PROJECT HIGHLIGHTS: • I-924 Project Approval

• 13 Months of Construction Progress

2

DISCLOSURE

This brochure is provided for informational and discussion purposes only and should not be relied upon or otherwise used in any manner by the recipient.

This brochure is not part of, and should not be construed as part of, any offer to sell or any solicitation of an offer to buy any limited liability company or other interest in Liberty Gardens Fund, LLC, a Delaware limited liability company (The “Company”). Such an offer can only be made through the delivery of a private placement memorandum for the company when and as such private placement memorandum may be furnished.

The information contained in this brochure is in a presentation format and therefore is quite limited in its scope and not meant to provide comprehensive descriptions or discussions of the topics mentioned herein.

No warranty is given as to the completeness or accuracy of the information contained in this brochure and the views and opinions expressed in this brochure are subject to change without notice. In displaying or furnishing this brochure, the company reserves the right to supplement, amend or replace the information contained in this brochure at any time, but has no obligation to provide the recipient with any supplemental, amended, replacement or additional information.

The contents of this brochure are confidential and are not to be reproduced, copied, transferred or communicated to any third party, without the prior written consent of the company.

This brochure contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates, projections, beliefs and assumptions about our business and industry. Words such as “ anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” should targets, projects, forecasts, and variations of these words and similar expressions are used to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficutl to predict. If any of these risks, uncertainties or other factors materialize, or if any of our underlying assumptions are incorrect, our actual results may differ materially from those experssed or forecasted. These risks and uncertainties include those described in “Risk Factors” section of the private placement memorandum of liberty gardens fund LLC and Liberty Gardens Fund II LLC dated May 8, 2014. You should not place undue reliance on these forward-looking statements, which reflect management’s view only on the date of this brochure. The Lightstone Group undertakes no obligation to update these statements or to report the result of any revision to the forward-looking statements that the Lightstone Group or any other person or entity may make to reflect or circumstances after the date of this brochure or to reflect the occurrence of any events that may affect any of these forward-looking statements.

Business Plan

Project Details

• 429 luxury apartments

• 289,687 leasable square feet

• 2,475 square feet of retail space

• 203 parking spaces

Project Highlights

• Prime Location

• Underserved Market

• Luxurious Apartment Finishes

• Premium Amenities

• Landscaped Courtyard and Gardens

3

Liberty Gardens, 365 Bond Street Brooklyn, NY

Rooftop View

Quiet Lounge

Whole Foods Market

Living Room

Brownstone in Brooklyn, NY

Courtyard ViewWaterfront Path

Lobby

Neighborhood View in Brooklyn

Liberty Gardens Phase I(Construction Commenced)

Seattle

San FransiscoDenver

Houston

Chicago

Atlanta

Miami

Washington D.C.

New York

Company Overview

• Founded over 25 years ago, Lightstone is headquartered in New York City

• USD $2 billion in gross assets

• 10,600 residential units

• 6.8 million square feet of commercial assets

• One of the largest developers of outlet malls in the U.S.

• Over $1 billion of residential and hospitality projects currently under development in New York City.

• Recognized as one of New York City’s Most Active Developers by The Real Deal magazine, April 2014

Past Success

Senior Management - Over 50 years Combined Experience

David LichtensteinChairman and CEO

Mitchell C. HochbergPresident and COO

• Litchtenstein founded Lightstone over 25 years ago

• Built firm to a portfolio valued over $2 billion

• Former CEO and Founder of Spectrum Communities, a NYSE listed luxury homebuilding firm

• Chairman of Orleans Homebuilders, Inc.

4

Retail (25 properties)

Office/Industrial (32 properties)

Multifamily (57 properties)

Hospitality (19 properties)

Land (11 development sites with 12,000 lots)

Development Projects (8 under development) As of October 2014

Financial Structure

5

Liberty Gardens Funding*Senior Loan $120,000,000EB-5 Funds $60,000,000Lightstone Equity $49,500,000Total Investment $229,500,000

* Loan amounts in US Dollars ($)

Timing of EB-5 Funds*

Equity$49.5

million FMV of Land

2013September 2013

Project Commencement

February 2016Project

Completion2014

$45 million Bridge Capital from Lightstone

Jan. 2015

$120 million

Construction Loan

Nov. 2015

$60 million

EB-5 Funds

Total Investment

$229.5 million

Liberty Gardens EB-5 Loan Personal Guaranty by Lightstone CEO, David Lichtenstein** refer to documents for details

Land Deed Certificate

Personal Guaranty by David Lichtenstein

Liberty Gardens $45 million

Bridge Capital Agreement

$120 million Canyon Capital

Advisors Realty Loan

EXECUTION COPY

LIMITED LIABILITY COMPANY AGREEMENT

OF

LSG 365 BOND HOLDCO 1 LLC

As of MARCH 7, 2014

THE MEMBERSHIP INTERESTS (AS DEFINED HEREIN) IN THE COMPANY (AS DEFINED HEREIN) ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD IN WHOLE OR IN PART EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. IN ADDITION, INVESTORS MAY NOT RESELL, TRANSFER OR OTHERWISE DISPOSE OF ANY OFFERED INTEREST IN WHOLE OR IN PART EXCEPT IN COMPLIANCE WITH THE OPERATING AGREEMENT OF THE COMPANY. ACCORDINGLY, INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

Canyon Capital Realty Advisors Provides $120-Million Construction Loan for Residential Development in Gowanus

Multifamily Property Expands Brooklyn Footprint for Real Estate Investment Firm

LOS ANGELES, CALIFORNIA (October 31, 2014) – Canyon Capital Realty Advisors LLC (Canyon Realty), a real estate investment firm, has provided a $120-million senior construction loan to LSG 365 Bond Street LLC, an affiliate of The Lightstone Group for the ground-up development of a 12-story luxury residential rental community in Gowanus, one of Brooklyn’s most dynamic and diverse neighborhoods. Meridian Capital Group, a New York City based commercial mortgage broker, advised The Lightstone Group on the transaction.

