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The Helm 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 Total Sources Surplus/(Gap) The Helm Reveler Development Co. 1010 North 4th Street, Wilmington, NC 28401 New Hanover 10 0 8 2 0 0 0 10 Annual 190908 3600 33946.2349 137220.8051 4.04229822729488 3.75628441309001 3.42147247979922 3.11022916035444 Units by Income Target 0.3 0.4 0.5 0.6 0.8 1.2 Total Per Unit 19090.8 360 3394.6235 13722.0805 Year 1 Net Cash Flow Year 5 Net Cash Flow Year 10 Net Cash Flow Year 15 Net Cash Flow Total 581250 1642500 21875253.17 46500 842683 200000 1220087 30974282786.2384 1240027642.3763 32240718701.7847 Total 0 0 0 0 0 0 0 0 0 -32240718701.7847 0 0 0 0 4 0 4 Long-Term Trending Assumptions Combined Vacancy Rate: Rent Inflation: Expense Inflation: Administration Maintenance Operating Escrows & Reserves Per Unit 58125 164250 2187525.317 4650 84268.3 20000 122008.7 3097428278.6238 124002764.2376 3224071870.1785 Per Unit 0 0 0 0 0 0 0 0 0 -3224071870.1785 % of TDC 1.80284442594583E-05 5.09448941009208E-05 6.78497690213992E-04 1.44227554075666E-06 2.61372275163752E-05 6.20333565916844E-06 3.78430459719392E-05 0.960719364625199 3.84615384615385E-02 1 % of TDC 0 0 0 0 0 0 0 0 0 -1 Units by Structure Type Single Family Duplex Triplex Fourplex Townhome Apartment Condo Other Total 137220.8051 146322.6235 158295.2238 170902.6897 True 0 0 0 0 0 10 0 0 10 0.12 0.02 0.035 0.035 0.035 0.035 13722.0805 14632.2624 15829.5224 17090.269 Units 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 10 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 1010 N 4th Street 1010 N 4th Street 1010 N 4th Street 1010 N 4th Street 1010 N 4th Street 1010 N 4th Street 1010 N 4th Street 1010 N 4th Street 1010 N 4th Street 1010 N 4th Street Total Units Other Income Miscellaneous & Interest Laundry Carports Tenant Charges (late fees, nonsufficient funds, etc) Other Totals Unit A B C A B C D E1 E2 C2 10 Structure Type Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Bedrooms 1 1 1 1 1 1 1 2 2 1 Baths 1 1 1 1 1 1 1 2 2 1 Total Sq Footage Monthly 0 0 0 150 150 300 Sq Ft 475 525 600 475 525 600 700 875 950 650 6375 Annually 0 0 0 1800 1800 3600 Income Target 0.8 0.8 0.8 Market Market Market Market 0.8 Market Market Utility Allowance 50 50 50 0 0 0 0 50 0 0 Monthly Rent Potential Annual Rent Potential Proposed Contract Rent 1325 1439 1439 1400 1500 1575 1650 1736 2200 1645 15909 190908 1590.9 Gross Rent 1375 1489 1489 1400 1500 1575 1650 1786 2200 1645 0 0 0 0 0 0 0 0 0 0 Max Rent Allowed 1390 1489 1489 1400 1500 1575 1650 1786 2200 1645 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 0.12 Annual 190908 3600 194508 23340.96 171167.04 Annual Total Annual 5000 5946.2349 15000 5500 2500 0 33946.2349 Annual 0 0 0 0 0 0 Annual 0 0 0 0 0 0 0 0 0 0 Annual 0 0 0 0 0 0 33946.2349 137220.8051 1.5 91480.5367 20 0.075 