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The Helm Supplemental Pro Forma
Summary - 1010 N 4th Stabilized Assumptions Number of Residential Units Gross Building SF Total Income Expenses (including reserves) NOI 0.055 Land Cost Hard Costs Development & Soft Costs Construction Interest Operating Account Deposit TOTAL USES 0.7 0.65 1.25 Max Loan Subordinate Debt Request Equity Required TOTAL SOURCES Loan Request Loan Amount Loan Term Fixed Rate Interest Only Payment Amortization Annual Payment Interest Only Payment Period Stabilized DSCR Cashflow for Distribution Subordinate Debt Request Loan Amount Loan Term Fixed Rate Interest Only Amortization Annual Payment Interest Only Payment Metrics Stabilized Cash on Cash 10 Year IRR 10-Year Equity Multiple Pro Forma 95 83405.8823529412 2147709.9034 -751445.4169 1396264.4865 25386627.0275 1643478.2609 18612109.03 2668050.5926 1020870.7857 450000 24394508.6692 17076156.0684 16501307.5679 16480131.8357 16480131.8357 0 7914376.8335 24394508.6692 16480131.8357 10 0.0592 4 35 1117011.5892 975623.8047 Stabilized 1.25000000000001 279252.8973 0 3 0.14 3 25 0 0 6.07920479263123E-02 0.102653473615646 2.37768021723389 Per Unit 713.421052631579 22607.4727 -7909.9518 14697.5209 267227.6529 17299.7712 195916.9372 28084.7431 10746.0083 5.3953 256784.3018 179749.0112 173697.9744 173475.072 173475.072 0 83309.2298 256784.3018 PSF 25.7501 -9.0095 16.7406 304.3745 19.7046 223.151 31.9888 12.2398 0.2095 292.4795 204.7356 197.8435 197.5896 197.5896 0 94.8899 292.4795 1.21055988412575 0.057236835775086 0.7 0.676435331887381 0.6755672786528 0.6755672786528 0 0.324432721347201 1 SOFR (5.30%) as of 9/25/2023 Prime Rate (8.50%) as of 9/25/2023 Spread 1.67 P&L DSCR 0.057236835775086 0.084724109032081 Yield on Cost Debt Yield 0.08 0.75 3 yr IRR Period Income and Expenses Gross Rental Income (grossed up 3.5%/yr) Expenses (Grossed up 2.5%/yr) NOI Asset Management Fee Brownfields Tax Benefit Debt Service Subordinate Debt Reserve Equity Return of Equity Sale or Cashout Refinance Distribution Net Cash Before Distribution ROE Before Tax 3 Yr XIRR 3 Yr IRR Distributions from operations Distributions from capital events Check (S/B zero) 10 yr IRR - Investor Returns Year Investor Returns Investor Equity Balance Preferred Return Accrued Preferred Return Paid from Operations Unpaid Preferred Return Preferred Return Paid from Capital Events Equity Distributions Investor Portion of Excess Total Investor Distributions Return on Equity Balance Return on Initial Investment XIRR IRR 0 1 Check (s/b zero) Sale in Year 3 0.05 Commission/Closing Costs (4%) Bank Loan Balance Subordinate Loan Balance 0.02 Net Sale Proceeds Hypothetical Return on $100k Investment 0 -100000 1.035 1.025 -7914376.83346724 -7914376.83346724 0.117103987932205 0.115214792627302 -7914376.83346724 0.117103987932205 0.115214792627302 27925289.7302 -1117011.5892 -16480131.8357 0 -558505.7946 9769640.5107 2023 0 Construction (14mos) Operating Period 2023 1 0 0 0 I/O -246852.008875292 0 246852.008875292 0 0 0 0 0 2023 7914376.83346724 633150.146677379 0 633150.146677379 0 0 0 0 0 0 0 0 0 Per Unit 293950.4182 -11758.0167 -173475.072 0 -5879.0084 102838.3212 2024 9142.02588784419 2024 2 1556683.78845 -671815.273476819 884868.514973181 I/O -935352.912801401 0 774018.776805339 723534.378977119 9.14202588784419E-02 723534.378977119 0 0 2024 7914376.83346724 1266300.29335476 723534.378977119 542765.91437764 0 0 0 723534.378977119 9.14202588784419E-02 9.14202588784419E-02 0 0 0 0.946026363806343 334.812 2025 128504.391097959 Lease-Up 2025 3 EOY Fannie Refi 2147709.90338333 -751445.416872042 1396264.48651129 -21229.26495 I/O -974353.973224148 0 9769640.51070785 10170321.759045 1.28504391097959 400681.248337144 9769640.51070785 0 2025 7914376.83346724 1175916.06105502 400681.248337144 775234.812717875 775234.812717875 8994405.69798998 0 10170321.759045 1.28504391097959 1.28504391097959 0 0 0 1.43301564408983 8994405.69798998 0 Avg 0.458821389952677 0.458821389952677 Total CF 0 0 0.37646416985803 Does not reduce equity balance Does reduce equity balance 1.37646416985803 NPV 0 0 0.08 0.75 10 yr IRR Period Income and Expenses Gross Rental Income (grossed up 3.5%/yr) Expenses (Grossed up 2.5%/yr) NOI Asset Management Fee Brownfields Tax Benefit Debt Service Subordinate Debt Reserve Equity Return of Equity Sale or Cashout Refinance Distribution Net Cash Before Distribution ROE Before Tax 10 Yr XIRR 10 Yr IRR Distributions from operations Distributions from capital events Check (S/B zero) 10 yr IRR - Investor Returns Year Investor Returns Investor Equity Balance Preferred Return Accrued Preferred Return Paid from Operations Unpaid Preferred Return Preferred Return Paid from Capital Events Equity Distributions Investor Portion of Excess Total Investor Distributions Return on Equity Balance Return on Initial Investment XIRR IRR 0 1 Check (s/b zero) Fannie Refinance @ Stabilization (End of Yr 3) 0.055 0.65 0.630664543451228 Max Loan Amount Loan Debt Payoff Subordinate Debt Payoff Gross Refinance Proceeds Refi Closing Costs Capital Event Fee Return of Investor Equity Refi Interest Rate Refi Amort Interest Only Period Sale in Year 10 0.055 Commission/Closing Costs (4%) Bank Loan Balance Disposal Fee Net Sale Proceeds Subordinator Returns Hypothetical Return on $100k Investment 0.101148512921293 1.035 1.025 -7914376.83346724 -7914376.83346724 0.111153095960617 0.109599054998983 -7914376.83346724 0.102653473615646 0.101148512921293 25995073.0497 16896797.4823 16394170.8768 16394170.8768 16480131.8357 0 -85960.9589 -163941.7088 -163941.7088 -413844.3764 0.055 30 3 32961845.1565 -1318473.8063 -15158149.3306 -659236.9031 15825985.1165 0 -100000 Construction (14mos) Operating Period 2023 1 0 0 0 I/O -246852.008875292 0 246852.008875292 0 0 0 0 0 2023 7914376.83346724 633150.146677379 0 633150.146677379 0 0 0 0 0 0 0 0 0 1 0 1 0 2024 2 1198208.05055 -546526.039746453 651682.010803547 I/O -935352.912801401 0 774018.776805339 490347.874807484 6.19565993792421E-02 490347.874807484 0 0 2024 7914376.83346724 1266300.29335476 490347.874807484 775952.418547274 0 0 0 490347.874807484 6.19565993792421E-02 6.19565993792421E-02 0 0 0 0.696723131862332 2 0 2 6195.65993792421 Lease-Up 2025 3 EOY Fannie Refi 2147709.90338333 -751445.416872042 1396264.48651129 -21229.26495 I/O -974353.973224148 0 0 -413844.376397462 -13163.1280603184 -1.66319197800337E-03 400681.248337144 -413844.376397462 0 2025 7914376.83346724 1409102.56522465 400681.248337144 1008421.31688751 0 -413844.376397462 0 -13163.1280603184 -1.66319197800337E-03 -1.66319197800337E-03 0 0 0 1.43301564408983 1.25 3 0 3 -166.319197800337 2026 4 Prepay In Effect 2226134.332359 -796405.314627812 1429729.01773119 -21759.99657375 0 I/O -901679.398226412 506289.622931026 6.39708764927767E-02 506289.622931026 0 0 2026 8328221.2098647 1674679.01367669 506289.622931026 1168389.39074566 0 0 0 506289.622931026 6.07920479263123E-02 6.39708764927767E-02 0 0 0 1.58562901685837 0 6397.08764927767 2027 5 2304049.03399156 -816315.447493508 1487733.58649806 -23040.4903399156 0 I/O -901679.398226412 563013.69793173 7.11380958701554E-02 563013.69793173 0 0 2027 8328221.2098647 1834647.08753484 563013.69793173 1271633.38960311 0 0 0 563013.69793173 6.76031152084247E-02 7.11380958701554E-02 0 0 0 1.64995849902349 0 7113.80958701554 2028 6 2384690.75018127 -836723.333680845 1547967.41650042 -23846.9075018127 0 I/O -901679.398226412 622441.110772199 7.86468882982808E-02 622441.110772199 0 0 2028 8328221.2098647 1937891.08639228 622441.110772199 1315449.97562008 0 0 0 622441.110772199 7.47387821585386E-02 7.86468882982808E-02 0 0 0 1.71676032472878 0 7864.68882982808 2029 7 2468154.92643761 -857641.417022866 1610513.50941475 -24681.5492643761 0 Amort -1117011.58920903 468820.370941336 5.92365489799339E-02 468820.370941336 0 0 2029 8328221.2098647 1981707.67240926 468820.370941336 1512887.30146792 0 0 0 468820.370941336 5.62929777112576E-02 5.92365489799339E-02 0 0 0 1.44180555060773 0 5923.65489799339 2030 8 2554540.34886293 -879082.452448438 1675457.89641449 -25545.4034886293 0 Amort -1117011.58920903 532900.903716828 6.73332739810125E-02 532900.903716828 0 0 2030 8328221.2098647 2179144.9982571 532900.903716828 1646244.09454027 0 0 0 532900.903716828 6.39873618012945E-02 6.73332739810125E-02 0 0 0 1.49994674415231 0 6733.32739810125 2031 9 2643949.26107313 -901059.513759649 1742889.74731348 -26439.4926107313 Amort -1117011.58920903 599438.665493717 7.57404756062274E-02 599438.665493717 0 0 2031 8328221.2098647 2312501.79132945 599438.665493717 1713063.12583573 0 0 0 599438.665493717 7.19767943704097E-02 7.57404756062274E-02 0 0 0 1.56031482945279 0 7574.04756062274 2032 10 Sale 2736487.48521069 -923586.00160364 1812901.48360705 -27364.8748521069 Amort -1117011.58920903 8328221.2098647 7497763.90660654 16494510.1360172 2.0841198850006 668525.019545909 15825985.1164712 0 2032 8328221.2098647 2379320.82262491 668525.019545909 1710795.803079 1710795.803079 8328221.2098647 4340226.07764566 15047768.1101353 1.80684058827728 1.90132065060427 0 1446742.02588189 0 1.62299254647016 0 190132.065060427 7914376.83346724 0 Avg 0.226252507485476 0.237768021723389 Total CF 0 1446742.02588189 Does not reduce equity balance Does reduce equity balance 2.37768021723389 NPV 0 670121.485326933 INVESTOR SUMMARY The Helm Cash From Operations Net Operating Income (after Capital Reserves) Annual Debt Service (Post Refi D/S) Debt Service Coverage Ratio Cash From Operations (after D/S & Reserves) Investor Cash Flows & Internal Rate of Return Total Project Equity Investor 8% Preferred Cash on Cash