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Houston Moore Pro Forma
PROJECT SUMMARY Development: Owner: Location: County: Total Units: Units by Bedroom Size Efficiency 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5+ Bedroom Total Operating Budget Gross Rent Potential Other Income Vacancy Adjusted Gross Income Operating Expenses Net Operating Income Debt Service Debt & Cash Flow Over Time Year 1 Operating Margin Year 5 Operating Margin Year 10 Operating Margin Year 15 Operating Maring Development Costs Predevelopment & Feasibility Building & Property Acquisition Construction Costs Professional Services Carrying & Construction Financing Costs Permanent Financing & Syndication Reserves Construction & Bridge Loan Interest Developer Fee Total Development Costs Sources Tax Credit Equity Permanent Mortgage 45L Energy Credits Solar Credits Deferred Developer Fee New Hanover Workforce Grant GP Contribution Total Sources Surplus/(Gap) Houston Moore Apartments Houston Moore Apartments, LP 1601 S. 13th Street, Wilmington, N.C. New Hanover 200 0 1 4 2 1 0 8 Annual 4190580 96000 1224770 2761749.4 0.11919268002444 0.161331879235846 0.210666553937557 0.255471003907111 Units by Income Target 0.3 0.4 0.5 0.6 0.8 1.2 Total Per Unit 20952.9 480 6123.85 13808.747 Year 1 Net Cash Flow Year 5 Net Cash Flow Year 10 Net Cash Flow Year 15 Net Cash Flow Total 1842914 1400000 51567576 430000 2211624 772000 2313814 2506977.194 4500000 67544905.194 Total 27279912 35760000 1000000 570000 1434894 1500000 100 0 67544906 0.806 1 0 0 4 3 0 8 Long-Term Trending Assumptions Combined Vacancy Rate: Rent Inflation: Expense Inflation: Administration Maintenance Operating Escrows & Reserves Per Unit 9214.57 7000 257837.88 2150 11058.12 3860 11569.07 12534.886 22500 337724.526 Per Unit 136399.56 178800 5000 2850 7174.47 7500 0.5 0 337724.53 0.004 % of TDC 2.72842784323572E-02 2.07269518845155E-02 0.763456190395069 6.36613522167262E-03 0.032743017310457 1.14294334677471E-02 3.42559367483703E-02 3.71157111967254E-02 6.66223453430856E-02 1 % of TDC 0.403878159598441 0.529425570993053 1.48049656317968E-02 8.43883041012417E-03 2.12435563552714E-02 2.22074484476952E-02 1.48049656317968E-06 0 1.00000001193295 1.19329451705577E-08 Units by Structure Type Single Family Duplex Triplex Fourplex Townhome Apartment Condo Other Total 424559.5417 599457.5215 829022.7989 1070363.3112 True 0 0 0 0 0 8 0 0 8 0.07 0.02 0.03 0.03 0.03 0.03 2122.7977 2997.2876 4145.114 5351.8166 Units 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 8 Units 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 REVENUE PROJECTIONS Address 1601 S. 13th Street 1601 S. 13th Street 1601 S. 13th Street 1601 S. 13th Street 1601 S. 13th Street 1601 S. 13th Street 1601 S. 13th Street 1601 S. 13th Street Total Units Other Income Miscellaneous & Interest Laundry Carports Tenant Charges (late fees, nonsufficient funds, etc) Other Totals Unit 50 1 65 24 20 20 10 10 200 Structure Type Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Bedrooms 2 2 3 4 1 2 3 2 Baths 2 2 2 2 1 2 2 2 Total Sq Footage Monthly 8000 8000 Sq Ft 1050 1050 1250 1450 800 1050 1250 1050 8950 Annually 0 0 0 0 96000 96000 Income Target 0.3 0.6 0.6 0.6 0.8 0.8 0.8 0.6 Utility Allowance Monthly Rent Potential Annual Rent Potential Proposed Contract Rent 1010 1661 2202 2831 1311 1574 1818 1010 349215 4190580 1677.125 Gross Rent 50500 1661 143130 67944 26220 31480 18180 10100 0 0 0 0 0 0 0 0 0 0 0 0 Max Rent Allowed 1010 1661 2202 2831 1311 1574 1818 1010 Rent Acceptable? Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 ANNUAL OPERATING BUDGET REVENUE Gross Rent Potential Other Revenue Subtotal Combined Vacancy Factor Adjusted Income TOTAL OPERATING EXPENSES Administrative Costs Advertising Management Legal/Partnership Accounting/Audit Compliance Monitoring Other Subtotal Maintenance Preventative Maintenance Unit Turns Exterminating Grounds Other Subtotal Operating Elevator Project Paid Fuel Common Electricity Water/Sewer Gas Trash Removal Payroll Payroll Taxes & Fringes Other Subtotal Escrows & Reserves Insurance Real Estate Taxes Other Taxes Replacement Reserve Other: Subtotal Total Operating Expenses Net Operating Income MORTGAGE Debt Coverage Ratio Max Mortgage Pmt Amortization (years) Interest Rate Projected Mortgage ACTUAL Mortgage Override Mortgage Payment Cash Flow Operating Margin 0.07 Annual 4190580 96000 4286580 300060.6 3986519.4 Annual Total Annual 10000 159710 10000 20000 10000 0 209710 Annual 60 25000 0 30000 0 55060 Annual 30000 0 100000 160000 0 50000 360000 0 0 700000 Annual 200000 0 0 60000 0 260000 1224770 2761749.4 1.15 2401521.2174 40 0.0592 36744297.1855 35760000 2337189.8583 Annual 424559.5417 0.11919268002444 Per Unit 20952.9 480 21432.9 1500.303 19932.597 Per Unit Total Per Unit 50 798.55 50 100 50 0 1048.55 Per Unit 0.3 125 0 150 0 275.3 Per Unit 150 0 500 800 0 250 1800 0 0 3500 Per Unit 1000 0 0 300 0 1300 6123.85 13808.747 12007.6061 183721.4859 178800 Per Unit 2122.7977 1 % of Revenue 0.052604786019604 1.38115469850717E-02 0.175591770605707 6.52198005106911E-02 0.307227904121074 0.692772095878926 0.602410518155588 8.97023102408582 Override 10000 159710 10000 20000 10000 60 25000 30000 30000 100000 160000 50000 360000 200000 60000 Unit Address Unit # Structure Type Bedrooms Itemized Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1601 S. 13th Street 50 Apartment 2 2 1601 S. 13th Street 1 Apartment 2 3 1601 S. 13th Street 65 Apartment 3 4 1601 S. 13th Street 24 Apartment 4 5 1601 S. 13th Street 20 Apartment 1 6 1601 S. 13th Street 20 Apartment 2 7 1601 S. 13th Street 10 Apartment 3 8 1601 S. 13th Street 10 Apartment 2 9 0 0 0 0 10 0 0 0 0 11 0 0 0 0 12 0 0 0 0 13 0 0 0 0 14 0 0 0 0 15 0 0 0 0 16 0 0 0 0 17 0 0 0 0 18 0 0 0 0 19 0 0 0 0 20 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Operating Cash Flow Projection REVENUE Gross Income Potential Vacancy Factor Net Income Per Unit OPERATING EXPENSES Administration Maintenance Operating Escrows & Reserves Total Operating Expenses Per Unit Net Operating Income Per Unit Debt Service Debt Coverage Ratio Operating Margin CASH FLOW Per Unit Operating Deficit Reserve Analysis Starting Balance Annual Operating Deficit Interest Earned on Reserve Ending Balance 0.07 Inflator 0.02 Inflator 0.03 0.03 0.03 0.03 0 Year 1 4286580 300060.6 3986519.4 19932.597 209710 55060 700000 260000 1224770 6123.85 2761749.4 13808.747 2337189.8583 1.18165385244153 0.11919268002444 424559.5417 2122.7977 0 0 0 0 Year 2 4372311.6 306061.812 4066249.788 20331.2489 216001.3 56711.8 721000 267800 1261513.1 6307.5655 2804736.688 14023.6834 2337189.8583 1.20004657644148 0.129920928475475 467546.8297 2337.7341 0 0 0 0 Year 3 4459757.832 312183.0482 4147574.7838 20737.8739 222481.339 58413.154 742630 275834 1299358.493 6496.7925 2848216.2908 14241.0815 2337189.8583 1.21864994432995 0.140525130712649 511026.4324 2555.1322 0 0 0 0 Year 4 4548952.9886 318426.7092 4230526.2794 21152.6314 