor or the Lender to sell, assign or transfer any of the Pledged Collateral.

## (c)           Each Pledgor shallmaintain the security interest created by this Pledge Agreement as a first,perfected security interest and shall defend such security interest against theclaims and demands of all Persons whomsoever. At any time and from time to time, upon the written request of theLender, and at the sole expense of the Pledgors, each Pledgor will promptly andduly execute and deliver such further instruments and documents and take suchfurther actions as the Lender may reasonably request for the purposes ofobtaining or preserving the full benefits of this Pledge Agreement and of therights and powers herein granted.  If anyamount payable under or in connection with any of the Pledged Collateral shall beor become evidenced by any promissory note, other instrument or chattel paper,such note, instrument or chattel paper shall be immediately delivered to theLender, duly endorsed in a manner satisfactory to the Lender, to be held asPledged Collateral pursuant to this Pledge Agreement.

## (d)           Each Pledgor agreesto pay, and to save the Lender harmless from, any and all liabilities withrespect to, or resulting from any delay in paying, any and all stamp, excise,sales or other taxes which may be payable or determined to be payable withrespect to any of the Pledged Collateral or in connection with any of thetransactions contemplated by this Pledge Agreement.

## (e)           No Pledgor will,unless it shall give 30 days’ written notice to such effect to the Lender andshall have made any filing under the Uniform Commercial Code in effect in anyaffected jurisdiction as the Lender may reasonably request to maintain theperfected security interest granted pursuant to this Pledge Agreement, (i)change the location of its jurisdiction of organization as defined in theUniform Commercial Code from that specified in the Loan Agreement or remove itsbooks and records from such location or (ii) change its name, identity orstructure to such an extent that any financing statement filed by it withrespect to Pledgor in connection with this Pledge Agreement would becomeseriously misleading.

## (f)            College ParkInvestments, LLC hereby covenants with and for the benefit of Lender that inthe event that it acquires 100% of the direct or indirect equity interests inOrchard Housing, LLC or Klotz Road Associates, LLC or if it at any time it isnot prohibited from pledging any direct or indirect interests in such entities,College Park Investments, LLC will pledge such equity interests to Lender onthe same terms and conditions as set forth in this Agreement.

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## 6.             Cash Dividends;Voting Rights.  Unless an Event ofDefault shall have occurred and be continuing and the Lender shall have givennotice to the Pledgors of the Lender’s intent to exercise its correspondingrights pursuant to Section 7 below, each Pledgor shall be permitted to receiveall cash dividends paid in the normal course of business of the Issuers andconsistent with past practice, to the extent permitted in the Loan Agreement,in respect of the Pledged Collateral and to exercise all voting, corporate(with respect to stock), member (with respect to LLC interests), andpartnership (with respect to Partnership Interests) rights with respect to thePledged Collateral; provided, however, that no vote shall be castor corporate or member right exercised or other action taken which would impairthe Pledged Collateral or which would be inconsistent with or result in anyviolation of any provision of the Loan Agreement, the Note, this PledgeAgreement or the other Loan Documents.

# 7.             Rights of the Lender.

## (a)           All money Proceedsreceived by the Lender hereunder shall be held by the Lender in a CollateralAccount.  All Proceeds while held by theLender in a Collateral Account (or by the Pledgor in trust for the Lender) shallcontinue to be held as collateral security for all the Obligations and shallnot constitute payment thereof until applied as provided in Section 8(a).

## (b)           If an Event ofDefault shall occur and be continuing and the Lender shall give notice of itsintent to exercise such rights to Pledgor: (i) the Lender shall have the right to receive any and all cashdividends or other cash distributions paid in respect of the Pledged Collateraland make application thereof to the Obligations in such order as it maydetermine, unless otherwise specifically provided in the Loan Documents, and(ii) at the request of the Lender, all shares of the Pledged Stock, all PledgedLLC Interests and all Pledged Partnership Interests shall be registered in thename of the Lender or its nominee, and the Lender or its nominee may duringsuch period exercise (A) all voting, corporate or other rights pertaining tosuch shares of the Pledged Stock at any meeting of shareholders of any of theIssuers or otherwise (B) all members rights, powers and privileges with respectto the Pledged LLC Interests to the same extent as a member under theapplicable Limited Liability Company Agreement; (C) all partnership rights,powers and privileges with respect to the Pledged Partnership Interests to thesame extent as a member under the applicable Partnership Agreement; and (D) anyand all rights of conversion, exchange, subscription and any other rights,privileges or options pertaining to such shares of the Pledged Collateral as ifit were the absolute owner thereof (including, without limitation, the right toexchange at its discretion any and all of the Pledged Collateral upon themerger, consolidation, reorganization, recapitalization or other fundamentalchange in the corporate or company structure of any of the Issuers, or upon theexercise by Pledgor or the Lender of any right, privilege or option pertainingto such shares or interests of the Pledged Collateral, and in connectiontherewith, the right to deposit and deliver any and all of the Pledged Collateralwith any committee, depository, transfer agent, registrar or other designatedagency upon such terms and conditions as it may determine), all withoutliability except to account for property actually received by it, but theLender shall have no duty to exercise any such right, privilege or option andshall not be responsible for any failure to do so or delay in so doing.

