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UW Tabs_Residence at Canopy PointeRESIDENCE AT CANOPY POINTE Development Budget Eligible Ineligible Acquisition Rehab Good Cost Bad Cost ACQUISITION COSTS 100.00%Land BHC PROPERTIES, LLC 846,000.00 - 846,000.00 846,000.00 - $8,000 per unitBuilding Improvements BHC PROPERTIES, LLC - - - - - - Other (NET ASSETS) BHC PROPERTIES, LLC - - - - Title Abstract TBD - - - - - - Title Insurance & Recording Fees TBD 57,900.00 - 57,900.00 - 57,900.00 - Real Estate Attorney - Acquisition TBD 70,250.00 - 70,250.00 - - 63,225.00 7,025.00 Subtotal 974,150.00 PRE-DEVELOPMENT COSTSOption Costs - - - - - - Market Study TBD 1,300.00 1,300.00 - 1,300.00 1,300.00 - Zoning - Planning Board 31,390.55 31,390.55 - 31,390.55 31,390.55 - Zoning - Legal - - - - - - Zoning - Architect 5,697.89 5,697.89 - 5,697.89 5,697.89 - CNA - - - - - - Environmental Report TBD 15,000.00 15,000.00 - 15,000.00 15,000.00 - Termite Bond - - - - - - Survey (ALTA) TBA 16,919.00 16,919.00 - 16,919.00 16,919.00 - Appraisal TBD 5,250.00 5,250.00 - 5,250.00 5,250.00 - LIHTC Application Fee NCHFA 7,200.00 7,200.00 - - 7,200.00 UA Study Zeffert 1,300.00 1,300.00 - - 1,300.00 PILOT App Fee - - - - - Accessibility Review Fee E&A - - - - - - Waiver Request Fee - - - - - - Subtotal 84,057.44 CONSTRUCTION COSTSOff-Site Improvements - - - - - - On Site Improvements (Eligible) 2,818,125.00 2,818,125.00 - 2,818,125.00 2,818,125.00 - Demolition (in Basis) - - - - - - Solar Installation - - - - - - Hard Costs (Min Required) TBD $0 - - - - - - Add'l Hard Costs (per unit) TBD $0 - - - - - - Constrx - New Bldgs (per unit) 8,348,245.61 8,348,245.61 - 8,348,245.61 8,348,245.61 - Constrx - Accessory Bldgs (per unit)- - - - - - General Requirements (%) TBD 6.00% 669,982.24 669,982.24 - 669,982.24 669,982.24 - Contractor Overhead (%) TBD 2.00% 223,327.41 223,327.41 - 223,327.41 223,327.41 - Contractor Profit (%) TBD 6.00% 669,982.24 669,982.24 - 669,982.24 669,982.24 - Impact / Tap Fees (per unit) 68,332.00 68,332.00 - 68,332.00 68,332.00 - Permits & Construction Legal $0 117,444.08 117,444.08 - 117,444.08 117,444.08 - Construction Bonding 1.00% - - - - - - Other Construction Costs 145,000.00 145,000.00 - 145,000.00 145,000.00 - (Construction Contract) Subtotal 13,060,438.58 CONTINGENCY COSTS Hard Cost Contingency NCHFA 5.0% 636,483.13 636,483.13 - 636,483.13 636,483.13 - Additional Contingency - - - - - - Subtotal 636,483.13 ARCHITECTURE / ENGINEERINGEngineer Reports 112,000.00 112,000.00 - 112,000.00 112,000.00 - Architect (Design %) - 80% TBD 3.00% 137,280.00 137,280.00 - 137,280.00 137,280.00 - Architect (Supervision %) - 20% TBD 34,320.00 34,320.00 - 34,320.00 34,320.00 - Other - Survey Update Millman 1,900.00 1,900.00 - 1,900.00 1,900.00 - Subtotal 285,500.00 INTERIM FINANCE COSTSInsurance $0 32,500.00 