229155.7792 60165.5486 764908.9 284109.02 1338339.2478 6691.6962 2892187.0316 14460.9352 2337189.8583 1.23746345266699 0.150997899152658 554997.1733 2774.9859 0 0 0 0 Year 5 4639932.0484 324795.2434 4315136.805 21575.684 236030.4525 61970.5151 787856.167 292632.2906 1378489.4252 6892.4471 2936647.3798 14683.2369 2337189.8583 1.25648644645428 0.161331879235846 599457.5215 2997.2876 0 0 0 0 Year 6 4732730.6894 331291.1483 4401439.5411 22007.1977 243111.3661 63829.6305 811491.852 301411.2593 1419844.108 7099.2205 2981595.4331 14907.9772 2337189.8583 1.27571811185934 0.171519762817018 644405.5748 3222.0279 0 0 0 0 Year 7 4827385.3032 337916.9712 4489468.3319 22447.3417 250404.7071 65744.5194 835836.6076 310453.5971 1462439.4312 7312.1972 3027028.9007 15135.1445 2337189.8583 1.29515746866677 0.18155430169918 689839.0424 3449.1952 0 0 0 0 Year 8 4923933.0092 344675.3106 4579257.6986 22896.2885 257916.8483 67716.855 860911.7058 319767.205 1506312.6142 7531.5631 3072945.0844 15364.7254 2337189.8583 1.31480336244746 0.191428321264016 735755.2261 3678.7761 0 0 0 0 Year 9 5022411.6694 351568.8169 4670842.8526 23354.2143 265654.3538 69748.3607 886739.057 329360.2212 1551501.9926 7757.51 3119340.86 15596.7043 2337189.8583 1.33465445643599 0.201134734151228 782151.0016 3910.755 0 0 0 0 Year 10 5122859.9028 358600.1932 4764259.7096 23821.2985 273623.9844 71840.8115 913341.2287 339241.0278 1598047.0524 7990.2353 3166212.6573 15831.0633 2337189.8583 1.35470922310647 0.210666553937557 829022.7989 4145.114 0 0 0 0 Year 11 5225317.1009 365772.1971 4859544.9038 24297.7245 281832.7039 73996.0358 940741.4655 349418.2586 1645988.4639 8229.9423 3213556.4399 16067.7822 2337189.8583 1.37496593543661 0.220016908765167 876366.5815 4381.8329 0 0 0 0 Year 12 5329823.4429 373087.641 4956735.8019 24783.679 290287.685 76215.9169 968963.7095 359900.8064 1695368.1178 8476.8406 3261367.684 16306.8384 2337189.8583 1.3954226578494 0.229179054868302 924177.8257 4620.8891 0 0 0 0 Year 13 5436419.9117 380549.3938 5055870.5179 25279.3526 298996.3156 78502.3944 998032.6208 370697.8306 1746229.1614 8731.1458 3309641.3565 16548.2068 2337189.8583 1.41607723682157 0.238146389946618 972451.4982 4862.2575 0 0 0 0 Year 14 5545148.31 388160.3817 5156987.9283 25784.9396 307966.205 80857.4663 1027973.5994 381818.7655 1798616.0362 8993.0802 3358371.892 16791.8595 2337189.8583 1.43692729114763 0.246912466333409 1021182.0337 5105.9102 0 0 0 0 Year 15 5656051.2762 395923.5893 5260127.6868 26300.6384 317205.1912 83283.1903 1058812.8074 393273.3285 1852574.5173 9262.8726 3407553.1695 17037.7658 2337189.8583 1.45797020184791 0.255471003907111 1070363.3112 5351.8166 0 0 0 0 Year 16 5769172.3017 403842.0611 5365330.2406 26826.6512 326721.3469 85781.686 1090577.1916 405071.5283 1908151.7528 9540.7588 3457178.4877 17285.8924 2337189.8583 1.47920310170851 0.263815902694922 1119988.6294 5599.9431 0 0 0 0 Year 17 5884555.7477 411918.9023 5472636.8454 27363.1842 336522.9873 88355.1365 1123294.5074 417223.6742 1965396.3054 9826.9815 3507240.54 17536.2027 2337189.8583 1.50062286444103 0.271941255118195 1170050.6816 5850.2534 0 0 0 0 Year 18 6002246.8627 420157.2804 5582089.5823 27910.4479 346618.677 91005.7906 1156993.3426 429740.3844 2024358.1946 10121.791 3557731.3877 17788.6569 2337189.8583 1.52222609344916 0.2798413578304 1220541.5294 6102.7076 0 0 0 0 Year 19 6122291.7999 428560.426 5693731.3739 28468.6569 357017.2373 93735.9644 1191703.1429 442632.5959 2085088.9404 10425.4447 