946306.1658 0 0 Annual 137220.8051 4.04229822729488 Per Unit 19090.8 360 19450.8 2334.096 17116.704 Per Unit Total Per Unit 500 594.6235 1500 550 250 0 3394.6235 Per Unit 0 0 0 0 0 0 Per Unit 0 0 0 0 0 0 0 0 0 0 Per Unit 0 0 0 0 0 0 3394.6235 13722.0805 9148.0537 94630.6166 0 Per Unit 13722.0805 1 % of Revenue 0.198322263960275 0 0 0 0.198322263960275 0.801677736039725 0.534451824026484 0 Override 5000 5946.2349 15000 5500 2500 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 1010 N 4th Street A Apartment 1 2 1010 N 4th Street B Apartment 1 3 1010 N 4th Street C Apartment 1 4 1010 N 4th Street A Apartment 1 5 1010 N 4th Street B Apartment 1 6 1010 N 4th Street C Apartment 1 7 1010 N 4th Street D Apartment 1 8 1010 N 4th Street E1 Apartment 2 9 1010 N 4th Street E2 Apartment 2 10 1010 N 4th Street C2 Apartment 1 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 0.12 Inflator 0.02 Inflator 0.035 0.035 0.035 0.035 0.05 Year 1 194508 23340.96 171167.04 17116.704 33946.2349 0 0 0 33946.2349 3394.6235 137220.8051 13722.0805 0 n/a 4.04229822729488 137220.8051 13722.0805 0 0 0 0 Year 2 198398.16 23807.7792 174590.3808 17459.0381 35134.3531 0 0 0 35134.3531 3513.4353 139456.0277 13945.6028 0 n/a 3.96922144139205 139456.0277 13945.6028 0 0 0 0 Year 3 202366.1232 24283.9348 178082.1884 17808.2188 36364.0555 0 0 0 36364.0555 3636.4055 141718.1329 14171.8133 0 n/a 3.89720373934289 141718.1329 14171.8133 0 0 0 0 Year 4 206413.4457 24769.6135 181643.8322 18164.3832 37636.7974 0 0 0 37636.7974 3763.6797 144007.0348 14400.7035 0 n/a 3.82622977210604 144007.0348 14400.7035 0 0 0 0 Year 5 210541.7146 25265.0057 185276.7088 18527.6709 38954.0853 0 0 0 38954.0853 3895.4085 146322.6235 14632.2624 0 n/a 3.75628441309001 146322.6235 14632.2624 0 0 0 0 Year 6 214752.5489 25770.3059 188982.243 18898.2243 40317.4783 0 0 0 40317.4783 4031.7478 148664.7647 14866.4765 0 n/a 3.68735275492929 148664.7647 14866.4765 0 0 0 0 Year 7 219047.5998 26285.712 192761.8879 19276.1888 41728.59 0 0 0 41728.59 4172.859 151033.2978 15103.3298 0 n/a 3.61942010630712 151033.2978 15103.3298 0 0 0 0 Year 8 223428.5518 26811.4262 196617.1256 19661.7126 43189.0907 0 0 0 43189.0907 4318.9091 153428.0349 15342.8035 0 n/a 3.55247198882441 153428.0349 15342.8035 0 0 0 0 Year 9 227897.1229 27347.6547 200549.4681 20054.9468 44700.7089 0 0 0 44700.7089 4470.0709 155848.7593 15584.8759 0 n/a 3.48649413391391 155848.7593 15584.8759 0 0 0 0 Year 10 232455.0653 27894.6078 204560.4575 20456.0457 46265.2337 0 0 0 46265.2337 4626.5234 158295.2238 15829.5224 0 n/a 3.42147247979922 158295.2238 15829.5224 0 0 0 0 Year 11 237104.1666 28452.5 208651.6666 20865.1667 47884.5169 0 0 0 47884.5169 4788.4517 160767.1498 16076.715 0 n/a 3.35739316849778 160767.1498 16076.715 0 0 0 0 Year 12 241846.25 29021.55 212824.7 21282.47 49560.475 0 0 0 49560.475 4956.0475 163264.225 16326.4225 0 n/a 