Jay Patel is a principal with JMS Family Office and directs all investment activities of the fund. Mr. Patel is responsible for origination,
underwriting, financing, execution and disposition of all investments. Since founding JMS, Mr. Patel has acquired more than $250MM of
distressed commercial real estate debt and owns or has developed several hotel and retail properties. Mr. Patel serves on the board of
Budgetel Franchise System, which he and several investors purchased from the Blackstone Group in 2007. Mr. Patel also serves on the
board of Inn Distributors, which is a Platinum LEED hotel furniture, fixtures and equipment manufacturer affiliate of the iEVO Group in
Udaipur, India.