Return on Equity (1,2) Anticipated Investor Split After Preferred Return Anticipated Investor Cash on Cash Return ($) Anticipated Investor Cash on Cash Return (%) Anticipated Return of Equity Upon Year 3 Refi (3) Anticipated Return of Equity Upon Year 8 Refi (3) Anticipated Sale Price Year 10 (4) Anticipated Return of Equity Upon Year 10 Sale Anticipated Total Cash Distribution Year 10 Anticipated Cash Distributions Years 2 - 9 Anticipated Total Investor Cash Distributions over 10 Year Period Investor Equity Multiple (all Cash Distributions) (1) Investor Cash Flows begin accruing Year 4. (2) All figures above based on full year stabilized operation, occuring year 4. (3) Assumes refi at EOY 4. (4) Assumes year 10 sale. Managers may consider earlier sale or refi. Apartments 2226134.3324 1117011.5892 1.99293754323119 1109122.7431 7914376.8335 490347.8748 -413844.3764 32961845.1565 0.08 0.75 10 yr IRR Period Income and Expenses Gross Rental Income (grossed up 3.5%/yr) Expenses (Grossed up 2.5%/yr) NOI Asset Management Fee Brownfields Tax Benefit Debt Service Reserve Equity Return of Equity Sale or Cashout Refinance Distribution Net Cash Before Distribution ROE Before Tax 10 Yr IRR Distributions from operations Distributions from capital events Check (S/B zero) 10 yr IRR - Investor Returns Year Investor Returns Investor Equity Balance Preferred Return Accrued Preferred Return Paid from Operations Unpaid Preferred Return Preferred Return Paid from Capital Events Equity Distributions Investor Portion of Excess Total Investor Distributions Return on Equity Balance Return on Initial Investment XIRR IRR 0.25 0.75 Check (s/b zero) Fannie Refinance @ Stabilization (End of Yr 3) 0.06 0.65 0.687997683764976 Max Loan Amount Debt Payoff Gross Refinance Proceeds Refi Closing Costs Capital Event Fee Return of Investor Equity Refi Interest Rate Refi Amort Interest Only Period Fannie Refinance @ Stabilization (End of Yr 8) 0.06 0.65 0.620827456028732 Max Loan Amount Debt Payoff Gross Refinance Proceeds Refi Closing Costs Capital Event Fee Return of Investor Equity Refi Interest Rate Refi Amort Interest Only Period Sale in Year 10 0.0575 Commission/Closing Costs (4%) Bank Loan Balance Disposal Fee Net Sale Proceeds Hypothetical Return on $100k Investment 1.035 1.025 -7914376.83346724 -7914376.83346724 9.04416387471834E-02 -7914376.83346724 8.98052960634232E-02 8.79769074410905E-02 23828816.9622 15488731.0254 16394170.8768 15488731.0254 16480131.8357 -991400.8103 -154887.3103 -154887.3103 -1301175.4308 0.055 30 3 27924298.2736 18150793.8778 17336171.0586 17336171.0586 -15940025.234 1396145.8245 -173361.7106 -173361.7106 1049422.4034 0.06 25 0 31528721.454 -1261148.8582 -16699956.6753 -315287.2145 13252328.706 -100000 Construction (14mos) Operating Period 2023 1 0 0 0 I/O -246852.008875292 246852.008875292 0 0 0 0 0 2023 7914376.83346724 633150.146677379 0 633150.146677379 0 0 0 0 0 0 0 0 0 0 0 2024 2 1198208.05055 -546526.039746453 651682.010803547 I/O -952637.601018934 935352.912801401 634397.322586014 8.01575835893182E-02 634397.322586014 0 0 2024 7914376.83346724 1266300.29335476 634397.322586014 631902.970768745 0 0 0 634397.322586014 8.01575835893182E-02 8.01575835893182E-02 0 0 0 0.684081764258006 0 8015.75835893182 Lease-Up 2025 3 EOY Fannie Refi 2147709.90338333 -751445.416872042 1396264.48651129 -21477.0990338333 I/O -974353.973224148 -1301175.43079166 -900742.016538351 -0.113810857821353 400433.414253311 -1301175.43079166 0 2025 7914376.83346724 1265053.11744612 400433.414253311 864619.703192814 0 -1301175.43079166 0 -900742.016538351 -0.113810857821353 -0.113810857821353 0 0 0 1.43301564408983 1.25 0 -11381.0857821353 Stabilized 2026 4 Prepay In Effect 2226134.332359 -796405.314627812 1429729.01773119 -22261.34332359 0 I/O -901679.398226412 505788.276181186 6.39075301598449E-02 505788.276181186 0 0 2026 9215552.2642589 1601863.88433353 505788.276181186 1096075.60815234 0 0 0 505788.276181186 5.48842067927722E-02 6.39075301598449E-02 0 0 0 1.58562901685837 0 6390.75301598449 2027 5 2304049.03399156 -816315.447493508 1487733.58649806 -23040.4903399156 0 I/O -901679.398226412 563013.69793173 7.11380958701554E-02 563013.69793173 0 0 2027 9215552.2642589 1833319.78929305 563013.69793173 1270306.09136132 0 0 0 563013.69793173 0.061093864131756 7.11380958701554E-02 0 0 0 1.64995849902349 0 7113.80958701554 2028 6 2384690.75018127 -836723.333680845 1547967.41650042 -23846.9075018127 0 I/O -901679.398226412 622441.110772199 7.86468882982808E-02 622441.110772199 0 0 2028 9215552.2642589 2007550.27250204 622441.110772199 1385109.16172984 0 0 0 622441.110772199 6.75424644040315E-02 7.86468882982808E-02 0 0 0 1.71676032472878 0 7864.68882982808 2029 7 2468154.92643761 -857641.417022866 1610513.50941475 -24681.5492643761 0 Amort -1117011.58920903 468820.370941336 5.92365489799339E-02 468820.370941336 0 0 2029 9215552.2642589 2122353.34287055 468820.370941336 1653532.97192921 0 0 0 468820.370941336 5.08727374657278E-02 5.92365489799339E-02 0 0 0 1.44180555060773 0 5923.65489799339 2030 8 EOY Refi 2554540.34886293 -879082.452448438 1675457.89641449 -25545.4034886293 0 Amort -1117011.58920903 1049422.40337496 1582323.30709179 0.199930245979781 532900.903716828 1049422.40337496 0 2030 9215552.2642589 2390777.15306992 532900.903716828 1857876.2493531 1049422.40337496 0 0 1582323.30709179 0.171701408848668 0.199930245979781 0 0 0 1.49994674415231 0 19993.0245979782 2031 9 2643949.26107313 -901059.513759649 1742889.74731348 -26439.4926107313 Amort -1340366.31713158 376083.937571175 4.75190840017679E-02 376083.937571175 0 0 2031 9215552.2642589 2595120.43049381 376083.937571175 2219036.49292263 0 0 0 376083.937571175 4.08097015552458E-02 4.75190840017679E-02 0 0 0 1.30030852389914 0 4751.90840017679 2032 10 Sale 2736487.48521069 -923586.00160364 1812901.48360705 -27364.8748521069 Amort -1340366.31713158 8166129.86088394 5086198.84514097 13697498.9976483 1.73071099416522 445170.291623369 13252328.7060249 0 2032 9215552.2642589 2956280.67406335 445170.291623369 2511110.38243998 2511110.38243998 9215552.2642589 1144249.54449452 13316082.4828168 1.44495762174353 1.68251812657031 95354.128707876 286062.386123628 0 1.35254180923221 0 168251.812657031 7914376.83346724 0 Total CF 95354.128707876 286062.386123628 Does not reduce equity balance Does reduce equity balance 2.16924324562804 NPV 44167.4115 132502.2344 Class A 8/31/2023 -7914376.8335 0.102653473615646 Project 8/31/2023 -7914376.8335 0.111153095960617 Year 1 11/30/2023 0 Year 1 11/30/2023 0 2/29/2024 0 2/29/2024 0 5/31/2024 0 5/31/2024 0 8/31/2024 0 8/31/2024 0 Year 2 11/30/2024 0 Year 2 11/30/2024 0 2/28/2025 0 2/28/2025 0 5/31/2025 245173.9374 5/31/2025 245173.9374 8/31/2025 245173.9374 8/31/2025 245173.9374 Year 3 11/30/2025 133560.4161 Year 3 11/30/2025 133560.4161 2/28/2026 133560.4161 2/28/2026 133560.4161 5/31/2026 133560.4161 5/31/2026 133560.4161 8/31/2026 -413844.3764 8/31/2026 -413844.3764 Year 4 11/30/2026 126572.4057 Year 4 11/30/2026 126572.4057 2/28/2027 126572.4057 2/28/2027 126572.4057 5/31/2027 126572.4057 5/31/2027 126572.4057 8/31/2027 126572.4057 8/31/2027 126572.4057 Year 5 11/30/2027 140753.4245 Year 5 11/30/2027 140753.4245 2/29/2028 140753.4245 2/29/2028 140753.4245 5/31/2028 140753.4245 5/31/2028 140753.4245 8/31/2028 140753.4245 8/31/2028 140753.4245 Year 6 11/30/2028 155610.2777 Year 6 11/30/2028 155610.2777 2/28/2029 155610.2777 2/28/2029 155610.2777 5/31/2029 155610.2777 5/31/2029 155610.2777 8/31/2029 155610.2777 8/31/2029 155610.2777 Year 7 11/30/2029 117205.0927 Year 7 11/30/2029 117205.0927 2/28/2030 117205.0927 2/28/2030 117205.0927 5/31/2030 117205.0927 5/31/2030 117205.0927 8/31/2030 117205.0927 8/31/2030 117205.0927 Year 8 11/30/2030 133225.2259 Year 8 11/30/2030 133225.2259 2/28/2031 133225.2259 2/28/2031 133225.2259 5/31/2031 133225.2259 5/31/2031 133225.2259 8/31/2031 133225.2259 8/31/2031 133225.2259 Year 9 11/30/2031 149859.6664 Year 9 11/30/2031 149859.6664 2/29/2032 149859.6664 2/29/2032 149859.6664 5/31/2032 149859.6664 5/31/2032 149859.6664 8/31/2032 149859.6664 8/31/2032 149859.6664 Year 10 11/30/2032 222841.6732 Year 10 11/30/2032 222841.6732 2/28/2033 222841.6732 2/28/2033 222841.6732 5/31/2033 222841.6732 5/31/2033 222841.6732 8/31/2033 14379243.0906 8/31/2033 15825985.1165 Class A 8/31/2023 -7914376.8335 8.98052960634232E-02 Year 1 11/30/2023 0 2/29/2024 0 5/31/2024 0 8/31/2024 0 Year 2 11/30/2024 0 2/28/2025 0 5/31/2025 245173.9374 8/31/2025 245173.9374 Year 3 11/30/2025 -225185.5041 2/28/2026 -225185.5041 5/31/2026 -225185.5041 8/31/2026 -225185.5041 Year 4 11/30/2026 126447.069 2/28/2027 126447.069 5/31/2027 126447.069 8/31/2027 126447.069 Year 5 11/30/2027 140753.4245 2/29/2028 140753.4245 5/31/2028 140753.4245 8/31/2028 140753.4245 Year 6 11/30/2028 155610.2777 2/28/2029 155610.2777 5/31/2029 155610.2777 8/31/2029 155610.2777 Year 7 11/30/2029 117205.0927 2/28/2030 117205.0927 5/31/2030 117205.0927 8/31/2030 117205.0927 Year 8 11/30/2030 395580.8268 2/28/2031 395580.8268 5/31/2031 395580.8268 8/31/2031 395580.8268 Year 9 11/30/2031 94020.9844 2/29/2032 94020.9844 5/31/2032 94020.9844 8/31/2032 94020.9844 Year 10 11/30/2032 3329020.6207 2/28/2033 3329020.6207 5/31/2033 3329020.6207 8/31/2033 3329020.6207 The Helm Draw School 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 500000 650000 750000 800000 1001000 1001000 1200000 1200000 1250000 1200000 1500000 1100000 950000 950000 950000 800000 750000 781700 17333700 Class A 8/31/2023 -7914376.8335 0.117103987932205 Project 8/31/2023 -7914376.8335 0.117103987932205 Year 1 11/30/2023 0 Year 1 11/30/2023 0 2/29/2024 0 