32,500.00 - 32,500.00 32,500.00 - Interest - Tax-Exempt Bonds - - - - - - Assuming 1.1% interest,19 months to redemption Interest - FMAC - - - - - - Amort Date - 5/1/2024 Interest - Construction Loan 554,115.45 491,507.00 62,608.45 491,507.00 491,507.00 62,608.45 Loan Origination Fee 1.00% 92,000.00 92,000.00 - 92,000.00 92,000.00 - Lender Tech Studies 30,000.00 - 30,000.00 - - 30,000.00 Taxes 20,000.00 20,000.00 - 20,000.00 20,000.00 - Lender Inspection Draw $12,000 12,000.00 12,000.00 - 12,000.00 12,000.00 - Lender Final Inspection Fee $3,500 3,500.00 3,500.00 - 3,500.00 3,500.00 - Construction Legal Fees / Expenses 42,500.00 42,500.00 - 42,500.00 42,500.00 - Subtotal 786,615.45 PERMANENT FINANCE COSTSOrigination Fee TBD 1.00% 61,551.20 - 61,551.20 - - 61,551.20 HUD Exam Fee TBD 0.00% - - - - - - Lender Fees TBD 0.30% 3,700.00 - 3,700.00 - - 3,700.00 Legal Fees - Permanent Lender TBD $30,500 30,500.00 - 30,500.00 - - 30,500.00 Title Updates & Recording Fees TBD 15,000.00 - 15,000.00 - - 15,000.00 HUD Insp Fee 0.00% - - - - - - Cost Certification TBD 15,000.00 15,000.00 - 15,000.00 15,000.00 - Loan Application Fee TBD 30,000.00 - 30,000.00 - 30,000.00 Subtotal 155,751.20 BOND ISSUANCE COSTS Bond UW Fee & Expenses RBC 0.000% - - - - - - EstimateUnderwriter's Counsel Tiber Hudson $0 - - - - - - EstimateRemarketing Fee - - - - - - Bond Counsel & Expenses TBD $0 - - - - - - Estimate Issuer Fee TBD 0.000% - - - - - - Issuer's Counsel TBD $0 - - - - - - Estimate Trustee Fee US Bank $0 - - - - - - EstimateTrustee Legal TBD $0 - - - - - - EstimateRebate Analyst / Dissemination Fee - - - - - - EstimateFeasibility Analysis Fee 0.000% - - - - - - Rating Agency Fee S&P $0 - - - - - - Estimate Annual Fee 0.00% - - - - - - Other (TEFRA, etc) - - - - - - EstimateSubtotal - SOFT COSTSPlaced In Service Fee $1,000 $1,000 - 1,000.00 - - 1,000.00 Compliance Monitoring NCHFA $1,500 108,000.00 - 108,000.00 - - 108,000.00 Plan & Cost Review $0 - - - - - - Allocation Fee NCHFA 0.84% 100,000.00 - 100,000.00 - - 100,000.00 Project Administration 636.00 - 636.00 - - 636.00 Fixtures / Furniture / Equipment TBD 145,000.00 145,000.00 - 145,000.00 145,000.00 - Relocation Costs $0 - - - - - - Soft Cost Contingency 0.0%- - - - - - Other Soft Costs - - - - - - Subtotal 354,636.00 PARTNERSHIP COSTSOrganizational - Partnership 500.00 - 500.00 - 500.00 Syndicator Legal & Due Diligence TBD $50,000 50,000.00 - 50,000.00 - 50,000.00 Legal Opinion - - - - - Asset Management Fee $0 - - - - - Subtotal 50,500.00 DEVELOPER FEES Fee - Acquisition Portion BRAD - - - - - - $0 deferredDeveloper Fee - Contrx BRAD 28.5% 972,000.00 972,000.00 - 972,000.00 972,000.00 - $0 deferredOther / Developer's Overhead 0%- - - - - Subtotal 972,000.00 PROJECT RESERVES PRA Escrow - - - - - - Operating Deficit Reserve Owner 305,755.69 - 305,755.69 - - 305,755.69 