## (c)           The rights of theLender hereunder shall not be conditioned or contingent upon the pursuit by theLender of any right or remedy against any of the Issuers, Borrower or againstany other Person which may be or become liable in respect of all or any part ofthe Obligations or against any other collateral security therefor, guaranteethereof or right of offset with respect thereto.  The Lender shall not be liable for anyfailure to demand, collect or realize upon all or any part of the PledgedCollateral or for any delay in doing so, nor shall it be under any obligationto sell or otherwise dispose of any Pledged Collateral upon the request of thePledgors or any other Person or to take any other action whatsoever with regardto the Pledged Collateral or any part thereof.

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## 8.             Remedies.

## (a)           If an Event ofDefault shall have occurred and be continuing, at any time at the Lender’selection, except to the extent otherwise provided in the Loan Agreement, theLender may apply all or any part of the Proceeds held in any Collateral Accountin payment of the Obligations in such order as the Lender may elect.

## (b)           If an Event ofDefault shall occur and be continuing, the Lender may exercise, in addition toall other rights and remedies granted in this Pledge Agreement and in any otherinstrument or agreement securing, evidencing or relating to the Obligations,all rights and remedies of a secured party under the Code.  Without limiting the generality of theforegoing, the Lender, without demand of performance or other demand,presentment, protest, advertisement or notice of any kind (except any noticerequired by law referred to below) to or upon any Pledgor, the Borrower, theIssuers or any other Person (all and each of which demands, defenses,advertisements and notices are hereby waived), may in such circumstancesforthwith collect, receive, appropriate and realize upon the PledgedCollateral, or any part thereof, and/or may forthwith sell, assign, give optionor options to purchase or otherwise dispose of and deliver the PledgedCollateral or any part thereof (or contract to do any of the foregoing), in oneor more parcels at public or private sale or sales, in the over-the-countermarket, at any exchange, broker’s board or office of the Lender or elsewhereupon such terms and conditions as it may deem advisable and at such prices asit may deem best, for cash or on credit or for future delivery withoutassumption of any credit risk.  TheLender or any Lender shall have the right upon any such public sale or sales,and, to the extent permitted by law, upon any such private sale or sales, topurchase the whole or any part of the Pledged Collateral so sold, free of anyright or equity of redemption in any Pledgor, which right or equity is herebywaived or released.  The Lender shallapply any Proceeds from time to time held by it and the net proceeds of anysuch collection, recovery, receipt, appropriation, realization or sale, afterdeducting all reasonable costs and expenses of every kind incurred therein orincidental to the care or safekeeping of any of the Pledged Collateral or inany way relating to the Pledged Collateral or the rights of the Lenderhereunder, including, without limitation, reasonable attorneys’ fees anddisbursements, to the payment in whole or in part of the Obligations, in suchorder as the Lender may elect, and only after such application and after thepayment by the Lender of any other amount required by any provision of law,including, without limitation, Section 9-504(1)(c) of the Code, need the Lenderaccount for the surplus, if any, to any Pledgor.  To the extent permitted by applicable law,each Pledgor waives all claims, damages and demands it may acquire against theLender arising out of the exercise by the Lender of any of its rightshereunder.  If any notice of a proposedsale or other disposition of Pledged Collateral shall be required by law, suchnotice shall be deemed reasonable and proper if given at least 10 days beforesuch sale or other disposition.  EachPledgor shall remain liable for any deficiency if the proceeds of any sale orother disposition of Pledged Collateral are insufficient to pay the Obligationsand the reasonable and actual fees and disbursements of any attorneys employedby the Lender to collect such deficiency.