2/29/2024 0 5/31/2024 0 5/31/2024 0 8/31/2024 0 8/31/2024 0 Year 2 11/30/2024 180883.5947 Year 2 11/30/2024 180883.5947 2/28/2025 180883.5947 2/28/2025 180883.5947 5/31/2025 180883.5947 5/31/2025 180883.5947 8/31/2025 180883.5947 8/31/2025 180883.5947 Year 3 11/30/2025 133560.4161 Year 3 11/30/2025 133560.4161 2/28/2026 133560.4161 2/28/2026 133560.4161 5/31/2026 133560.4161 5/31/2026 133560.4161 8/31/2026 9769640.5107 8/31/2026 9769640.5107 2 0.3 2 0.3 Current Unit Type Proforma Unit Type Unit A - Studio 1BR/1BA B 1BR/1BA B - Furnished 1BR/1BA C1 1BR/1BA D 1BR/1BA D - Furnished 2BR/2BA E1 2BR/2BA E1 - Furnished 2BR/2BA E2 1BR/1BA C2 Average Total Residential (Current) Commercial Storage Net Rentable SF Efficiency Factor Gross SF # of Units # of Units 4 11 0 16 16 0 20 0 12 16 95 95 1 24 0 70895 0.85 83405.8823529412 Average SF Average SF 475 525 550 600 700 700 875 875 950 650 713.421052631579 67775 3120 1472 0 76100 Low Rent 1175 1275 1305 1295 1925 1040.2632 1185900 4500 SF 2.4737 2.4286 2.175 1.85 2.2 1.5264 Rent/Mo Target Rent 1390 1489 1850 1496.5 1496.5 2250 2200 2200 2200 1642.5 1198.1789 1998084 8320 600 0 16943.75 Avg 1BR SF 718.214285714286 SF 2.9263 2.8362 3.3636 2.4942 2.1379 3.2143 2.5143 2.5143 2.3158 2.5269 2.4792 32 4.8913 0 High Rent 1250 1350 1375 1310 2025 1087.4737 1239720 5400 SF 2.6316 2.5714 2.2917 1.8714 2.3143 1.5969 Annual Rent 0 Annual Target Rent 66720 196548 0 287328 287328 0 528000 0 316800 315360 1998084 99840 7200 0 Assuming 6'-3" facade extension into courtyard 0 0.242444593687038 0 0 95 * Net nonfurnished 1br avg 1494.5814 nonfurnished 2br avg 2200 STR Add F UF 2.4183 2.5143 50% - 80% AMI Units Lindita Rents Studio 1BR 2BR 1405 1645 1805 1 1643478.2609 18612109.03 1681077.3612 451900.6592 285472.5722 450000 1182204.9217 24394508.6692 7914376.8335 0 16480131.8357 12 Costs % of Budget Land Acquisiton Construction Costs Development Costs Soft Costs Constant Carrying Costs Op Account Deposit Subordinate Debt Interest Construction Loan Interest Costs/Month Total Costs Source of Funds Equity Subordinate Debt Construction Loan Lease-Up % of Units Leased # of Units Leased Rental Income Operating Expenses Management Fee PM & Leasing Wage & Overhead Maintenance Wage & Overhead Administrative Wage & Overhead Other General & Administrative Property Taxes Insurance Gas Electricity Water/Sewer Yardi Submeter Billback Maintenance 1 Maintenance 2 Turnover CapEx Reserve Total Operating Expenses NOI Subordinate Debt Bank Debt Service Cashflow Interest Reserve Needed Reserve Y1 Month 1 Construction 8.24576314195991E-03 1643478.2609 153471.0426 13861.7657 451900.6592 17842.0358 450000 0 0 2730553.7642 2730553.7642 2730553.7642 0 0 0 0 0 0 246852.0089 Month 2 Construction 1.62450933421411E-02 302355.4485 27309.2586 17842.0358 0 0 347506.7429 3078060.5071 3078060.5071 0 0 0 0 0 0 Month 3 Construction 2.90495369723401E-02 540673.1494 48834.519 17842.0358 0 0 607349.7041 3685410.2112 3685410.2112 0 0 0 0 0 0 Month 4 Construction 4.71502249683649E-02 877565.1279 79263.1758 17842.0358 0 0 974670.3394 4660080.5506 4660080.5506 0 0 0 0 0 0 Month 5 Construction 6.94636300029509E-02 1292864.6552 116773.7358 17842.0358 0 0 1427480.4268 6087560.9775 6087560.9775 0 0 0 0 0 0 Month 6 Construction 9.28884292851538E-02 1728849.5735 156152.6356 17842.0358 0 376.9329 1903221.1778 7990782.1552 7914376.8335 0 76405.3218 0 -376.9329 -376.9329 -376.9329 Month 7 Construction 0.112744969537123 2098421.6656 189533.0159 17842.0358 0 11810.4617 2317607.1789 10308389.3342 7914376.8335 0 2394012.5007 0 -11810.4617 -11810.4617 -11810.4617 Month 8 Construction 0.124212352749966 2311853.8523 208810.5742 17842.0358 0 24454.4019 2562960.8641 12871350.1983 7914376.8335 0 4956973.3648 0 -24454.4019 -24454.4019 -24454.4019 Month 9 Construction 0.124212352749966 2311853.8523 208810.5742 17842.0358 0 37161.0282 2575667.4904 15447017.6887 7914376.8335 0 7532640.8553 0 -37161.0282 -37161.0282 -37161.0282 Month 10 Construction 0.112744969537123 2098421.6656 189533.0159 17842.0358 0 48776.9249 2354573.6421 17801591.3308 7914376.8335 0 9887214.4974 0 -48776.9249 -48776.9249 -48776.9249 Month 11 Construction 9.28884292851538E-02 1728849.5735 156152.6356 17842.0358 0 58452.6562 1961296.9011 19762888.2319 7914376.8335 0 11848511.3984 0 -58452.6562 -58452.6562 -58452.6562 Month 12 Construction 6.94636300029509E-02 1292864.6552 116773.7358 17842.0358 0 65819.603 1493300.0299 21256188.2618 7914376.8335 0 13341811.4283 0 -65819.603 -65819.603 -65819.603 Needed Reserve Y2 Month 13 Construction 4.71502249683649E-02 877565.1279 79263.1758 17842.0358 0 70978.1355 1045648.475 22301836.7367 7914376.8335 0 14387459.9033 0 -70978.1355 -70978.1355 -70978.1355 774018.7768 Month 14 Construction 2.90495369723401E-02 540673.1494 48834.519 17842.0358 0 74341.1437 681690.8478 22983527.5846 7914376.8335 0 15069150.7511 0 -74341.1437 -74341.1437 -74341.1437 Month 15 Construction 1.62450933421411E-02 302355.4485 27309.2586 17842.0358 0 76432.5777 423939.3206 23407466.9051 7914376.8335 0 15493090.0717 0 -76432.5777 -76432.5777 -76432.5777 Month 16 Construction 8.24576314195992E-03 153471.0426 13861.7657 17842.0358 0 77729.5728 262904.417 23670371.3221 7914376.8335 0 15755994.4886 0 -77729.5728 -77729.5728 -77729.5728 Month 17 Lease-Up 0 0 0 0 78114.9398 78114.9398 23748486.2619 7914376.8335 0 15834109.4285 0.315789473684211 30 54771.78 3560.1657 677.6565 271.0626 271.0626 271.0626 13252.7375 16531.25 202.8646 1217.1875 3326.9792 -2661.5833 1947.5 4694.7135 2434.375 2028.6458 48025.6799 6746.1001 0 -78114.9398 -71368.8397 -78114.9398 Month 18 Lease-Up 0 0 0 0 78502.2175 78502.2175 23826988.4794 7914376.8335 0 15912611.6459 0.399122807017544 37.9166666666667 69225.4442 4499.6539 856.4826 342.593 342.593 342.593 13252.7375 16531.25 202.8646 1217.1875 3326.9792 -2661.5833 1947.5 4694.7135 2434.375 2028.6458 49358.5853 19866.8588 0 -78502.2175 -58635.3586 -78502.2175 Month 19 Lease-Up 0 0 0 0 78891.4151 78891.4151 23905879.8945 7914376.8335 0 15991503.061 0.482456140350877 45.8333333333333 83679.1083 5439.142 1035.3086 414.1234 414.1234 414.1234 13252.7375 16531.25 202.8646 1217.1875 3326.9792 -2661.5833 1947.5 4694.7135 2434.375 2028.6458 50691.4908 32987.6176 0 -78891.4151 -45903.7975 -78891.4151 Month 20 Lease-Up 0 0 0 0 79282.5423 79282.5423 23985162.4368 7914376.8335 0 16070785.6033 0.565789473684211 53.75 98132.7725 6378.6302 1214.1346 485.6539 485.6539 485.6539 13252.7375 16531.25 202.8646 1217.1875 3326.9792 -2661.5833 1947.5 4694.7135 2434.375 2028.6458 52024.3962 46108.3763 0 -79282.5423 -33174.166 -79282.5423 Month 21 Lease-Up 0 0 0 0 79675.6086 79675.6086 24064838.0454 7914376.8335 0 16150461.212 0.649122807017544 61.6666666666667 112586.4367 7318.1184 1392.9607 557.1843 557.1843 557.1843 13252.7375 16531.25 202.8646 1217.1875 3326.9792 -2661.5833 1947.5 4694.7135 2434.375 2028.6458 53357.3017 59229.135 0 -79675.6086 -20446.4736 -79675.6086 Month 22 Lease-Up 0 0 0 0 80070.6237 80070.6237 24144908.6692 7914376.8335 0 16230531.8357 0.732456140350877 69.5833333333333 127040.1008 8257.6066 1571.7867 628.7147 628.7147 628.7147 13252.7375 16531.25 202.8646 1217.1875 3326.9792 -2661.5833 1947.5 4694.7135 2434.375 2028.6458 54690.2071 72349.8937 0 -80070.6237 -7720.73 -80070.6237 Month 23 Lease-Up 0 0 0 0 80467.5972 80467.5972 24225376.2664 7914376.8335 0 16310999.4329 0.815789473684211 77.5 141493.765 9197.0947 1750.6127 700.2451 700.2451 700.2451 13252.7375 16531.25 202.8646 1217.1875 3326.9792 -2661.5833 1947.5 4694.7135 2434.375 2028.6458 56023.1125 85470.6525 0 -80467.5972 5003.0552 0 Month 24 Lease-Up 0 0 0 0 80866.5388 80866.5388 24306242.8052 7914376.8335 0 16391865.9717 0.899122807017544 85.4166666666667 155947.4292 10136.5829 1929.4388 771.7755 771.7755 771.7755 13252.7375 16531.25 202.8646 1217.1875 3326.9792 -2661.5833 1947.5 4694.7135 2434.375 2028.6458 57356.018 98591.4112 0 -80866.5388 17724.8724 0 Needed Reserve Y3 Month 25 0 81301.9837 81301.9837 24387544.7889 0.982456140350877 93.3333333333333 176093.3449 11446.0674 2178.6914 871.4766 871.4766 871.4766 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62354.6314 113738.7136 0 -81301.9837 32436.7299 0 0 Month 26 0 81301.9837 81301.9837 24468846.7726 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 Month 27 0 81301.9837 81301.9837 24550148.7563 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 Month 28 0 81301.9837 81301.9837 24631450.7401 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 Month 29 0 81301.9837 81301.9837 24712752.7238 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 Month 30 0 81301.9837 81301.9837 24794054.7075 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 Month 31 0 81301.9837 81301.9837 24875356.6912 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 Month 32 0 81301.9837 81301.9837 24956658.675 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 Month 33 0 81301.9837 81301.9837 25037960.6587 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 Month 34 0 81301.9837 81301.9837 25119262.6424 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 Month 35 0 81301.9837 81301.9837 25200564.6261 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 Month 36 0 81301.9837 81301.9837 25281866.6098 1 95 179237.869 11650.4615 2217.5966 887.0387 887.0387 887.0387 13584.0559 19010.9375 207.9362 1247.6172 3410.1536 -2728.1229 1996.1875 4812.0814 2495.2344 2079.362 62644.6169 116593.2521 0 -81301.9837 35291.2684 0 2150854.4274 751735.4024 1399119.025 60 remove if 3rd party Profit and Loss Residential Rent Vacancy Commercial Rent Vacancy Storage Unit Rent Vacancy Other Income Parking Wifi