The proceeds of Canyon’s construction loan will be used to develop a contextual multifamily property that will include 429 residential units at 365 Bond Street, including 86 units of affordable housing. The project will also include a public esplanade along the Gowanus Canal, which will provide the community with a lighted walk-way, public outdoor space, and access to the canal.

“Canyon has a long history of investing in Brooklyn and its emerging neighborhoods, and we have been tracking the Gowanus neighborhood for some time now. We are pleased to have the opportunity to finance this transformational project, which will add several hundred mixed-income high-quality housing units to the neighborhood,” said Charlie Rose, Director at Canyon Realty." Gowanus has recently experienced a notable revitalization and is now home to a variety of restaurant, retail and arts amenities, and we are excited to be a part of the area’s evolution.”

In fact, Canyon has been an active investor in New York City and other Brooklyn neighborhoods for over two decades. Notable previous investments by Canyon in Brooklyn include the following:

• One Hanson Place (the former Williamsburg Savings Bank Tower), which Canyon redeveloped into a 217-unit residential project in Downtown Brooklyn;

• The Viridian, a 130-unit multifamily rental project in Greenpoint; • The Isabella, a 63-unit residential project located in Clinton Hill; and • 20 Henry, a 39-unit historical rehabilitation and residential project, which Canyon

developed in Brooklyn Heights.

Coming on the heels of its successful development of Gantry Park in Long Island City, The Lightstone Group is expanding its New York City footprint to include Brooklyn. “The Lightstone Group is committed to the Gowanus neighborhood and its current and future residents, and we are thrilled to have had the opportunity to work with Canyon Realty to bring this project to fruition," said Mitchell Hochberg, President of The Lightstone Group.

"Canyon Realty was the ideal lender to provide the non-recourse financing for this construction loan. The Canyon team’s deep understanding of the local market and ability to quickly execute this large, complex transaction was essential to us.”

Construction Loan

6

Regional Center & Fund Manager

• EB-5 Fund Manager

• Offering Team

- Regional Center

- Securities Broker Dealer

- Immigration Counsel

- Project Lawyer

Investor

Immco Fund

Developer

EB-5 Advisors

Fund Manager: IMMCO www.immco.us

Immigration Lawyers:GreenbergTraurigwww.gtlaw.com

Klasko Immigration & Nationality Lawwww.klaskolaw.com

Securities Lawyer to IMMCO:Jeffer Mangels Butler & Mitchell www.jmbm.com

Registered Securities Dealer:NMS Capital www.nmscapital.com

Certified Public Accountant/ Fund Specialist to IMMCO:Cohn & Reznick www.cohnreznick.com

Fund Attorney:David Hirson & Partners, LLPwww.hirsonimmigration.com

Lightstone New York Regional Center Business Plan/Economic Analysis I-924 Approval Letter

For more information, please visit www.lightstoneeb5.com

Market Value

Market Value (as of April 9, 2014) $54,000,000

Prospective Value Upon Completion (2016) $246,900,000

Prospective Value Upon Stabilization (2018)$260,000,000

Prospective Value Two Years After Stabilization (2020) $286,000,000

Exit Strategy

• Refinance the construction loan and EB-5 Loan with permanent financing

• Alternatively, potential sale of the building

Appraisal prepared by Marshall & Stevens

7

332 Excess Jobs(28% Buffer)}

1,5321,200

Required job creation by USCIS

Projected job creation

Liberty Gardens Job Creation

CARROLL GARDENS SUMMARY OF EMPLOYMENT

ActivityDirect

EmploymentIndirect

EmploymentTotal Number of New Jobs

Hard Construction Costs 1,271.80 0 1,271.80Architects, Engineers & Related 34.3 50 84.3Purchases of FF&E 0 6.2 6.2Sales and Marketing Costs 6.5 0 6.5Rental Income 164 0 164

Total Jobs 1,476.60 56.2 1,532

Economic Impact Report Prepared by Dr. Michael K. Evans

Job Creation

Project Strengths

• Desirable location in strong, growing and affluent area

• Strong rental market with 98% occupancy

• Market leading property wtih competitive rental rates

• Newly opened premium grocer (Whole Foods Market) within 5 minute walk of property

• Close proximity to restaurants, shops, parks, and schools (public & private)

• Excellent transportation access (10 minute subway ride to downtown Manhattan)

8

Construction Timeline

Construction Underway - October 2014Permits Obtained

9

2013 2014 2015 2016

Demolition

Permits and Final Drawings

Construction: Excavation/Foundation

Construction: Superstructure 1-12th floor

Construction: Interiors/Masonry/Elevators/Windows

Completion

September 2013

February 2016

460 Park Avenue | New York, NY 10022 | (212) 324-0239 | www.lightstoneeb5.comEB5 0511-1014