# 9.             Registration Rights; Private Sales.

## (a)           If the Lender shalldetermine to exercise its right to sell any or all of the shares of Pledged Stock,any or all of the Pledged LLC Interests, or any or all of the PledgedPartnership Interests pursuant to Section 8 hereof, and if in the opinion ofthe Lender it is necessary or advisable to have the Pledged Stock and/or thePledged LLC Interests and/or the Pledged Partnership Interests, or that portionthereof to be sold, registered under the provisions of the Securities Act, eachPledgor will cause any or all of the Issuers to (i) execute and deliver, andcause the officers of such Issuers to execute and deliver, all such instrumentsand documents, and do or cause to be done all such other acts as may be, in theopinion of the Lender, necessary or advisable to register the shares of PledgedStock, or that portion of them to be sold, under the provisions of theSecurities Act, (ii) to use its best efforts to cause the registration

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## statementrelating thereto to become effective and to remain effective for a period ofone year from the date of the first public offering of the shares of PledgedStock, or that portion thereof to be sold, and (iii) to make all amendmentsthereto and/or to the related prospectus which, in the opinion of the Lender,are necessary or advisable, all in conformity with the requirements of theSecurities Act and the rules and regulations of the Securities and ExchangeCommission applicable thereto.  EachPledgor agrees to cause the Issuers to comply with the provisions of thesecurities or “Blue Sky” laws of any and all jurisdictions which the Lendershall designate and to make available to its security holders, as soon aspracticable, an earnings statement (which need not be audited) which willsatisfy the provisions of Section 11(a) of the Securities Act.

## (b)           Each Pledgorrecognizes that the Lender may be unable to effect a public sale of any or allthe Pledged Stock, any or all of the Pledged LLC Interests, or any or all ofthe Pledged Partnership Interests, by reason of certain prohibitions containedin the Securities Act and applicable state securities laws or otherwise, and maybe compelled to resort to one or more private sales thereof to a restrictedgroup of purchasers which will be obliged to agree, among other things, toacquire such securities for their own account for investment and not with aview to the distribution or resale thereof. Each Pledgor acknowledges and agrees that any such private sale mayresult in prices and other terms less favorable to the Lender than if such salewere a public sale and, notwithstanding such circumstances, agrees that anysuch private sale shall be deemed to have been made in a commerciallyreasonable manner.  The Lender shall beunder no obligation to delay a sale of any of the Pledged Stock, any or all ofthe Pledged LLC Interests, or any or all of the Pledged Partnership Interestsfor the period of time necessary to permit the Issuers to register suchsecurities for public sale under the Securities Act, or under applicable statesecurities laws, even if the Issuers would agree to do so.

## (c)           Each Pledgor furtheragrees to use its reasonable efforts to do or cause to be done all such otheracts as may be necessary to make any sale or sales of all or any portion of thePledged Stock pursuant to this Pledge Agreement valid and binding and incompliance with any and all other applicable Applicable Laws.  Each Pledgor further agrees that a breach ofany of the covenants contained in this Section will cause irreparable injury tothe Lender, that the Lender has no adequate remedy at law in respect of such breachand, as a consequence, that each and every covenant contained in this Sectionshall be specifically enforceable against each Pledgor, and each Pledgor herebywaives and agrees not to assert any defenses against an action for specificperformance of such covenants except for a defense that no Event of Default hasoccurred under the Loan Agreement.

# 10.           Irrevocable Authorization andInstruction to Issuers.  Each Pledgorhereby authorizes and instructs each Issuer to comply with any instructionreceived by it from the Lender in writing that (a) states that an Event ofDefault has occurred and is continuing and (b) is otherwise in accordance withthe terms of this Pledge Agreement, without any other or further instructionsfrom any Pledgor, and each Pledgor agrees that each Issuer shall be fullyprotected in so complying.

# 11.           Agent’s Appointment asAttorney-in-Fact.

## (a)           Each Pledgor herebyirrevocably constitutes and appoints the Lender and any officer or agent of theLender, with full power of substitution, as its true and lawful attorney-in-factwith full irrevocable power and authority in the place and stead of eachPledgor and in the name of each Pledgor or in the Lender’s own name, from timeto time in the Lender’s discretion, for the purpose of carrying out the termsof this Agreement, to take any and all appropriate action and to execute anyand all documents and instruments which may be necessary or desirable toaccomplish the purposes of this Pledge Agreement, including, withoutlimitation, any financing statements, endorsements, assignments or

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## otherinstruments of transfer including those financing statements listing all assetsof the Pledgor (other than College Park Investments LLC which cannot issue anall assets pledge) as the collateral in which the secured party named thereinhas a security interest.