Income Internet Service Provider Amenity Fee Trash Fee Pet Income Application & Other Fees Move-Out Charges Other Income Vacancy Total Other Income Net Total Income Management Fee PM & Leasing Wage & Overhead Maintenance Wage & Overhead Administrative Wage & Overhead Other General & Administrative Property Taxes Insurance Gas Electricity Water/Sewer Yardi Submeter Billback Maintenance 1 Maintenance 2 Turnover CapEx Reserve Total Expenses NOI Asset Management Fee Expenses as % of Income Trash Valet Agreement 10/28/2022 Annex A Schedule of Charges During Period of Phase-In / Ramp-Up Allowance DOORSTEP TRASH Month# Month #1 Month #2 Month #3 Month #4 Month #5 Month #6 Month #7 Month #8 Month #9 Month #10 Month #11 Month #12 1998084 -159846.72 99840 -4992 7200 -720 0 14124.6 -14124.6 11400 21996 20520 17100 17100 -7049.28 81066.72 2020632 131341.08 25000 10000 10000 10000 155154 172500 2375 14250 38950 -31160 22800 54962.5 28500 23750 668422.58 1352209.42 20206.32 0.330798769889817 Units 8 16 24 31 39 47 55 63 71 78 86 94 95 Per Unit 21032.4631578947 0.08 32 0.05 4.8913 0.1 0 148.68 -148.68 120 231.536842105263 216 180 180 0.08 853.333894736842 21269.8105263158 1382.53768421053 263.157894736842 105.263157894737 105.263157894737 105.263157894737 1633.2 1815.78947368421 25 150 410 -328 240 578.552631578947 300 250 7036.02715789474 14233.7833684211 212.698105263158 Billed Revenue 0 0 252 325 409.5 493.5 577.5 661.5 745.5 819 903 987 0.988841115057071 -7.91072892045657E-02 4.94102835152566E-02 -2.47051417576283E-03 3.56324159965793E-03 -3.56324159965793E-04 0 6.99018920812894E-03 -6.99018920812894E-03 5.64179919945839E-03 0.010885703086955 1.01552385590251E-02 8.46269879918758E-03 8.46269879918758E-03 -3.48865107550509E-03 4.01194873683085E-02 1 0.065 1.23723666654789E-02 4.94894666619157E-03 4.94894666619157E-03 4.94894666619157E-03 7.67848871046286E-02 8.53693299918045E-02 1.1753748332205E-03 7.05224899932298E-03 1.92761472648162E-02 -1.54209178118529E-02 1.12835983989168E-02 2.72006481140554E-02 0.014104497998646 0.011753748332205 0.330798769889817 0.669201230110183 0.01 0.330798769889817 55701.8817 586.3356 Cost Per Unit 0 0 10.5 10.4838709677419 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 High For Market 0 32.61 10 20.5 45 9.22192066640536E-02 131250 No billback available % exp w/o furnished rent income monthly exp monthly exp per unit Revenue 240 480 468 605 760.5 916.5 1072.5 1228.5 1384.5 1521 1677 1833 PPD Spaces Monthly Monthly Monthly Monthly per pet 66960 10-23% Increase YOY Average $ - First 12 Months 1015.54166666667 Revenue Monthly After Year 1 1833 0.15 21996 Profit and Loss Residential Rent Vacancy Commercial Rent Vacancy Storage Unit Rent Vacancy Other Income Parking Wifi Income Internet Service Provider Amenity Fee Trash Fee Pet Income Application & Other Fees Move-Out Charges Other Income Vacancy Total Other Income Net Total Income Management Fee PM & Leasing Wage & Overhead Maintenance Wage & Overhead Administrative Wage & Overhead Other General & Administrative Property Taxes Insurance Gas Electricity Water/Sewer Yardi Submeter Billback Maintenance 1 Maintenance 2 Turnover CapEx Reserve Total Expenses NOI Asset Management Fee Expenses as % of Income Y2 2068016.94 -165441.3552 99840 -4992 7452 -745.2 0 14618.961 -14618.961 11799 22765.86 21238.2 17698.5 17698.5 -7296.0048 83904.0552 2081327.64 134624.607 25625 10250 10250 10250 159032.85 198375 2434.375 14606.25 39923.75 -31939 23370 56336.5625 29212.5 24343.75 706695.6445 1374631.9955 20711.478 0.339540796421653 Y3 2140397.5329 -171231.8026 99840 -4992 7712.82 -771.282 0 15130.6246 -15130.6246 12211.965 23562.6651 21981.537 18317.9475 18317.9475 -7551.365 86840.6971 2150854.4274 137990.2222 26265.625 10506.25 10506.25 10506.25 163008.6712 228131.25 2495.2344 14971.4062 40921.8438 -32737.475 23954.25 57744.9766 29942.8125 24952.3437 749159.9106 1401694.5168 21229.2649 0.348308049614544 Y4 2215311.4466 -177224.9157 103334.4 -5166.72 7982.7687 -798.2769 0 15660.1965 -15660.1965 12639.3838 24387.3584 22750.8908 18959.0757 18959.0757 -7815.6627 89880.1215 2226134.3324 141439.9777 26922.2656 10768.9062 10768.9062 10768.9062 167083.888 262350.9375 2557.6152 15345.6914 41944.8898 -33555.9119 24553.1062 59188.601 30691.3828 25576.1523 796405.3146 1429729.0177 21759.9966 0.357752586198998 190999.607 Operating Expenses Administrative Expenses: Management Fees Building Management 1 Building Management 2 Legal Expenses Accounting Expenses Marketing/Advertising Expenses SaaS Software Expenses Other Admin Expenses (Bank,Office,App.) Internet Provider Expenses Administrative Expenses Operating Expenses: (Maintenance 2) Fuel and Gas Electricity Water & Sewer Janitorial Contractual Services Rubbish Removal Expenses Fire Safety Expenses Elevator Contract & Expenses Grounds Expenses (Landscape) Stormwater Mngt Contract Access Control Contract & Expenses Other Operating Expenses Operating Expenses Repair & Maintenance Expenses: (Maintenance 1) Turnover Expenses Repair Appliance Repair HVAC Repair Plumbing Repair Carpentry Repair Electric Repair Other Maintenance Expenses General Expenses: Property Taxes Property and Liability Insurance Other General Expenses General Expenses Capex Reserve Asset Management Fee Commercial Expenses (if applicable) Total 95 Annual 131341.08 127512.5 69960.434512761 4500 8000 7500 6650 4000 51300 410764.014512761 2375 14250 38950 19000 9500 8000 8000 3562.5 5000 950 950 110537.5 28500 4750 4750 4750 2850 2850 2850 51300 155154 172500 0 327654 23750 20206.32 0 944211.834512761 PUPY 1382.53768421053 1342.23684210526 736.425626450116 47.3684210526316 84.2105263157895 78.9473684210526 70 42.1052631578947 540 4323.83173171327 25 150 410 200 100 84.2105263157895 84.2105263157895 37.5 52.6315789473684 10 10 1163.55263157895 300 50 50 50 30 30 30 540 1633.2 1815.78947368421 3448.98947368421 250 212.698105263158 9726.37383697643 PUPM 115.211473684211 111.853070175439 61.3688022041763 3.94736842105263 7.01754385964912 6.57894736842105 5.83333333333333 3.50877192982456 45 360.319310976106 2.08333333333333 12.5 34.1666666666667 16.6666666666667 8.33333333333333 7.01754385964912 7.01754385964912 3.125 4.3859649122807 0.833333333333333 0.833333333333333 96.9627192982456 25 4.16666666666667 4.16666666666667 4.16666666666667 2.5 2.5 2.5 45 136.1 151.315789473684 287.415789473684 20.8333333333333 17.7248421052632 810.531153081369 MISC. Assumptions CapEx Reserves Total Units: Annual Contribution Per Unit: Annual Reserve: Municipal Tax Projection: Project City Block Sawmill Point Pier 33 Overlook 17 Social Pearl Subject Property & Liability Insurance Projection: Project Subject Pearl Unit Count 112 280 286 79 270 72 95 Unit Count 95 84 95 250 23750 Assessment 33907600 7335950 39768600 5293400 11400000 Replacement Cost 18750000 Asses per Unit 121098.5714 92860.1266 147291.1111 73519.4444 120000 0.0092 172500 64229 Mil Rate 9.147 9.147 8.5 8.5 13.61 Per Unit 1815.7895 764.631 Property Tax 136752 310152.8172 431574 67101.9346 338033.1 44993.9 155154 Tax Per Unit 1221 1107.6886 1509 849.3916 1251.9744 624.9153 1633.2 Payroll and Overhead Detail "Building Management 1" Expense Maintenance Technician Field Worker (Maintenance) OT/on-call to carry it OT/on-call Subtotal Wages Payroll Taxes and Fees Health Insurance Life Insurance/L.T. disability * estimated Worker's Comp Cell phones Subtotal Field Worker Salary Property Manager Property Manager (Leasing & Marketing) Subtotal Wages Payroll Taxes and Fees Health Insurance Life Insurance/L.T. disability * estimated Worker's Comp Cell phones Subtotal Management/Leasing Salary Total Direct Expenses "Building Management 2" Expense Support Staff Overhead PPM Unit-Count (including project) Project Unit-Count Project % of PPM Unit-Count 2022 PPM Gross Building Management 2 Expense Project Building Management 2 Expense 23 100 50 0.12 0.03 50 32 0.12 0.03 50 1654 per hour per week per hour per month per hour per month 1629 1282422 35880 5200 8750 49830 5979.6 4000 1000 1494.9 600 62904.5 49920 49920 5990.4 5000 1000 1497.6 1200 64608 127512.5 1724 95 5.51044083526682E-02 1269597.78 69960.4345 779.3725 Special Inc0me' 25 0 12824.22 All NC Units inc. commercial & parking spaces 2022 Budget Building 2 Cost (h0w much 0f this is c0nsidered 'special inc0me' -estimate $150k) 75 hours annually 20 Hours commercial unit parking units estimate 1% 30 30 Pearl & Jewel LLC (.pjllc) Income Statement Period = Sep 2022-Aug 2023 Book = Cash INCOME RENT OR FEE INCOME Rent Residential Less: Concessions Rental Less: Concessions Tenant Less: Delinquency Residential Less: Vacancy Residential Plus: Last Month in Advance TOTAL RENT OR FEE INCOME OTHER INCOME Parking - On Site Electrical Billback Water and Sewer Billback Short Term and MTM Lease Premium Pet Fee Application Processing Fee NSF Charge Move Out Charges Wifi Income Vending Machine Income Interest on Bank Accounts Miscellaneous Income (Lynn only) Late Fee Maintenance Reimbursements TOTAL OTHER INCOME TOTAL INCOME OPERATING EXPENSES TURNOVER Turnover (Cleaning) Turnover (Painting) Turnover Expenses - Other TOTAL TURNOVER MAINTENANCE 1 EXPENSES Repair Appliance Repair HVAC Heating and AC Repair Plumbing Repair Other Repair Electric Repair Carpentry TOTAL MAINTENANCE 1 EXPENSES MAINTENANCE 2 EXPENSES Janitorial Pest Control Services Emergency Clean Up and Repairs Common Area Painting & Décor Grounds Fire Safety Expense Door Bell and Buzzer Expense Locks and Keys Overhead Door Repairs Rubbish Removal Snow Removal TOTAL MAINTENANCE 2 EXPENSES PROPERTY TAXES AND INSURANCE Property Tax Insurance TOTAL PROPERTY TAXES AND