6 mos OPEX, 6 mos DS, 6 mos ADRRRent-up Reserve Owner 21,600.00 - 21,600.00 - - 21,600.00 Replacement Reserve Deposit Owner - - - - - - Deposit to Operating Account Owner 8,918.75 - 8,918.75 - - 8,918.75 Estimated to fund insurance escrow Subtotal 336,274.44 Total 17,696,406.24$ 15,883,986.15$ 1,812,420.09$ -$ 15,883,986.15$ 16,851,111.15$ 845,295.09$ Loan/TDC: 20.91% Per unit:$245,783.42 Credits Per unit:$10,236.62 ELIGIBLE BASIS COMMENTSAGGREGATE BASIS OK = TDCOK = TDC OK = Eligible Basis DEVELOPMENT COST ITEMS PAYEE TOTAL LIHTC BASIS 7/20/2023 Blue Ridge Atlantic RESIDENCE AT CANOPY POINTE Financing 217 MIDDLE SOUND LOOP RD WILMINGTON NC 28411 NEW HANOVER County FUNDING SOURCES - Equity BASIS BOOST FED RATE CREDIT PRICE AF DOLLARS Federal LIHTC - 9%Sep-18 N 9.00% $0.8900 100%6,467,873.00 36.55% Federal LIHTC - 4%Sep-18 N 4.00% $0.8900 100%- 0.00% Per Unit Solar Equity Sep-18 N $0.0000 100%- 0.00% Gross Potential Income 738,300$ 10,254$ Direct Equity Investment - 0.00% Non Revenue Unit - - Owner Investment - 0.00% Other Income - Apartments 20,599 286 Other - Other Income - Non-Apartments - Other - Gross Income 758,899 Other - Vac/Bad Debt 7.00% (51,681) (718) Other - Effective Gross Income 707,218$ 9,822$ Operating Expenses (340,347) (4,727) FUNDING SOURCES - Debt AMORTIZING? START DATE RATE AMORT TERM DSCR LTV % DOLLARS ANNUAL DEBT SERVICE RR Transfer (18,000) (250) Net Operating Income 348,870$ 4,845$ New Debt Sources: 9,650,000 Debt Service Mortgage - FMAC Yes 5/1/2024 6.00% 35 1.38 62.07%3,700,000 253,164.23 New Debt 3,700,000 (253,164) (3,516) Mortgage - NCHFA RPP No 4/1/2024 0.00% 30 1,600,000 #N/A Assumed Debt - - - Mortgage - CDBG-DR No 9/25/2022 0.00% 30 2,500,000 #N/A Net Cash Flow 95,706$ 1,329$ Mortgage - City Wilmington No 1/0/1900 0.00% 50 1,850,000 #N/A Deferred Developer Fee 972,000 (95,706) (1,329) 1 Assumed Debt Sources: - - - - 2 NET CASH FLOW -$ -$ FUNDING SOURCES - Other DOLLARS Other - Grant 1 - Other - Grant 2 - Other - Grant 3 - Other - Grant 4 - Other - Investment Income - Other - Additional Cash - Other - Project Operations - Deferred Developer Fee Paid in full - yr. 14 972,000.00 100.00% of Total Fee Gap in funds: 606,533.24 TDC = $17,696,406.24 PRO FORMA CASH FLOW (Post Rehab) PERMANENT FUNDING SOURCES 7/20/2023 Blue Ridge Atlantic RESIDENCE AT CANOPY POINTE Operating Statements First Year of New Operations: 2024 PROFORMA PER UNIT COMMENTS / NOTES Rental Income Gross Rent Potential 738,300 10,254 Total Rental Income 738,300$ 10,254$ Subject to approved budget Vacancy Vacancy (51,681) (718) -7% Total Vacancy Total Vacancy (51,681)$ (718)$ Subject to approved budget Other Revenue & Interest CONCESSIONS 20,599 286 Total Other Revenue & Interest 20,599$ 286$ Subject to approved budget Effective Gross Income 707,218$ 9,822$ Subject to approved budget Administrative