## (b)           Each Pledgor herebyratifies all that said attorneys shall lawfully do or cause to be done pursuantto the power of attorney granted in Section 11(a).  All powers, authorizations and agenciescontained in this Pledge Agreement are coupled with an interest and areirrevocable until this Pledge Agreement is terminated and the security interestcreated hereby is released.

# 12.           Limitation on Duties RegardingPledged Collateral.  The Lender’ssole duty with respect to the custody, safekeeping and physical preservation ofthe Pledged Collateral in its possession, under Section 9-207 of the Code orotherwise, shall be to deal with it in the same manner as the Lender deals withsimilar securities and property for its own account, except that the Lendershall have no obligation to invest funds held in any Collateral Account and mayhold the same as demand deposits. Neither the Lender nor any of its directors, officers, employees oragents shall be liable for failure to demand, collect or realize upon any ofthe Pledged Collateral or for any delay in doing so or shall be under anyobligation to sell or otherwise dispose of any Pledged Collateral upon therequest of the Pledgors or any other Person or to take any other actionwhatsoever with regard to the Pledged Collateral or any part thereof.

# 13.           Execution of Financing Statements.  Pursuant to Section 9-402 of the Code, eachPledgor hereby authorizes the Lender to file financing statements with respectto the Pledged Collateral without the signature of such Pledgor in such formand in such filing offices as the Lender reasonably determines appropriate toperfect the security interests of the Lender under this Pledge Agreement.  Each Pledgor hereby specifically authorizesLender to file financing statements which list the collateral as being allassets of such pledgor (which is the named “Debtor” thereon).  A carbon, photographic or other reproductionof this Pledge Agreement shall be sufficient as a financing statement forfiling in any jurisdiction.

# 14.           Powers Coupled with an Interest.  All authorizations and agencies hereincontained with respect to the Pledged Collateral are irrevocable and powerscoupled with an interest.

# 15.           Notices.  Notices, requests and demands to or upon theLender or the Pledgors hereunder shall be effected in the manner set forth inSection 10.6 of the Loan Agreement.

# 16.           Severability.  Any provision of this Pledge Agreement whichis prohibited or unenforceable in any jurisdiction shall, as to suchjurisdiction, be ineffective to the extent of such prohibition orunenforceability without invalidating the remaining provisions hereof, and anysuch prohibition or unenforceability in any jurisdiction shall not invalidateor render unenforceable such provision in any other jurisdiction.

# 17.           Paragraph Headings.  The paragraph headings used in this PledgeAgreement are for convenience of reference only and are not to affect theconstruction hereof or be taken into consideration in the interpretationhereof.

# 18.           No Waiver; Cumulative Remedies.  The Lender shall not by any act (except by awritten instrument pursuant to Section 19 hereof), delay, indulgence, omissionor otherwise be deemed to

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# have waived any right orremedy hereunder or to have acquiesced in any Default or Event of Default or inany breach of any of the terms and conditions hereof.  No failure to exercise, nor any delay inexercising, on the part of the Lender, any right, power or privilege hereundershall operate as a waiver thereof.  Nosingle or partial exercise of any right, power or privilege hereunder shallpreclude any other or further exercise thereof or the exercise of any otherright, power or privilege.  A waiver bythe Lender of any right or remedy hereunder on any one occasion shall not beconstrued as a bar to any right or remedy which the Lender would otherwise haveon any future occasion.  The rights andremedies herein provided are cumulative, may be exercised singly orconcurrently and are not exclusive of any rights or remedies provided by law.

# 19.           SPE Provisions.  Each of the Property Pledgors and MezzanineSubsidiary Pledgors hereby represents, covenants and agrees as follows:

## (a)           Each PropertyPledgor and Mezzanine Subsidiary Pledgor has not and will not:

#### (i)      engage in any business oractivity other than the ownership, operation and maintenance of the MezzanineCollateral that it owns and activities incidental thereto;

#### (ii)     acquire or own any assetsother than the Mezzanine Collateral that it owns on the date hereof;

#### (iii)    merge into or consolidatewith any Person, or dissolve, terminate, liquidate in whole or in part,transfer or otherwise dispose of all or substantially all of its assets orchange its legal structure;

#### (iv)    fail to observe allorganizational formalities, or fail to preserve its existence as an entity dulyorganized, validly existing and in good standing (if applicable) under theapplicable Legal Requirements of the jurisdiction of its organization orformation, or amend, modify, terminate or fail to comply with the provisions ofits organizational documents;