INSURANCE UTILITIES Electricity - House Electricity - Units Natural Gas - House Water and Sewer Utility Management Fees TOTAL UTILITIES ADMINISTRATION OFFICE EXPENSES Internet Provider Office Supplies Postage TOTAL OFFICE EXPENSES MARKETING/PROMOTIONS Advertising TOTAL MARKETING/PROMOTIONS PROFESSIONAL FEES Bank Service Fees Legal Expenses (FED related) Application Expense Other Professional & Legal Counsel Accounting Expenses SAAS Software Leasing Building Management Fees Corporate Building Management Fees Portfolio Management Fee TOTAL PROFESSIONAL FEES TRAVEL & ENTERTAINMENT Mileage Reimbursement TOTAL TRAVEL & ENTERTAINMENT PAYROLL EXPENSES *pls use GL 7105* Cell Phone Payroll Reimbursement PPM-NC Salaries Project Employee Bonuses Payroll Taxes Payroll Insurance Medical Plan Contributions Dental Plan Contributions 401k Employee Contributions 401k Employer Matching Contribution Employee Funded Accident and STD Insurance Payroll Service Fees TOTAL PAYROLL EXPENSES TOTAL ADMINISTRATION TOTAL OPERATING EXPENSES NET OPERATING INCOME DEPRECIATION AND AMORTIZATION Depreciation Expense Amortization TOTAL DEPRECIATION AND AMORTIZATION DEBT SERVICE 1st Mortgage Interest TOTAL DEBT SERVICE OTHER INCOME & EXPENSE Asset Manager Fee TOTAL OTHER INCOME & EXPENSE CAPX CapX Write Off Appliances (Less Than $2500) TOTAL CAPX WRITE OFF NET INCOME Period to Date 1317349.36 -2341.25 -979.04 -11088.24 -93581.13 -7120 1202239.7 29213.93 637.78 220 8355.53 17718.89 6300 35 0 0 665.14 25.34 5215.97 3064.25 5912.86 77364.69 1279604.39 640 6373.94 44845.82 51859.76 3581.61 16842.43 9124.14 43657.34 1580.42 2428.66 77214.6 21215.19 2580 153.46 1137.5 25168.16 5455.06 620.02 2436.05 6560.93 11601.48 0 76927.85 0 36328.88 36328.88 12849.09 5380.76 2332.76 23865.93 1092 45520.54 52598.94 84.16 61.98 52745.08 14086.15 14086.15 1070.93 1421.5 1431 206.7 4700 7332.81 37579.46 -20914.51 22502.73 55330.62 0 0 0 72704.53 400 6202.55 757.5 -1763.32 -565.99 -0.01 1601.8 -301.1 2579.54 81615.5 203777.35 491628.98 787975.41 306556 117271.81 423827.81 442104.69 442104.69 15836.2 15836.2 49223.82 3324.07 52547.89 -146341.18 % 102.95 -0.18 -0.08 -0.87 -7.31 -0.56 93.95 2.28 0.05 0.02 0.65 1.38 0.49 0 0 0 0.05 0 0.41 0.24 0.46 6.05 100 0.05 0.5 3.5 4.05 0.28 1.32 0.71 3.41 0.12 0.19 6.03 1.66 0.2 0.01 0.09 1.97 0.43 0.05 0.19 0.51 0.91 0 6.01 0 2.84 2.84 1 0.42 0.18 1.87 0.09 3.56 4.11 0.01 0 4.12 1.1 1.1 0.08 0.11 0.11 0.02 0.37 0.57 2.94 -1.63 1.76 4.32 0 0 0 5.68 0.03 0.48 0.06 -0.14 -0.04 0 0.13 -0.02 0.2 6.38 15.92 38.42 61.58 23.96 9.16 33.12 34.55 34.55 1.24 1.24 3.85 0.26 4.11 -11.44 Year to Date 2122059.33 -31532.57 -1854.04 -9171.79 -167155.24 37560 1949905.69 44260.01 907.29 608 15421.48 24040.34 13170 280 445 1950 911.27 25.34 5215.97 5271.75 6697.86 119204.31 2069110 640 6373.94 82165.63 89179.57 6077.28 29093.97 12393.11 47515.94 3674.53 4081.57 102836.4 29794.76 5917.25 153.46 1137.5 36415.4 7531.42 620.02 4482.79 7009.59 18887 157.5 112106.69 48948.95 64229.88 113178.83 19664.77 9049.08 4178.29 37019.36 1649 71560.5 82224.32 84.16 106.98 82415.46 26664.32 26664.32 1883.83 12325.5 4005 206.7 8300 13047.89 37579.46 -20914.51 22502.73 78936.6 288.99 288.99 -150 120300.53 400 9720.76 708.5 -3912.34 -724.72 -0.01 1601.8 -476.6 4715.64 132183.56 320488.93 809350.92 1259759.08 507100 172925.17 680025.17 761486.84 761486.84 24395.71 24395.71 49223.82 3324.07 52547.89 -258696.53 % 102.56 -1.52 -0.09 -0.44 -8.08 1.82 94.24 2.14 0.04 0.03 0.75 1.16 0.64 0.01 0.02 0.09 0.04 0 0.25 0.25 0.32 5.76 100 0.03 0.31 3.97 4.31 0.29 1.41 0.6 2.3 0.18 0.2 4.97 1.44 0.29 0.01 0.06 1.76 0.36 0.03 0.22 0.34 0.91 0.01 5.42 2.37 3.1 5.47 0.95 0.44 0.2 1.79 0.08 3.46 3.97 0 0.01 3.98 1.29 1.29 0.09 0.6 0.19 0.01 0.4 0.63 1.82 -1.01 1.09 3.82 0.01 0.01 -0.01 5.81 0.02 0.47 0.03 -0.19 -0.04 0 0.08 -0.02 0.23 6.39 15.49 39.12 60.88 24.51 8.36 32.87 36.8 36.8 1.18 1.18 2.38 0.16 2.54 -12.5 P&J 5852.726 210RC 7588.892 211RC 8849.772 Summary Pro Forma Studio NP 1BR/1BA (avg) 2BR/2BA Rent Roll Comps Property Subject Studio Pro Forma Pier 33 Overlook at River Place The Pearl Flats on Front The Metropolitan 17 Social Studio Comp Average Subject 1BR Pro Forma Overlook at River Place Flats on Front The Helmsman Pier 33 The Metropolitan Sawmill Point 1BR Comp Average Subject 2BR Pro Forma Overlook at River Place Flats on Front The Metropolitan Pier 33 2BR Comp Average *Pier 33 waterview 2BR/2BA are $3,300 or $2.56/SF # of Units 4 65 20 89 SF 475 582 553 425 593 555 571 546.5 583 845 707 805 704 680 798 756.5 875 1281 1242 920 1098 1135.25 Average SF 475 583 875 713.421052631579 Rent/Mo 1390 1542 1465 1262 1600 1700 1506 1512.5 1494.5814 1729 1672 1790 1912 1752 1690 1757.5 2200 3458 2556 2305 2521 2710 Rent/Mo 1390 1494.5814 2200 1198.1789 Rent/SF 2.9263 2.6495 2.6492 2.9694 2.6981 3.0631 2.6375 2.7676 2.5636 2.0462 2.3649 2.2236 2.7159 2.5765 2.1178 2.3232 2.5143 2.6995 2.058 2.5054 2.296 2.3871 Annual Rent 66720 1165773.4884 528000 1760493.4884 Parking (Y/N) Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Commercial Rent Roll Comps Property Subject Studio Pro Forma Circa Restaurant Group Mellow Mushroom Varnish Seabird Averages Address 1010 N 4th St 8 N Front St 220 N Water St 23 Market St 1 S Front St - Lease Type NNN NNN NNN MG - - SF 3120 5421 1307 4048 5110 3971.5 Rent/SF 32 28 29.5 29.64 26.5 28.41 Annual Rent 99840 151788 38556.5 119982.72 135415 111435.555 Wilmington NC Multi-Unit Sale Comps 2021-Present Project Subject (Sale in Y3) Riverwood Palisades at Lewis Creek Uncommon Wilmington Hawthorne at the Point Reserve at Mayfaire Flats on Front Total/Avg Year of Construction 2024 2022 2022 2019 2020 2004 2021 2018 Units 95 206 192 150 176 264 273 210.166666666667 Sale Price 27925289.7302 58400000 54200000 54000000 45850000 76000000 97500000 64325000 Sale/Unit 293950.4182 283495.1456 282291.6667 360000 260511.3636 287878.7879 357142.8571 305219.9702 Sale/SF 334.812 245.73 268.37 293.03 214.17 257.49 372.36 275.1917 Acquisition Land Cost Total Land Cost Hard Costs Buildings Golf Cart Transport Reveler Adds VE WHA Subsidy Treks Pool Capitalized Parking Furnished Units 0.06 Total Construction Costs Commercial Tenant Improvements Total TI Costs Development & Soft Costs Development Developer Fee & Overhead (4%) Project Management Fee Utility Connection Fees (3" water line) Building Permit Traffic Impact Fees Permits & Fees (other) Architectural (Landscape, ME, Structural) Civil Engineering Big Sky Interior Design Mihaly Land Design (Courtyard) Third Party Inspections BECS Quality Control Cost Segregation Study (Criterium) Lease-Up & Marketing (Prior to Occupancy) Willdan Energy Incentive (Duke Energy) Dev & Soft Costs Financing JLL Capital Fees Bank Loan Fees Bank Inspection Fees Bank Legal Fees Borrower Legal Fees Appraisal Construction Interest Reserve Operational Reserve Interest Rate Swap Budget Total Financing Costs Construction Carrying Costs Property Tax Owners Interest Liability Builders Risk & Liability Construction Admin/Contingency Total Carrying Costs Total All Costs Op Account Deposit $ 1643478.26086957 1643478.26086957 $ 17457747 0 355572.21 -248675 0 0 0 1047464.82 18612109.03 $ 249600 249600 $ 744484.3612 50000 66070 11271 5000 5000 519825 80000 55000 23075 65000 31415 10000 38000 -23063 1681077.3612 200000 82400.6592 16000 20000 50000 8500 1020870.7857 75000 1472771.4449 10000 72693 219749 73638.5722 285472.5722 23944508.6692 450000 23124037.8834911 23124037.883491 0 $ / Unit 17299.7711670481 17299.7711670481 $ / Unit 183765.757894737 0 3742.86536842105 -2617.63157894737 0 0 0 8500 11025.9454736842 195916.937157895 $ / Unit 2627.36842105263 $/Unit 7836.6775 526.3158 695.4737 118.6421 52.6316 52.6316 6000 842.1053 578.9474 242.8947 684.2105 330.6842 105.2632 400 -242.7684 18223.7091 2105.2632 867.3754 168.4211 210.5263 526.3158 89.4737 10746.0083 0 789.4737 15502.8573 105.2632 765.1895 2313.1474 775.1429 3004.9744 252047.4597 4736.8421 $ / SF 19.7045845509434 19.7045845509434 $ / SF 209.310740531772 0 4.26315506735313 -2.98150433740038 0 0 0 0 12.5586444319063 223.151035693631 $ / SF 80 2.99259468227661 $/SF 8.926 0.5995 0.7922 0.1351 0.0599 0.0599 6.2325 0.9592 0.6594 0.2767 0.7793 0.3767 0.1199 0.4556 -0.2765 20.1554 2.3979 0.9879 0.1918 0.2398 0.5995 0.1019 12.2398 0 0.8992 17.6579 0.1199 0.8716 2.6347 0.8829 3.4227 287.0842 5.3953 150000 16000 438059 65000 100 spaces @ $60/mo X 24 (two years) 1.14562320097777E-02 3" Meter 9.22.22 (131.50 X the first 15,000 SF of the building X .004) + (131.50 X total building SF minus 15,000 SF) X .0012 Variance Application Submitted - $150 Carried in Bush Watson Extras Clark Hipp CSD Current Cube 3 @ $175k invoiced Longfellow cost? 8.19856643609092E-03 0.5 point 1000 per month during construction ~4800 (budget for 2 years) Quoted by Timeless 8.1.24 >>> Cost of adding an additional 2 units (1 Studio, 1 2BR A) 31800 16625 20960 Big Sky ranging from $42k-$66k Land Mihaly Renderings? 