Expense 6210-00 - Advertising 100 1 6250-00 - Other Renting Expenses 140 2 6311-00 - Office Supplies 1,800 25 6311-05 - Computer Maintenance 3,500 49 6311-09 - Bank Service Charges 200 3 6311-10 - Other Office Supplies - - 6313-00 - Postage 200 3 6315-00 - Resident Parties/Functions 900 13 6330-00 - Manager Payroll 40,000 556 6332-00 - Education & Training 1,192 17 6340-00 - Legal Expense 250 3 6345-00 - Credit & Collections 600 8 6350-00 - Audit Expense 8,000 111 6351-00 - Bookkeeping Fee/Accounting Svc 4,320 60 6360-00 - Telephone/Pager/Internet Exp 16,500 229 6370-00 - Bad Debt Expense 600 8 6390-00 - Misc Administrative Expenses 250 3 6390-03 - Employee Travel-Manager 1,275 18 Compliance Reporting 2,128 30 Total Administrative Expense 81,955$ 1,138$ Subject to approved budget Management Fee 6320-00 - Management Fee 36,643 509 Total Management Fee 36,643$ 509$ Subject to approved budget Utilities 6450-00 - Electricity 13,500 188 6450-01 - Electricity-Vacant 2,000 28 6451-00 - Water 25,200 350 Total Utilities 40,700$ 565$ Subject to approved budget Operating and Maintence Expense 6515-00 - Janitor & Cleaning Supplies 1,400 19 6517-00 - Janitor & Cleaning Contract 19,000 264 6517-01 - Cleaning, Carpet - - 6519-00 - Exterminating Contract 6,634 92 6520-00 - Exterminating Supplies 55 1 6525-00 - Garbage & Trash Removal 9,200 128 6530-00 - Security Contract/Equip/Maint 8,800 122 6536-00 - Grounds Supplies 1,200 17 6537-00 - Grounds Contract 11,400 158 6540-00 - Maintenance Payroll 19,000 264 6541-00 - Repairs Supplies/Materials 5,600 78 6542-00- Repairs Contract 1,600 22 6542-01 - Repairs Contract-Electrical 2,500 35 6542-02 - Repairs Contract-Plumbing 300 4 6542-04 - Repairs Contract-Roof 2,000 28 6542-05 - Repairs Contract-Appliance 450 6 6545-00 - Elevator Maintenance/Contract 5,650 78 6546-00 - HVAC Equip/Repair & Maint 1,200 17 6548-00 - Snow Removal 55 1 6560-00 - Decorating Payroll/Contract 1,000 14 6562-00 - Turnover Painting, Vacant 600 8 6565-00 - Turnover Cleaning 750 10 6590-05 - Uniforms 80 1 Total Operating and Maintence Expense 98,474$ 1,368$ Subject to approved budget Taxes and Insurance 6710-00 - Real Estate Taxes - - 6711-00 - Payroll Taxes 5,675 79 6720-00 - Property & Liability Insurance 30,000 417 6721-00 - Fidelity Bond Insurance 200 3 6722-00 - Workmen's Compensation Insur 1,650 23 6723-00 - Health Insur/Other EE Benefits 8,950 124 6730-00 - Personal Property Taxes 1,100 15 Total Taxes and Insurance 47,575$ 661$ Subject to approved budget Services Total Services -$ -$ Subject to approved budget TOTAL OPERATING EXPENSES: 340,347$ 4,727$ Subject to approved budget NET OPERATING INCOME: 366,870$ 5,095$ Subject to approved budget Replacement Reserve 18,000$ 250$ ADJUSTED NET OPERATING INCOME 348,870$ 4,845$ Subject to approved budget CATEGORY 7/20/2023 Blue Ridge Atlantic