3.29424254286738 163264.225 16326.4225 0 0 0 0 Year 13 246683.175 29601.981 217081.194 21708.1194 51295.0916 0 0 0 51295.0916 5129.5092 165786.1024 16578.6102 0 n/a 3.23200714369539 165786.1024 16578.6102 0 0 0 0 Year 14 251616.8385 30194.0206 221422.8179 22142.2818 53090.4198 0 0 0 53090.4198 5309.042 168332.3981 16833.2398 0 n/a 3.17067370683024 168332.3981 16833.2398 0 0 0 0 Year 15 256649.1752 30797.901 225851.2742 22585.1274 54948.5845 0 0 0 54948.5845 5494.8584 170902.6897 17090.269 0 n/a 3.11022916035444 170902.6897 17090.269 0 0 0 0 Year 16 261782.1588 31413.8591 230368.2997 23036.83 56871.7849 0 0 0 56871.7849 5687.1785 173496.5148 17349.6515 0 n/a 3.05066062179858 173496.5148 17349.6515 0 0 0 0 Year 17 267017.8019 32042.1362 234975.6657 23497.5666 58862.2974 0 0 0 58862.2974 5886.2297 176113.3683 17611.3368 0 n/a 2.9919553953957 176113.3683 17611.3368 0 0 0 0 Year 18 272358.158 32682.979 239675.179 23967.5179 60922.4778 0 0 0 60922.4778 6092.2478 178752.7012 17875.2701 0 n/a 2.93410096937547 178752.7012 17875.2701 0 0 0 0 Year 19 277805.3211 33336.6385 244468.6826 24446.8683 63054.7645 0 0 0 63054.7645 6305.4765 181413.9181 18141.3918 0 n/a 2.87708501329757 181413.9181 18141.3918 0 0 0 0 Year 20 283361.4275 34003.3713 249358.0562 24935.8056 65261.6813 0 0 0 65261.6813 6526.1681 184096.3749 18409.6375 0 n/a 2.82089537542369 184096.3749 18409.6375 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 Landscaping Appliance Package 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 Property Insurance Real Estate Taxes Interim/Capitalized Operating Costs 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): 3431.4123 0.04 per sq. ft. /Hard & Soft Costs 0 0 0 0.1 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: 31000691059.4084 Project Totals 8500 519825 6500 0 0 5000 31425 10000 0 581250 1642500 0 0 1642500 18612109 76070 150000 617500 0 372242.18 558363.27 372242.18 1116726.54 21875253.17 20000 5500 16000 25000 46500 15000 250000 219749 129141 155154 73639 842683 200000 0 0 0 0 200000 200000 1020087 0 0 0 1220087 30974282786.2384 1240027642.37634 32240718701.7847 Per Unit 850 51982.5 650 0 0 500 3142.5 1000 0 58125 164250 0 0 164250 1861210.9 7607 15000 61750 0 37224.218 55836.327 37224.218 111672.654 2187525.317 2000 550 1600 2500 4650 1500 25000 21974.9 12914.1 15515.4 7363.9 84268.3 20000 0 0 0 0 20000 20000 102008.7 0 0 0 122008.7 3097428278.62384 124002764.237634 3224071870.1785 Override 8500 519825 6500 0 0 5000 31425 10000 1642500 0 18612109 76070 150000 617500 372242.18 558363.27 372242.18 1116726.54 20000 5500 16000 25000 15000 250000 219749 129141 155154 73639 200000 200000 1020087 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 1010 N 4th Street A Apartment 1 0 0 0 0 0 2 1010 N 4th Street B Apartment 1 0 0 0 0 0 3 1010 N 4th Street C Apartment 1 0 0 0 0 0 4 1010 N 4th Street A Apartment 1 