3608642.4335 18043.2122 2337189.8583 1.54400911018902 0.287510723099931 1271452.5752 6357.2629 0 0 0 0 Year 20 6244737.6359 437131.6345 5807606.0014 29038.03 367727.7544 96548.0433 1227454.2372 455911.5738 2147641.6086 10738.208 3659964.3928 18299.822 2337189.8583 1.56596794210981 0.294944089691804 1322774.5344 6613.8727 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 DEVELOPMENT BUDGET Predevelopment & Feasibility Appraiser Architect & Engineer Environmental Reviews & Reports (Phase I, Phase II, etc) Market Analysis Preliminary Title Search Survey Consultant Application Fees Other: Building & Property Acquisition Land Closing Costs @ Acquisition Misc Construction Costs Base Construction Costs Permits, Impact/Tap Fees P&P FF&E Other: Contractor General Conditions (calc on Base) Contractor Overhead Contractor Profit CONSTRUCTION CONTINGENCY Professional Services Legal Title & Recording Cost Certification Marketing /Advertising Carrying & Construction Financing Costs Inspection & Draw Fees Points & Bank Fees Builder's Risk Insurance Lender Counsel Cost of Issuance Construction loan Interest Permanent Financing & Syndication Points & Bank Fees Title & Recording Partnership & Organization Expense Legal (including tax opinion) Other Reserves Rent Up Reserves Operating Reserves Deficit Reserve (as calculated by 20 Year Projection) Replacement Reserves Other Construction & Bridge Loan Interest Developer Fee TOTAL DEVELOPMENT COSTS (TDC): Solar 5761.7403 0.18 per sq. ft. /Hard & Soft Costs 0.06 0.02 0.06 0.05 Subtotal Hard & Soft Costs Total Predevelopment: Total Acquisition: / hard cost / hard cost / hard cost / hard cost Total Construction: Total Professional Fees: Total Carrying Costs: Total Permanent Financing & Syndication: Total Reserves: 63044905.194 Project Totals 30000 1068000 80000 7500 0 30000 140000 487414 0 1842914 0 0 1400000 1400000 39669474 1418969 661248 200000 2000000 2320168 773389 2320168 2204160 51567576 400000 0 30000 0 430000 125000 533852 330642 100000 566428 555702 2211624 357600 339400 5000 50000 20000 772000 492864 1820950 0 0 0 2313814 2506977.19399034 4500000 67544905.194 Per Unit 150 5340 400 37.5 0 150 700 2437.07 0 9214.57 0 0 7000 7000 198347.37 7094.845 3306.24 1000 10000 11600.84 3866.945 11600.84 11020.8 257837.88 2000 0 150 0 2150 625 2669.26 1653.21 500 2832.14 2778.51 11058.12 1788 1697 25 250 100 3860 2464.32 9104.75 0 0 0 11569.07 12534.8859699517 22500 337724.526 Override 30000 1068000 80000 7500 30000 140000 487414 1400000 39669474 1418969 661248 200000 2000000 2320168 773389 2320168 2204160 400000 30000 125000 533852 330642 100000 566428 555702 357600 339400 5000 50000 20000 492864 1820950 Unit Addresss Unit # Structure Type Bedrooms Itemized Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1601 S. 13th Street 50 Apartment 2 0 0 0 0 0 2 1601 S. 13th Street 1 Apartment 2 0 0 0 0 0 3 1601 S. 13th Street 65 Apartment 3 0 0 0 0 0 4 1601 S. 13th Street 24 Apartment 4 0 0 0 0 0 5 1601 S. 13th Street 20 Apartment 1 0 0 0 0 0 6 1601 S. 13th Street 20 Apartment 2 0 0 0 0 0 7 1601 S. 13th Street 10 Apartment 3 0 0 0 0 0 8 1601 S. 13th Street 10 Apartment 2 0 0 0 0 0 9 0 0 0 0 0 0 0 0 0 10 0 0 0 0 0 0 0 0 0 11 0 0 0 0 0 0 0 0 0 12 0 0 0 0 0 0 0 0 13 0 0 0 0 0 0 0 0 14 0 0 0 0 0 0 0 0 15 0 0 0 0 0 0 0 0 16 0 0 0 0 0 0 0 0 17 0 0 0 0 0 0 0 0 18 0 0 0 0 0 0 0 0 19 0 0 0 0 0 0 0 0 20 0 0 0 0 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 PROJECT DEVELOPMENT CASH FLOW USES OF FUNDS