95 16 83405.8823529412 129141 16263250 x2 Struct. Woods Eng. Proposal 23075 Units Months SF OWNERS INTEREST LIABILITY??? Fees & Extras Received 12/15 add another 2% of contingency to get to 5% Criterium Full Quote 2.68642311945451E-03 59400 96800 Arch. Loudermilk 18684.4482352941 228500 387325 DSA 82800 Total: 470125 MASTER BUDGET Division 1 - General Requirements Division 2 - Existing Conditions Division 3 - Concrete Division 4 - Masonry Division 5 - Metals Division 6 - Wood, Plastics, Composites Division 7 - Thermal & Moisture Protection Division 8 - Openings Division 9 - Finishes Division 10 - Specialties Division 11 - Equipment Division 12 - Furnishings Division 13 - Special Construction Division 14 - Conveying Equipment Division 21 - Fire Suppression Division 22 - Plumbing Division 23 - Heating, Ventilating, AC (HVAC) Division 25 - Integrated Automation Division 26 - Electrical Division 27 - Communication Division 28 - Electronic Safety & Security Division 31 - Earthwork Division 32 - Exterior Improvements Division 33 - Utilities Owner Extras Subtotal Contingency OH&P Grand Total Subtotal Staffing GLI BRI Bonds Fee Contingency Permit Total DAE McKinley Monteith Thomas Reveler DAE McKinley Monteith Thomas Reveler DAE McKinley Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler DAE McKinley Rev 1 Monteith Thomas Reveler Reveler Monteith 19199457 870332 106657 0 0 959973 0 21136419 1010 N 4th St 655293 1232091 353832 408563 573272.8754 278525 413225 588224 2624462 2662087 2310917 547885 358776 606254 611000 895646 458250 408236 675974 1399840 663261 530608.8 3694632 2364253 2324475 3846463 2324475 1345923 924718 1623391 724229 924718 1455678 910712 1398196 1237992 990393.6 2277612 1876524 2449979 1867226 1876524 107975 129750 139163 129750 423347 389417 320000 389996 477400 22116 58839 552307 58839 209794 388776 302824 280576 311269 252518.4 528372 339806 290000 306613 261000 1177621 1041747 1518400 2083525 1214720 1122668 1111466 1093192 1266569 1093192 23030 1412902 1607852 1531150 2208310 1606150 0 218800 547250 370708 370708 493500 432784 114000 0 44015 355572.21 16551416 200000 974950.1376 17726366.1376 Thomas 20015541 828600 168049 0 0 896263 448132 50000 22406585 Per Unit Cost 13107.3511 3764.1702 4346.4149 6098.6476 2963.0319 4396.0106 0 0 0 6257.7021 27919.8085 28320.0745 24584.2234 5828.5638 3816.766 6449.5106 6500 9528.1489 4875 4342.9362 7191.2128 14891.9149 7055.9681 5644.7745 39304.5957 25151.6277 24728.4574 40919.8191 24728.4574 14318.3298 9837.4255 17270.117 7704.5638 9837.4255 15485.9362 9688.4255 14874.4255 13170.1277 10536.1021 24229.9149 19963.0213 26063.6064 19864.1064 19963.0213 0 1148.6702 1380.3191 1480.4574 1380.3191 4503.6915 4142.734 3404.2553 4148.8936 5078.7234 0 235.2766 625.9468 5875.6064 625.9468 2231.8511 0 0 0 0 4135.9149 3221.5319 2984.8511 3311.3723 2686.366 5620.9787 3614.9574 3085.1064 3261.8404 2776.5957 12527.883 11082.4149 16153.1915 22165.1596 12922.5532 11943.2766 11824.1064 11629.7021 13474.1383 11629.7021 0 0 0 0 245 15030.8723 17104.8085 16288.8298 23492.6596 17086.7021 0 0 0 0 0 0 0 0 0 2327.6596 0 0 5821.8085 3943.7021 3943.7021 0 0 5250 4604.0851 0 0 0 1212.766 0 468.2447 McKinley 16551416 843708 0 0 0 491480 17886604 Assumptions Unknowns No podium, base slab, new sidewalks, concrete columns. 25% reduction in brick Reduction in 2nd floor steel Trash Compactor FF&E Interior BDA Quote Included in Utilities A/3 Security Quote 44015 DAE Pricing 18750000 DAE 16326379 0 0 0 981368 17307747 McKinley Alternatives BDA System Delete Landscaping @ Patio Provide Grill & Pergola @ Patio Include Fireplace @ Patio Cast Stone Cap in Lieu of Brick Rowlock ACM Panels @ Eyebrow K13 Insulation Under 2nd Floor Corrugated Metal Siding Aluminum Shunshades by Masa Provide Unit Windows in White Fiberglass Shower Inserts In lieu of Tile Provide 1/8" Acoustic Sound Mat Kitchen Backsplash 12 Space Bike Rack 100 Cluster Mailbox Total Required Courtyard Owner Procured Items Building Signage Trash Compactor FF&E Finish Upgrades Fitness BDA System Latch Software Subscription Security Install EV Charging Yardi Install Total Required Budget Security F&I + Subscription + Provisions for Conduit Reveler 14331821.8854 716591.0943 150000 0 0 716591.0943 15915004.074 17300000 Cost 128750 -162000 38500 18000 18725 109568 79300 40884 40125 -60380 -92820 69122 46270 9737 27125 416804 150000 Cost 27625.19 45000 80000 45000 57048 75000 37200 139280 3500 22399.02 355572.21 515534 Accepted Y N Y Y N N Y N N N N Y Y Y Y 266804 Accepted 159961.79 106842.21 Removal Exist Water Spectrum Provisions Duke Provisions Fire Alarm Fee Signage Fee Encroachment Fee ROW Utility Fee Fire Dept Fee ERRC Fee Fire Sprinkler Insp Fire Pump/Insp Tap Fees Total Notes BW Price less Eyebrow reduction should induce credit Clapboard Required Notes Surplus Hard Cost Add 10000 10000 20000 100 150 600 60 275 1000 1000 330 500 44015 BW Holds Total w/ McKinley Price/Unit 14331821.8854 12/15/2022 CONSTRUCTION DRAW FORECASTING MODULE WITH S-CURVE Analysis Start Date S-Curve Distribution Budget Item Land Costs Hard Costs Soft Costs Tenant Improvements Total RAW DATA Cash Flow Distribution Straight-Line S-Curve Manual Input 11/1/2023 Steep (5) Amount 1643478.26086957 18612109.03 3889321.37830211 0 24144908.6691717 Cash Flow Distribution Straight-Line S-Curve Straight-Line S-Curve Start Month 0 1 1 0 S-Curve Distribution Steep (5) Moderately Steep (4) Moderate (3) Moderately Flat(2) Flat (1) End Month 0 16 16 0 5 4 3 2 1 Hard Costs (S-Curve) - Cumulative Length 1 16 16 1 Month Ending OK OK OK OK Error Check MANUAL INPUT 10/31/2023 0 11/30/2023 1 12/31/2023 2 1/31/2024 3 2/29/2024 4 3/31/2024 5 4/30/2024 6 5/31/2024 7 6/30/2024 8 7/31/2024 9 8/31/2024 10 9/30/2024 11 10/31/2024 12 11/30/2024 13 12/31/2024 14 1/31/2025 15 2/28/2025 16 3/31/2025 17 4/30/2025 18 5/31/2025 19 6/30/2025 20 7/31/2025 21 8/31/2025 22 9/30/2025 23 10/31/2025 24 Budget Item Acquisition Hard costs Soft Costs Tenant Improvements Cash Flow Distribution Straight-Line S-Curve Straight-Line S-Curve CONSTRUCTION BUDGET CASH FLOWS 10/31/2023 0 1643478.26086957 0 0 0 1643478.26086957 0 0 11/30/2023 1 0 153471.042633713 243082.586143882 0 396553.628777595 1 153471.042633713 12/31/2023 2 0 302355.448486457 243082.586143882 0 545438.034630339 2 455826.49112017 1/31/2024 3 0 540673.149400211 243082.586143882 0 783755.735544093 3 996499.640520381 2/29/2024 4 0 877565.127900237 243082.586143882 0 1120647.71404412 4 1874064.76842062 3/31/2024 5 0 1292864.6552345 243082.586143882 0 1535947.24137838 5 3166929.42365512 4/30/2024 6 0 1728849.57348073 243082.586143882 0 1971932.15962461 6 4895778.99713585 5/31/2024 7 0 2098421.66560896 243082.586143882 0 2341504.25175285 7 6994200.66274481 6/30/2024 8 0 2311853.85225519 243082.586143882 0 2554936.43839907 8 9306054.515 7/31/2024 9 0 2311853.85225519 243082.586143882 0 2554936.43839907 9 11617908.3672552 8/31/2024 10 0 2098421.66560896 243082.586143882 0 2341504.25175285 10 13716330.0328642 9/30/2024 11 0 1728849.57348073 243082.586143882 0 1971932.15962461 11 15445179.6063449 10/31/2024 12 0 1292864.6552345 243082.586143882 0 1535947.24137838 12 16738044.2615794 11/30/2024 13 0 877565.127900236 243082.586143882 0 1120647.71404412 13 17615609.3894796 12/31/2024 14 0 540673.149400211 243082.586143882 0 783755.735544093 14 18156282.5388798 1/31/2025 15 0 302355.448486457 243082.586143882 0 545438.034630339 15 18458637.9873663 2/28/2025 16 0 153471.042633713 243082.586143882 0 396553.628777595 16 18612109.03 3/31/2025 17 0 0 0 0 0 17 18612109.03 4/30/2025 18 0 0 0 0 0 18 18612109.03 5/31/2025 19 0 0 0 0 0 19 18612109.03 6/30/2025 20 0 0 0 0 0 20 18612109.03 7/31/2025 21 0 0 0 0 0 21 18612109.03 8/31/2025 22 0 0 0 0 0 22 18612109.03 9/30/2025 23 0 0 0 0 0 23 18612109.03 10/31/2025 24 0 0 0 0 0 24 18612109.03 OK OK OK OK OK S-CURVE CALCULATION Budget Item Land Costs Hard Costs Soft Costs Tenant Improvements Amount 1643478.26086957 18612109.03 3889321.37830211 0 Start Month 0 1 1 0 End Month 0 16 16 0 Length 1 16 16 1 Timing S-Curve S-Curve S-Curve S-Curve StDev 0.2 3.2 3.2 0.2 Month Starting 10/31/2023 0 1643478.26086957 0 0 0 11/30/2023 1 0 153471.042633713 32070.4228684402 0 12/31/2023 2 0 302355.448486457 63182.3888281026 0 1/31/2024 3 0 540673.149400211 112982.9851763 0 2/29/2024 4 0 877565.127900237 183382.377961216 0 3/31/2024 5 0 1292864.6552345 270166.381184945 0 4/30/2024 6 0 1728849.57348073 361272.953815652 0 5/31/2024 7 0 2098421.66560896 438501.420316753 0 6/30/2024 8 0 2311853.85225519 483101.758999646 0 7/31/2024 9 0 2311853.85225519 483101.758999646 0 8/31/2024 10 0 2098421.66560896 438501.420316753 0 9/30/2024 11 0 1728849.57348073 361272.953815652 0 10/31/2024 12 0 1292864.6552345 270166.381184945 0 11/30/2024 13 0 877565.127900236 183382.377961216 0 12/31/2024 14 0 540673.149400211 112982.9851763 0 1/31/2025 15 0 302355.448486457 63182.3888281026 0 2/28/2025 16 0 153471.042633713 32070.4228684403 0 3/31/2025 17 0 0 0 0 4/30/2025 18 0 0 0 0 5/31/2025 19 0 0 0 0 6/30/2025 20 0 0 0 0 7/31/2025 21 0 0 0 0 8/31/2025 22 0 0 0 0 9/30/2025 23 0 0 0 0 10/31/2025 24 0 0 0 0 Sources & Uses Debt Payments I/O one year Assume 8 Months to deal Purchase price Brownfield costs Soft costs Operating reserve Acquisition fee Total Uses Debt Equity Total Sources Lot size Purchase price Price per SF 3rd & Wooster 1400000 50000 30000 50000 1530000 980000 550000 1530000 30434.7826086957 1400000 46 33075 24806.25 Total 1400000 0 50000 30000 0 1530000 3010000 980000 3010000 3010000 30434.7826086957 1400000 46 Sale to Development Co *Estimated market value post-remediation 20081.25 Projected land sale price* Reimbursements Less debt retirement Net proceeds of sale Less initial investment Investor gain Investor return % Lot size Price per SF Estimated price 14.8478804855275 3rd & Wooster 1643478.26086957 0 -980000 663478.260869565 550000 113478.260869565 0.206324110671937 30434.7826086957 54 1643478.26086957 716 Total 1643478.26086957 -980000 663478.260869565 -0.677018633540373 1.20632411067194 615 N Front Street - Brownfields Tax Savings 2022 2023 2024 2025 2026 2023 2024 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 2025 2026 Total Assessment Just Improvements Land Improvements Available for Brownfield 19161521.7391 19161521.7391 