0 0 0 0 0 5 1010 N 4th Street B Apartment 1 0 0 0 0 0 6 1010 N 4th Street C Apartment 1 0 0 0 0 0 7 1010 N 4th Street D Apartment 1 0 0 0 0 0 8 1010 N 4th Street E1 Apartment 2 0 0 0 0 0 9 1010 N 4th Street E2 Apartment 2 0 0 0 0 0 10 1010 N 4th Street C2 Apartment 1 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 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 581250 1642500 21875253.17 46500 842683 200000 1220087 1240027642.3763 1266435915.5463 0 0 0 0 0 0 0 0 0 20380125 5.67 30994662911.2384 Month 1 581250 1642500 153471 2377221 0 2377221 2377221 2377221 0 2377221 0 2377221 2377221 Month 2 302355 302355 0 0 302355 302355 302355 0 0 302355 0 302355 0 1123236.9225 3802812.9225 Month 3 540673 540673 0 0 540673 540673 540673 0 0 540673 0 540673 0 1796829.1059 6140315.0284 Month 4 877565 877565 0 0 877565 877565 877565 0 0 877565 0 877565 0 2901298.8509 9919178.8793 Month 5 1292865 1292865 0 0 1292865 1292865 1292865 0 0 1292865 0 1292865 0 4686812.0205 15898855.8998 Month 6 1728850 1728850 0 0 1728850 1728850 1728850 0 0 1728850 0 1728850 0 7512209.4126 25139915.3124 Month 7 2098422 2098422 0 0 2098422 2098422 2098422 0 0 2098422 0 2098422 0 11878609.9851 39116947.2975 Month 8 2311854 2311854 0 0 2311854 2311854 2311854 0 0 2311854 0 2311854 0 18482757.5981 59911558.8956 Month 9 2311854 2311854 0 0 2311854 2311854 2311854 0 0 2311854 0 2311854 0 28308211.5782 90531624.4737 Month 10 2098422 2098422 0 0 2098422 2098422 2098422 0 0 2098422 0 2098422 0 42776192.5638 135406239.0375 Month 11 1728850 1728850 0 0 1728850 1728850 1728850 0 0 1728850 0 1728850 0 63979447.9452 201114536.9828 Month 12 1292865 1292865 0 0 1292865 1292865 1292865 0 0 1292865 0 1292865 0 95026618.7244 297434020.7072 Month 13 877656 877656 0 0 877656 877656 877656 0 0 877656 0 877656 0 140537574.7841 438849251.4913 Month 14 540673 540673 0 0 540673 540673 540673 0 0 540673 0 540673 0 207356271.3296 646746195.8209 Month 15 0 0 0 0 0 0 0 0 0 0 0 0 305587577.5254 952333773.3463 Month 16 0 0 0 0 0 0 0 0 0 0 0 0 449977707.9061 1402311481.2525 Month 17 0 0 0 0 0 0 0 0 0 0 0 0 662592174.8918 2064903656.1442 Month 18 0 0 0 0 0 0 0 0 0 0 0 0 975666977.5282 3040570633.6724 Month 19 0 0 0 0 0 0 0 0 0 0 0 0 1436669624.4102 4477240258.0826 Month 20 0 0 0 0 0 0 0 0 0 0 0 0 2115496021.944 6592736280.0266 Month 21 0 0 0 0 0 0 0 0 0 0 0 0 3115067892.3126 9707804172.3392 Month 22 0 0 0 0 0 0 0 0 0 0 0 0 4586937471.4303 14294741643.7695 Month 23 0 0 0 0 0 0 0 0 0 0 0 0 6754265426.6811 21049007070.4505 Month 24 0 0 0 0 0 0 0 0 0 0 0 0 9945655840.7879 30994662911.2384 Total 581250 1642500 18156375 0 0 0 0 0 0 0 0 0 0 0 0 0 Total 30974282786.2384 Trial Balance Balanced Balanced Under Under Under Under Under Under Balanced Balanced Balanced Balanced Balanced Balanced Balanced Balanced Variance 0 0 3718878.17 46500 842683 200000 1220087 1240027642.3763 0 0 0 0 0 0 0 0