#### (v)     own any subsidiary, ormake any investment in, any Person, except as contemplated hereby;

#### (vi)    commingle its assets withthe assets of any other Person or permit any Affiliate or constituent partyindependent access to its bank accounts except that each such Pledgor may remitfunds to an account held by the Borrower as to which the Borrower maintainsaccurate books and records as to the funds attributable to such Pledgor;

#### (vii)   incur any debt, secured orunsecured, direct or contingent (including guaranteeing any obligation), otherthan the Guaranteed Obligations;

#### (viii)  fail to maintain itsrecords, books of account, bank accounts, financial statements, accountingrecords and other entity documents separate and apart from those of any otherPerson; except that Pledgor’s financial position, assets, liabilities, networth and operating results may be included in the consolidated financialstatements of an Affiliate, provided that such consolidated financialstatements contain a footnote indicating that Pledgor is a separate legalentity and that it maintains separate books and records;

#### (ix)    enter into any contract oragreement with any general partner, member, shareholder, principal, guarantorof the obligations of Pledgor, or any Affiliate of the foregoing,

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#### except uponterms and conditions that are intrinsically fair, commercially reasonable andsubstantially similar to those that would be available on an arm’s-length basiswith unaffiliated third parties;

#### (x)     maintain its assets in sucha manner that it will be costly or difficult to segregate, ascertain oridentify its individual assets from those of any other Person;

#### (xi)    assume or guaranty thedebts of any other Person, hold itself out to be responsible for the debts ofany other Person, or otherwise pledge its assets for the benefit of any otherPerson or hold out its credit as being available to satisfy the obligations ofany other Person;

#### (xii)   make any loans or advancesto any Person;

#### (xiii)  fail to file its own taxreturns or files a consolidated federal income tax return with any Person(unless prohibited or required, as the case may be, by applicable LegalRequirements);

#### (xiv)  fail either to hold itselfout to the public as a legal entity separate and distinct from any other Personor to conduct its business solely in its own name or fail to correct any knownmisunderstanding regarding its separate identity;

#### (xv)   fail to maintain adequatecapital for the normal obligations reasonably foreseeable in a business of itssize and character and in light of its contemplated business operations;

#### (xvi)  if it is a partnership orlimited liability company, without the unanimous written consent of all of itspartners or members, as applicable, and the written consent of 100% of themanagers of Pledgor, (a) file or consent to the filing of any petition, eithervoluntary or involuntary, to take advantage of any Creditors Rights Laws, (b)seek or consent to the appointment of a receiver, liquidator or any similarofficial, (c) take any action that might cause such entity to become insolvent,or (d) make an assignment for the benefit of creditors;

#### (xvii) fail to allocate sharedexpenses (including, without limitation, shared office space and servicesperformed by an employee of an Affiliate) among the Persons sharing suchexpenses and to use separate stationery, invoices and checks;

#### (xviii)  fail to remain solvent orpay its own liabilities (including, without limitation, salaries of its ownemployees) only from its own funds, provided that there are sufficient fundsfrom the operation of the Property to do so;

#### (xix)   acquire obligations orsecurities of its partners, members, shareholders or other affiliates, asapplicable;

#### (xx)    violate or cause to beviolated the assumptions made with respect to Pledgor and its principals in anyopinion letter pertaining to substantive consolidation delivered to Lender inconnection with the Loan; or

#### (xxi)   fail to maintain asufficient number of employees in light of its contemplated businessoperations.

## (b)           If such Pledgor is alimited partnership or limited liability company, each general partner in thecase of a limited partnership, or the managing member in the case of a limitedliability company (each an “SPE Component Entity”) of such Pledgor, asapplicable, shall be a corporation whose

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## sole asset isits interest in such Pledgor.  Each SPEComponent Entity (i) will at all times comply with each of the covenants, termsand provisions contained in Section 6.1(a)(iii) - (vi) and (viii) - (xxi), asif such representation, warranty or covenant was made directly by such SPEComponent Entity; (ii) will not engage in any business or activity other thanowning an interest in such Pledgor; (iii) will not acquire or own any assetsother than its partnership, membership, or other equity interest in suchPledgor; (iv) will not incur any debt, secured or unsecured, direct orcontingent (including guaranteeing any obligation); and (v) will cause suchPledgor to comply with the provisions of this Section 3.6.  Prior to the withdrawal or the disassociationof any SPE Component Entity from such Pledgor, such Pledgor shall immediatelyappoint a new general partner or managing member whose articles ofincorporation are substantially similar to those of such SPE Component Entityand, if an opinion letter pertaining to substantive consolidation was requiredat closing, deliver a new opinion letter acceptable to Lender and the RatingAgencies with respect to the new SPE Component Entity and its equity owners.  Notwithstanding the foregoing, to the extentsuch Pledgor is a single member Delaware limited liability company, so long assuch Pledgor maintains such formation status, no SPE Component Entity shall berequired.