19161521.7391 19161521.7391 19161521.7391 79777400 79777400 Year 9 Year 10 SALES VALUE (year 5 @ 4% cap) APPRAISAL VALUE % 2025 PROJECTED APPRAISAL VALUE 2025 APPRAISAL VALUE PER UNIT 2025 PROJECTED VALUE FOR LAND 2025 PROJECTED VALUE FOR IMPROVEMENTS 20805000 19161521.7391 1643478.2609 % Value Excluded 0.9 0.75 0.5 0.3 0.1 0 0 79777400 79777400 219000 Improvements Taxable Value 1916152.1739 4790380.4348 9580760.8696 13413065.2174 17245369.5652 79777400 79777400 0 0 37193339.6625 0.95 35333672.6793 129427.3725 2791161.8806 32542510.7988 Projected per unit improvement assessment (Flats on Front comp) Current land assessment Millage Rate 0.009332625 0.009565940625 0.009805089140625 9.31483468359375E-03 9.54770555068359E-03 0.011552040741168 1.09744387041096E-02 1.11939274781918E-02 1.14178060277556E-02 Improvements Taxes w/o Abatement 178827.2968 183297.9792 187880.4287 187880.4287 187880.4287 921591.775 875512.1863 1.50093221103441E-02 1.65965551318971E-02 Improvements Taxes w/ Abatement 17882.7297 45824.4948 93940.2144 124940.4851 164653.7107 921591.775 875512.1863 1197404.6937 1324030.0174 Improvements Taxes Saved 160944.5671 137473.4844 93940.2144 62939.9436 23226.718 0 0 0.0002 0.0002 478524.92755328 Plus: Taxes on Land 15337.9663 15721.4155 16114.4508 25999.2115 26649.1918 Tax Period Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Total Taxes 33220.696 61545.9103 110054.6652 150939.6966 191302.9025 568944 Tax 213879.6402 213879.6402 213879.6402 213879.6402 213879.6402 213879.6402 213879.6402 Sources & Uses Uses Purchase Price Improvement Costs Soft Costs Operating Account Deposit TOTAL COSTS Sources Bank Loan Equity Required TOTAL 1643478.2609 18861709.03 3439321.3783 450000 24394508.6692 16480131.8357 7914376.8335 24394508.6692 Property Info Units Tax SF Estimated SF per unit 95 155154 83405.8823529412 713.421052631579 * Gross SF Bank Loan Loan Amount Interest Am. Term Term # 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 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 16394170.8768438 0.055 30 10 BoP 16394170.8768438 16376226.5275953 16358199.9334127 16340090.7173401 16321898.5006938 16303622.9030546 16285263.5422595 16266820.0343941 16248291.9937843 16229679.0329884 16210980.7627888 16192196.7921842 16173326.728381 16154370.1767853 16135326.7409948 16116196.0227903 16096977.6221273 16077671.137128 16058276.1640724 16038792.2973903 16019219.1296526 15999556.2515627 15979803.2519483 15959959.7177523 15940025.2340246 15919999.3839131 15899881.7486553 15879671.9075692 15859369.4380448 15838973.9155351 15818484.9135472 15797902.0036336 15777224.7553828 15756452.7364109 15735585.512352 15714622.6468495 15693563.7015469 15672408.2360782 15651155.8080595 15629805.973079 15608358.2846882 15586812.2943922 15565167.5516408 15543423.6038184 15521579.9962351 15499636.2721171 15477591.9725969 15455446.6367039 15433199.8013547 15410851.0013435 15388399.7693322 15365845.6358409 15343188.1292378 15320426.7757294 15297561.0993507 15274590.6219553 15251514.8632052 15228333.3405608 15205045.5692709 15181651.0623627 15158149.3306311 15134539.8826291 15110822.224657 15086995.8607526 15063060.2926803 15039015.019921 15014859.5396616 14990593.3467843 14966215.9338563 14941726.791119 14917125.4064776 14892411.2654898 14867583.8513559 14842642.6449072 14817587.1245956 14792416.7664826 14767131.0442282 14741729.4290802 14716211.3898627 14690576.3929655 14664823.9023325 14638953.3794508 14612964.2833392 14586856.070537 14560628.1950929 14534280.108553 14507811.2599498 14481221.0957905 14454509.0600454 14427674.5941365 14400717.1369256 14373636.1247024 14346430.9911732 14319101.1674487 14291646.082032 14264065.1608073 14236357.8270269 14208523.5013 14180561.6015802 14152471.5431534 14124252.7386254 14095904.59791 14067426.5282164 14038817.9340366 14010078.2171335 13981206.7765279 13952203.0084863 13923066.3065078 13893796.0613118 13864391.6608254 13834852.4901701 13805177.9316493 13775367.3647353 13745420.1660562 13715335.7093832 13685113.3656172 13654752.5027755 13624252.4859791 13593612.6774391 13562832.4364433 Principal 17944.3492485519 18026.5941826078 18109.2160726114 18192.2166462775 18275.5976392396 18359.3607950861 18443.507865397 18528.04060978 18612.9607959082 18698.2701995561 18783.9706046374 18870.063803242 18956.5515956735 19043.435790487 19130.7182045267 19218.4006629642 19306.4849993361 19394.973055583 19483.8666820878 19573.167737714 19662.8780898452 19752.9996144237 19843.5341959898 19934.4837277214 20025.8501114735 20117.6352578177 20209.8410860827 20302.4695243939 20395.5225097141 20489.0019878836 20582.9099136614 20677.2482507657 20772.018971915 20867.2240588696 20962.8655024728 21058.9453026924 21155.4654686631 21252.4280187278 21349.8349804803 21447.6883908075 21545.990295932 21644.7427514551 21743.9478223992 21843.6075832519 21943.7241180085 22044.299520216 22145.335893017 22246.8353491933 22348.8000112105 22451.2320112619 22554.1334913135 22657.5066031487 22761.3535084131 22865.67637866 22970.4773953955 23075.7587501244 23181.5226443958 23287.7712898493 23394.5069082611 23501.7317315906 23609.4480020271 23717.6579720364 23826.3639044082 23935.5680723034 24045.2727593015 24155.4802594483 24266.1928773041 24377.4129279917 24489.142737245 24601.3846414574 24714.1409877307 24827.4141339245 24941.206448705 25055.5203115949 25170.358113023 25285.7222543744 25401.6151480403 25518.0392174688 25634.9968972155 25752.4906329944 25870.522881729 25989.0961116036 26108.2128021151 26227.8754441248 26348.0865399104 26468.8486032183 26590.1641593164 26712.0357450466 26834.465908878 26957.4572109604 27081.0122231773 27205.1335292002 27329.8237245423 27455.0854166132 27580.9212247726 27707.3337803862 27834.3257268796 27961.8997197945 28090.0584268435 28218.8045279666 28348.1407153864 28478.0696936653 28608.5941797612 28739.7169030851 28871.4406055576 29003.7680416664 29136.7019785241 29270.2451959256 29404.400486407 29539.170655303 29674.5585208065 29810.5669140268 29947.1986790494 30084.4566729951 30222.3437660796 30360.8628416742 30500.0167963652 30639.8085400152 30780.2409958236 30921.3171003878 Interest 75139.949852201 75057.7049181451 74975.0830281415 74892.0824544754 74808.7014615133 74724.9383056667 74640.7912353559 74556.2584909728 74471.3383048447 74386.0289011968 74300.3284961155 74214.2352975109 74127.7475050794 74040.8633102659 73953.5808962261 73865.8984377887 73777.8141014168 73689.3260451698 73600.4324186651 73511.1313630388 73421.4210109077 73331.2994863292 73240.7649047631 73149.8153730315 73058.4489892794 72966.6638429352 72874.4580146702 72781.829576359 72688.7765910388 72595.2971128693 72501.3891870915 72407.0508499872 72312.2801288379 72217.0750418832 72121.4335982801 72025.3537980604 71928.8336320898 71831.8710820251 71734.4641202726 71636.6107099454 71538.3088048208 71439.5563492978 71340.3512783536 71240.691517501 71140.5749827444 71039.9995805369 70938.9632077359 70837.4637515595 70735.4990895424 70633.067089491 70530.1656094394 70426.7924976042 70322.9455923398 70218.6227220929 70113.8217053574 70008.5403506285 69902.7764563571 69796.5278109036 69689.7921924918 69582.5673691623 69474.8510987258 69366.6411287165 69257.9351963447 69148.7310284495 69039.0263414514 68928.8188413046 68818.1062234488 68706.8861727612 68595.1563635079 68482.9144592955 68370.1581130221 68256.8849668284 68143.0926520479 68028.778789158 67913.9409877298 67798.5768463785 67682.6839527126 67566.2598832841 67449.3022035374 67331.8084677585 67213.7762190239 67095.2029891493 66976.0862986378 66856.4236566281 66736.2125608425 66615.4504975346 66494.1349414365 66372.2633557063 66249.8331918748 66126.8418897925 66003.2868775756 65879.1655715527 65754.4753762105 65629.2136841397 65503.3778759802 65376.9653203667 65249.9733738733 65122.3993809584 64994.2406739093 64865.4945727863 64736.1583853664 64606.2294070876 64475.7049209916 64344.5821976677 64212.8584951953 64080.5310590864 63947.5971222288 63814.0539048272 63679.8986143459 63545.1284454499 63409.7405799464 63273.732186726 63137.1004217034 62999.8424277578 62861.9553346732 62723.4362590787 62584.2823043877 62444.4905607377 62304.0581049293 62162.9820003651 Payment 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 93084.2991007529 EoP 16376226.5275953 16358199.9334127 16340090.7173401 16321898.5006938 16303622.9030546 16285263.5422595 16266820.0343941 16248291.9937843 16229679.0329884 16210980.7627888 16192196.7921842 16173326.728381 16154370.1767853 16135326.7409948 16116196.0227903 16096977.6221273 16077671.137128 16058276.1640724 16038792.2973903 16019219.1296526 15999556.2515627 15979803.2519483 15959959.7177523 15940025.2340246 15919999.3839131 15899881.7486553 15879671.9075692 15859369.4380448 15838973.9155351 15818484.9135472 15797902.0036336 15777224.7553828 15756452.7364109 15735585.512352 15714622.6468495 15693563.7015469 15672408.2360782 15651155.8080595 15629805.973079 15608358.2846882 15586812.2943922 15565167.5516408 15543423.6038184 15521579.9962351 15499636.2721171 15477591.9725969 15455446.6367039 15433199.8013547 15410851.0013435 15388399.7693322 15365845.6358409 15343188.1292378 15320426.7757294 15297561.0993507 15274590.6219553 15251514.8632052 15228333.3405608 15205045.5692709 15181651.0623627 15158149.3306311 15134539.8826291 15110822.224657 15086995.8607526 15063060.2926803 15039015.019921 15014859.5396616 14990593.3467843 14966215.9338563 14941726.791119 14917125.4064776 14892411.2654898 14867583.8513559 14842642.6449072 14817587.1245956 14792416.7664826 14767131.0442282 14741729.4290802 14716211.3898627 14690576.3929655 14664823.9023325 14638953.3794508 14612964.2833392 