Predevelopment & Feasibility Acquisition Construction Professional Services Carrying & Construction Financing Permanent Financing & Syndication Reserves Developer Fee SUB-TOTAL USES SOURCES OF FUNDS Prior Month Ending Cash Tax Credit Equity Permanent Mortgage 45L Energy Credits Solar Credits Deferred Developer Fee New Hanover Workforce Grant GP Contribution SUB-TOTAL SOURCES Construction Loan Construction Loan Calculation Construction Loan Draw TOTAL SOURCES Paydown Calculation Construction Loan Paydown TOTAL USES Ending Cash CONSTRUCTION LOAN INT & BALANCES Draw (Loan Payoff) Construction Loan Interest Loan Balance Total Budget 1842914 1400000 51567576 430000 2211624 772000 2313814 4500000 65037928 27279912 35760000 1000000 570000 1434894 1500000 100 0 67544906 48169201 0.0571 46735203.5173 Month 1 1842914 1400000 2148649 430000 92151 766276 6679990 6819978 1500000 100 8320078 -1640088 0 8320078 1640088 6679990 1640088 0 0 Month 2 2106982 228127 2335109 1640088 1640088 695021 695021 2335109 0 0 2335109 0 695021 0 0 695021 Month 3 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 3307.1416 3033437.1416 Month 4 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 14434.1051 5382980.2467 Month 5 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 25614.0143 7743703.261 Month 6 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 36847.1214 10115659.3823 Month 7 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 48133.6792 12498902.0616 Month 8 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 59473.9423 14893485.0039 Month 9 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 70868.1661 17299462.17 Month 10 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 82316.6075 19716887.7775 Month 11 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 93819.5243 22145816.3019 Month 12 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 105377.1759 24586302.4778 Month 13 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 116989.8226 27038401.3004 Month 14 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 128657.7262 29502168.0266 Month 15 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 140381.1495 31977658.1761 Month 16 2106982 228127 766276 3101385 0 6819978 6819978 -3718593 0 6819978 3718593 3718593 6819978 0 0 -3718593 152160.3568 28411225.5329 Month 17 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 135190.0815 30881524.6144 Month 18 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 146944.588 33363578.2024 Month 19 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 158755.0263 35857442.2287 Month 20 2106982 228127 772000 3107109 0 0 3107109 3107109 3107109 0 0 3107109 0 3107109 0 170621.6626 39135172.8913 Month 21 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 186218.1977 41656500.0889 Month 22 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 198215.5129 44189824.6019 Month 23 2106982 228127 2335109 0 0 2335109 2335109 2335109 0 0 2335109 0 2335109 0 210269.9154 46735203.5173 Month 24 2106989 228132 2020950 2967448 7323519 0 13639956 35760000 1000000 570000 1434894 52404850 -45081331 0 52404850 45081331 45081331 52404850 0 0 -45081331 222381.6767 1876254.194 Total 1842914 1400000 50609242 430000 5339077 772000 2020950 4500000 27279912 35760000 1000000 570000 1434894 1500000 100 0 Total 2506977.194 Trial Balance Balanced Balanced Under Balanced Over Balanced Under Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Variance 0 0 958334 0 -3127453 0 292864 0 0 0 0 0 0 0 0 0