## (c)           In the event suchPledgor is a single-member Delaware limited liability company, the limitedliability company agreement of such Pledgor (the “LLC Agreement”) shallprovide that (i) upon the occurrence of any event that causes the sole memberof such Pledgor (“Member”) to cease to be the member of such Pledgor(other than (A) upon an assignment by Member of all of its limited liabilitycompany interest in such Pledgor and the admission of the transferee, or (B)the resignation of Member and the admission of an additional member in eithercase in accordance with the terms of the Loan Documents and the LLC Agreement),any person acting as Independent Director of such Pledgor shall without anyaction of any other Person and simultaneously with the Member ceasing to be themember of such Pledgor, automatically be admitted to such Pledgor (“SpecialMember”) and shall continue such Pledgor without dissolution and (ii)Special Member may not resign from such Pledgor or transfer its rights asSpecial Member unless (A) a successor Special Member has been admitted to suchPledgor as Special Member in accordance with requirements of Delaware law and(B) such successor Special Member has also accepted its appointment as anIndependent Director.  The LLC Agreementshall further provide that (i) Special Member shall automatically cease to be amember of such Pledgor upon the admission to such Pledgor of a substituteMember, (ii) Special Member shall be a member of such Pledgor that has nointerest in the profits, losses and capital of such Pledgor and has no right toreceive any distributions of such Pledgor assets, (iii) pursuant to Section18-301 of the Delaware Limited Liability Company Act (the “Act”),Special Member shall not be required to make any capital contributions to suchPledgor and shall not receive a limited liability company interest in suchPledgor, (iv) Special Member, in its capacity as Special Member, may not bindsuch Pledgor, and (v) except as required by any mandatory provision of the Act,Special Member, in its capacity as Special Member, shall have no right to vote on,approve or otherwise consent to any action by, or matter relating to, suchPledgor, including, without limitation, the merger, consolidation or conversionof such Pledgor; provided, however, such prohibition shall not limit theobligations of Special Member, in its capacity as Independent Director, to voteon such matters required by the Loan Documents or the LLC Agreement.  In order to implement the admission to suchPledgor of Special Member, Special Member shall execute a counterpart to theLLC Agreement.  Prior to its admission tosuch Pledgor as Special Member, Special Member shall not be a member of suchPledgor.

## (d)           Upon the occurrenceof any event that causes the Member to cease to be a member of such Pledgor, tothe fullest extent permitted by law, the personal representative of Membershall, within ninety (90) days after the occurrence of the event thatterminated the continued membership of Member in such Pledgor, agree in writing(i) to continue such Pledgor and (ii) to the admission of the personalrepresentative or its nominee or designee, as the case may be, as a substitutemember of such Pledgor, effective as of the occurrence of the event thatterminated the continued membership of Member 

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## of suchPledgor in such Pledgor.  Any action initiatedby or brought against Member or Special Member under any Creditors Rights Lawsshall not cause Member or Special Member to cease to be a member of suchPledgor and upon the occurrence of such an event, the business of such Pledgorshall continue without dissolution.  TheLLC Agreement shall provide that each of Member and Special Member waives anyright it might have to agree in writing to dissolve such Pledgor upon theoccurrence of any action initiated by or brought against Member or SpecialMember under any Creditors Rights Laws, or the occurrence of an event thatcauses Member or Special Member to cease to be a member of such Pledgor.

## (e)           Notwithstandinganything to the contrary contained in this Agreement, Lender herebyacknowledges and agrees (i) that College Park Investments LLC shall bepermitted to execute and deliver customary “non-recourse carveout” guaranteesfor the benefit of Bank of America, N.A. in connection with individual mortgageloans being made to each individual Mezzanine Asset Owner and (ii) that eachMezzanine Subsidiary Pledgor shall be permitted to cause or permit eachMezzanine Asset Owner to enter into a mortgage loan with Bank of America, N.A.,provided, that, in the case of both (i) and (ii), the related mortgage loan obtainedfrom Bank of America, N.A. shall not exceed the amounts set forth on ScheduleII for the related Mezzanine Asset Owner.