14586856.070537 14560628.1950929 14534280.108553 14507811.2599498 14481221.0957905 14454509.0600454 14427674.5941365 14400717.1369256 14373636.1247024 14346430.9911732 14319101.1674487 14291646.082032 14264065.1608073 14236357.8270269 14208523.5013 14180561.6015802 14152471.5431534 14124252.7386254 14095904.59791 14067426.5282164 14038817.9340366 14010078.2171335 13981206.7765279 13952203.0084863 13923066.3065078 13893796.0613118 13864391.6608254 13834852.4901701 13805177.9316493 13775367.3647353 13745420.1660562 13715335.7093832 13685113.3656172 13654752.5027755 13624252.4859791 13593612.6774391 13562832.4364433 13531911.1193429 Annual Payment 1117011.58920903 1117011.58920903 1117011.58920903 1117011.58920903 1117011.58920903 1117011.58920903 1117011.58920903 1117011.58920903 1117011.58920903 1117011.58920903 debt per foot Bank Loan Loan Amount Interest Am. Term Term # 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 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 17336171.058571 0.06 25 10 BoP 17336171.058571 17311154.7207695 17286013.3012791 17260746.1746912 17235352.7124703 17209832.2829384 17184184.2512588 17158407.9794208 17132502.8262236 17106468.1472604 17080303.2949024 17054007.6182826 17027580.4632797 17001021.1725018 16974329.0852701 16947503.5376021 16920543.8621958 16893449.3884125 16866219.4422603 16838853.3463773 16811350.4200149 16783709.9790206 16755931.3358214 16728013.7994063 16699956.675309 16671759.2655912 16643420.8688249 16614940.7800747 16586318.2908808 16557552.6892409 16528643.2595928 16499589.2827965 16470390.0361162 16441044.7932024 16411552.8240741 16381913.3951002 16352125.7689814 16322189.204732 16292102.9576614 16261866.2793554 16231478.4176579 16200938.6166519 16170246.1166408 16139400.1541297 16108399.9618061 16077244.7685208 16045933.7992691 16014466.2751712 15982841.4134527 15951058.4274257 15919116.5264685 15887014.9160066 15854752.7974923 15822329.3683855 15789743.8221331 15756995.3481495 15724083.1317959 15691006.3543606 15657764.1930381 15624355.820909 15590780.4069192 15557037.1158595 15523125.1083445 15489043.540792 15454791.5654016 15420368.3301343 15385772.9786907 15351004.6504899 15316062.480648 15280945.599957 15245653.1348625 15210184.2074425 15174537.9353854 15138713.431968 15102709.8060336 15066526.1619694 15030161.599685 14993615.2145891 14956886.0975677 14919973.3349613 14882876.0085418 14845593.1954902 14808123.9683734 14770467.3951209 14732622.5390022 14694588.458603 14656364.2078017 14617948.8357464 14579341.3868308 14540540.9006707 14501546.4120797 14462356.9510458 14422971.5427068 14383389.207326 14343608.9602683 14303629.8119754 14263450.7679409 14223070.8286863 14182488.9897355 14141704.2415899 14100715.5697035 14059521.9544577 14018122.3711357 13976515.7898971 13934701.1757523 13892677.4885368 13850443.6828851 13807998.7082053 13765341.508652 13722471.023101 13679386.1851222 13636085.9229535 13592569.1594739 13548834.812177 13504881.7931436 13460709.009015 13416315.3609658 13371699.7446763 13326861.0503054 13281798.1624626 Principal 25016.337801443 25141.4194904503 25267.1265879025 25393.462220842 25520.4295319462 25648.031679606 25776.271838004 25905.153197194 26034.67896318 26164.8523579959 26295.6766197859 26427.1550028848 26559.2907778992 26692.0872317887 26825.5476679477 26959.6754062874 27094.4737833188 27229.9461522354 27366.0958829966 27502.9263624116 27640.4409942236 27778.6431991948 27917.5364151907 28057.1240972667 28197.409717753 28338.3967663418 28480.0887501735 28622.4891939244 28765.601639894 28909.4296480935 29053.9767963339 29199.2466803156 29345.2429137172 29491.9691282858 29639.4289739272 29787.6261187968 29936.5642493908 30086.2470706378 30236.678305991 30387.8616975209 30539.8010060085 30692.5000110386 30845.9625110938 31000.1923236492 31155.1932852675 31310.9692516938 31467.5240979523 31624.861718442 31782.9860270342 31941.9009571694 32101.6104619553 32262.118514265 32423.4291068364 32585.5462523705 32748.4739836324 32912.2163535506 33076.7774353183 33242.1613224949 33408.3721291074 33575.4139897529 33743.2910597017 33912.0075150002 34081.5675525752 34251.9753903381 34423.2352672898 34595.3514436262 34768.3282008443 34942.1698418486 35116.8806910578 35292.4650945131 35468.9274199857 35646.2720570856 35824.503417371 36003.6259344579 36183.6440641302 36364.5622844508 36546.3850958731 36729.1170213524 36912.7626064592 37097.3264194915 37282.8130515889 37469.2271168469 37656.5732524311 37844.8561186933 38034.0803992867 38224.2508012832 38415.3720552896 38607.448915566 38800.4861601439 38994.4885909446 39189.4610338993 39385.4083390688 39582.3353807642 39780.247057668 39979.1482929563 40179.0440344211 40379.9392545932 40581.8389508662 40784.7481456205 40988.6718863486 41193.6152457803 41399.5833220092 41606.5812386193 41814.6141448124 42023.6872155365 42233.8056516141 42444.9746798722 42657.1995532716 42870.4855510379 43084.8379787931 43300.2621686871 43516.7634795305 43734.3472969282 43953.0190334128 44172.7841285799 44393.6480492228 44615.6162894689 44838.6943709162 45062.8878427708 45288.2022819847 Interest 86680.8552928549 86555.7736038477 86430.0665063955 86303.7308734559 86176.7635623517 86049.161414692 85920.921256294 85792.0398971039 85662.514131118 85532.3407363021 85401.5164745121 85270.0380914132 85137.9023163988 85005.1058625092 84871.6454263503 84737.5176880106 84602.7193109791 84467.2469420625 84331.0972113014 84194.2667318864 84056.7521000743 83918.5498951032 83779.6566791072 83640.0689970313 83499.7833765449 83358.7963279562 83217.1043441245 83074.7039003736 82931.591454404 82787.7634462045 82643.216297964 82497.9464139824 82351.9501805808 82205.2239660122 82057.7641203708 81909.5669755011 81760.6288449072 81610.9460236602 81460.514788307 81309.3313967771 81157.3920882895 81004.6930832594 80851.2305832042 80697.0007706487 80541.9998090305 80386.2238426042 80229.6689963457 80072.3313758559 79914.2070672637 79755.2921371285 79595.5826323427 79435.0745800329 79273.7639874616 79111.6468419274 78948.7191106656 78784.9767407474 78620.4156589797 78455.0317718031 78288.8209651906 78121.779104545 77953.9020345963 77785.1855792978 77615.6255417228 77445.2177039599 77273.9578270082 77101.8416506718 76928.8648934536 76755.0232524494 76580.3124032402 76404.7279997849 76228.2656743123 76050.9210372124 75872.689676927 75693.5671598401 75513.5490301678 75332.6308098472 75150.8079984249 74968.0760729456 74784.4304878388 74599.8666748065 74414.380042709 74227.9659774511 74040.6198418668 73852.3369756047 73663.1126950112 73472.9422930148 73281.8210390084 73089.7441787319 72896.7069341541 72702.7045033534 72507.7320603987 72311.7847552292 72114.8577135338 71916.94603663 71718.0448013416 71518.1490598769 71317.2538397048 71115.3541434318 70912.4449486775 70708.5212079494 70503.5778485176 70297.6097722887 70090.6118556787 69882.5789494856 69673.5058787615 69463.3874426838 69252.2184144258 69039.9935410264 68826.70754326 68612.3551155048 68396.9309256109 68180.4296147674 67962.8457973698 67744.1740608852 67524.4089657181 67303.5450450752 67081.5768048291 66858.4987233817 66634.3052515272 66408.9908123133 Payment 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 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111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 111697.193094298 EoP 17311154.7207695 17286013.3012791 17260746.1746912 17235352.7124703 17209832.2829384 17184184.2512588 17158407.9794208 17132502.8262236 17106468.1472604 17080303.2949024 17054007.6182826 17027580.4632797 17001021.1725018 16974329.0852701 16947503.5376021 16920543.8621958 16893449.3884125 16866219.4422603 16838853.3463773 16811350.4200149 16783709.9790206 16755931.3358214 16728013.7994063 16699956.675309 16671759.2655912 16643420.8688249 16614940.7800747 16586318.2908808 16557552.6892409 16528643.2595928 16499589.2827965 16470390.0361162 16441044.7932024 16411552.8240741 16381913.3951002 16352125.7689814 16322189.204732 16292102.9576614 16261866.2793554 16231478.4176579 16200938.6166519 16170246.1166408 16139400.1541297 16108399.9618061 16077244.7685208 16045933.7992691 16014466.2751712 15982841.4134527 15951058.4274257 15919116.5264685 15887014.9160066 15854752.7974923 15822329.3683855 15789743.8221331 15756995.3481495 15724083.1317959 15691006.3543606 15657764.1930381 15624355.820909 15590780.4069192 15557037.1158595 15523125.1083445 15489043.540792 15454791.5654016 15420368.3301343 15385772.9786907 15351004.6504899 15316062.480648 15280945.599957 15245653.1348625 15210184.2074425 15174537.9353854 15138713.431968 15102709.8060336 15066526.1619694 15030161.599685 14993615.2145891 14956886.0975677 14919973.3349613 14882876.0085418 14845593.1954902 14808123.9683734 14770467.3951209 14732622.5390022 14694588.458603 14656364.2078017 14617948.8357464 14579341.3868308 14540540.9006707 14501546.4120797 14462356.9510458 14422971.5427068 14383389.207326 14343608.9602683 14303629.8119754 14263450.7679409 14223070.8286863 14182488.9897355 14141704.2415899 14100715.5697035 14059521.9544577 14018122.3711357 13976515.7898971 13934701.1757523 13892677.4885368 13850443.6828851 13807998.7082053 13765341.508652 13722471.023101 13679386.1851222 13636085.9229535 13592569.1594739 13548834.812177 13504881.7931436 13460709.009015 13416315.3609658 13371699.7446763 13326861.0503054 13281798.1624626 13236509.9601807 Annual Payment 1340366.31713158 1340366.31713158 1340366.31713158 1340366.31713158 1340366.31713158 1340366.31713158 1340366.31713158 1340366.31713158 1340366.31713158 1340366.31713158 debt per foot Zoning CBD zone has no density requirement for lots < 1/2 acre Code section 18-196, F1