# 20.           Waivers and Amendments; Successorsand Assigns; Governing Law.  None ofthe terms or provisions of this Pledge Agreement may be waived, amended,supplemented or otherwise modified except by a written instrument executed bythe Pledgors, and the Lender, provided that any provision of this PledgeAgreement may be waived by the Lender in a letter or agreement executed by theLender or by telex or facsimile transmission from the Lender.  This Pledge Agreement shall be binding uponthe successors and assigns of each Pledgor and shall inure to the benefit ofthe Lender and their respective successors and assigns.  **THIS PLEDGE AGREEMENT SHALLBE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OFTHE STATE OF NEW YORK.**

[SIGNATURE PAGEIMMEDIATELY FOLLOWS]

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IN WITNESS WHEREOF, theundersigned has caused this Pledge Agreement to be duly executed and deliveredas of the date first above written.
|        | GMH COMMUNITIES, LP, a Delaware limited   partnership |
|--------|-------------------------------------------------------|
|   |                                                  |
|   |                                                  |
|   |                                                  |
|   | By:                                                   | GMH Communities GP Trust, a Delaware   statutory trust, its general partner |
|   |                                                  |   |
|   |                                                  |   |
|   |                                                  |   |
|   | By                                                    | /s/ Joseph M. Macchione |   |
|   |                                                  | Name: Joseph M. Macchione |
|   |                                                  | Title: Vice President |
|        |                                                       |  |  |  |  |

[ALL SIGNATURE BLOCKS TO BE INSERTED UPON RECEIPT]

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ACKNOWLEDGMENT ANDCONSENT

The undersigned, theIssuers referred to in the foregoing Pledge Agreement, hereby acknowledgereceipt of a copy thereof and agree to be bound thereby and to comply with theterms thereof insofar as such terms are applicable to it, including, withoutlimitation, Section 10 of the Pledge Agreement. The undersigned agree to notify the Lender promptly in writing of theoccurrence of any of the events described in Section 5(a) of the PledgeAgreement.  The undersigned further agreethat the terms of Section 9(c) of the Pledge Agreement shall apply to them, mutatismutandis, with respect to all actions that may be required of them underor pursuant to or arising out of Section 9 of the Pledge Agreement.

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SCHEDULE I toPledge Agreement

A.  DESCRIPTION OF PLEDGED STOCK
| **Name of   Issuer**                    | ** ** | **Class of   Stock** | ** ** | **Stock Certificate   Number** | ** ** | **Number of  Shares** |
|-----------------------------------------|------------|----------------------|------------|--------------------------------|------------|-----------------------|
| GMH Communities  TRS, Inc.         |       | common stock         |       | 1                              |       | 1,000                 |
| College Park Management  TRS, Inc. |       | common stock         |       | 2                              |       | 1,000                 |

B.  DESCRIPTION OF PLEDGED LLC INTERESTS
| Name of   Issuer*                                                  | ** ** | **Class of   LLC Interest** | ** ** | **Certificate   Number.** | ** ** | **Number of  Interests** | ** ** |
|--------------------------------------------------------------------|------------|-----------------------------|------------|---------------------------|------------|--------------------------|------------|
| Savoy Village  Associates, LLC                                     |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Croyden Avenue  Associates, LLC                                    |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Monks Road  Associates, LLC                                        |       | Regular                     |       | N/A                       |       | 100                      | %          |
| South Carolina  Associates, LLC                                    |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Reno Associates,  LLC                                              |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Denton  Associates, LLC                                            |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Lankford Drive  Associates, LLC                                    |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Clarizz  Boulevard Associates, LLC                                 |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Lakeside  Associates, LLC                                          |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Urbana  Associates, LLC                                            |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Red Mile Road  Associates, LLC                                     |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Burbank Drive  Associates III, LLC                                 |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Commons Drive  Associates, LLC                                     |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Abbott Road  Associates, LLC                                       |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Campus View  Drive Associates, LLC                                 |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Alexander Road  Associates, LLC                                    |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Brown Road  Associates, LLC                                        |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Keller Boulevard  Associates, LLC                                  |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Lankford Drive  Associates II, LLC                                 |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Clarizz  Boulevard Associates Intermediate, LLC                    |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Lakeside Drive  Associates Intermediate, LLC                       |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Urbana  Associates Intermediate, LLC                               |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Red Mile Road  Associates Intermediate, LLC                        |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Burbank Drive  Associates Intermediate III, LLC                    |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Commons Drive  Associates Intermediate, LLC                        |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Abbott Road  Associates Intermediate, LLC                          |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Campus View Drive  Associates Intermediate, LLC                    |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Alexander Road  Associates Intermediate, LLC                       |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Brown Road  Associates Intermediate, LLC                           |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Keller Boulevard  Associates Intermediate, LLC                     |       | Regular                     |       | N/A                       |       | 100                      | %          |
| Lankford Drive  Associates Intermediate II, LLC                    |       | Regular                     |       | N/A                       |       | 100                      | %          |
| College Park  Management, LLC, a Florida limited liability company |       | Regular                     |       | N/A                       |       | 100                      | %          |

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*All entities are organized under the laws of Delawareunless otherwise specified.

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C.  DESCRIPTIONOF PLEDGED PARTNERSHIP INTERESTS
| **Name of   Issuer** | ** ** | **Class of   Partnership Interest** | ** ** | **Certificate   Number** | ** ** | **Number of  Interests** |
|----------------------|------------|-------------------------------------|------------|--------------------------|------------|--------------------------|
| N/A                  |       | N/A                                 |       | N/A                      |       | N/A                      |

 

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**SCHEDULE II**
| **Mezzanine Asset**                              | ** ** | **Mezzanine   Subsidiary Pledgor**             | ** ** | **Mezzanine Asset   Owner**       | ** ** | **Guaranteed   Obligations** | ** ** | **Bank of America  Mortgage Loan   Amount** |
|--------------------------------------------------|------------|------------------------------------------------|------------|-----------------------------------|------------|------------------------------|------------|---------------------------------------------|
| University Commons:   Bloomington, IN  |       | Clarizz Boulevard Associates Intermediate, LLC |       | Clarizz Boulevard Associates, LLC |       | $                            | 5,667152   |                                        | $22,266,427 |
|                                             |       |                                           |       |                              |       |                         |       |                                        |
| University Commons:   Athens, GA       |       | Lakeside Associates Intermediate, LLC          |       | Lakeside Associates, LLC          |       | $                            | 2,095,346  |                                        | $ | 14,100,000 |
|                                             |       |                                           |       |                              |       |                         |       |                                        |
| University Commons:   Urbana, IL       |       | Urbana Associates Intermediate, LLC            |       | Urbana Associates, LLC            |       | $                            | 2,642,732  |                                        | $ | 16,575,000 |
|                                             |       |                                           |       |                              |       |                         |       |                                        |
| University Commons:   Lexington, KY    |       | Red Mile Road Associates Intermediate, LLC     |       | Red Mile Road Associates, LLC     |       | $                            | 1,917,461  |                                        | $ | 16,875,000 |
|                                             |       |                                           |       |                              |       |                         |       |                                        |
| University Commons:   Baton Rouge, LA  |       | Burbank Drive Associates Intermediate III, LLC |       | Burbank Drive Associates III, LLC |       | $                            | 1,444,136  |                                        | $ | 14,887,500 |
|                                             |       |                                           |       |                              |       |                         |       |                                        |
| University Commons:   Eugene, OR       |       | Commons Drive Associates Intermediate, LLC     |       | Commons Drive Associates, LLC     |       | $                            | 1,468,027  |                                        | $ | 16,148,310 |
|                                             |       |                                           |       |                              |       |                         |       |                                        |
| University Commons:   East Lansing, MI |       | Abbott Road Associates Intermediate, LLC       |       | Abbott Road Associates, LLC       |       | $                            | 3,252,900  |                                        | $ | 17,850,000 |
|                                             |       |                                           |       |                              |       |                         |       |                                        |
| University Commons:   Starkville, MS   |       | Campus View Drive Associates Intermediate, LLC |       | Campus View Drive Associates, LLC |       | $                            | 680,524    |                                        | $ | 7,485,763 |
|                                             |       |                                           |       |                              |       |                         |       |                                        |
| University Commons:   Cayce, SC        |       | Alexander Road Associates Intermediate, LLC    |       | Alexander Road Associates, LLC    |       | $                            | 2,354,558  |                                        | $ | 16,200,000 |
|                                             |       |                                           |       |                              |       |                         |       |                                        |
| University Commons:   Oxford, OH       |       | Brown Road Associates Intermediate, LLC        |       | Brown Road Associates, LLC        |       | $                            | 2,154,091  |                                        | $ | 15,600,000 |
|                                             |       |                                           |       |                              |       |                         |       |                                        |
| University Commons:   Tuscaloosa, AL   |       | Keller Boulevard Associates Intermediate, LLC  |       | Keller Boulevard Associates, LLC  |       | $                            | 3,075,000  |                                        | $ | 15,375,000 |

 

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