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The Helm Financial Analysis
Date: Project: Number of Units: Freddie Mac Freddie Mac Freddie Mac Freddie Mac Freddie Mac Freddie Mac Borrower's Budget 5-Year Fixed 7-Year Fixed 10-Year Fixed 5-Year Fixed 7-Year Fixed 10-Year Fixed Rate Buy-Down Rate Buy-Down Rate Buy-Down Rate Buy-Down Rate Buy-Down Rate Buy-Down 15,110,000$ 15,100,000$ 15,070,000$ 15,290,000$ 15,270,000$ 15,250,000$ 70%70%70%70%70%70% 1.25 1.25 1.25 1.25 1.25 1.25 5 7 10 5 7 10 3 1 2 4 1 2 4 2.5 2.5 2.5 2.5 2.5 2.5 4.5 Years of Defeasance followed by 1% thereafter 6.5 Years of Defeasance followed by 1% thereafter 9.5 Years of Defeasance followed by 1% thereafter 4.5 Years of Defeasance followed by 1% thereafter 6.5 Years of Defeasance followed by 1% thereafter 9.5 Years of Defeasance followed by 1% thereafter 35 35 35 35 35 35 30 5-Year UST 7-Year UST 10-Year UST 5-Year UST 7-Year UST 10-Year UST 4.14%4.18%4.25%4.14%4.18%4.25% 1.76%1.73%1.67%1.76%1.73%1.67% 5.90%5.91%5.92%5.90%5.91%5.92%8.00% 15,110,000$ 15,100,000$ 15,070,000$ 15,290,000$ 15,270,000$ 15,250,000$ 12,496,898$ 9,909,688$ 9,919,340$ 9,948,298$ 9,735,943$ 9,755,248$ 9,469,553$ 11,817,718$ 25,019,688$ 25,019,340$ 25,018,298$ 25,025,943$ 25,025,248$ 24,719,553$ 24,314,616$ 39.6%39.6%39.8%38.9%39.0%38.3%48.6% 1,643,478$ 1,643,478$ 1,643,478$ 1,643,478$ 1,643,478$ 1,643,478$ 1,643,478$ 1.00%151,100$ 151,000$ 150,700$ 152,900$ 152,700$ 152,500$ -$ 0.10%15,110$ 15,100$ 15,070$ 15,290$ 15,270$ 15,250$ -$ 0.15%56,663$ 56,625$ 56,513$ 57,338$ 57,263$ 57,188$ -$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ -$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ 15,000$ -$ 65,000$ 65,000$ 65,000$ 65,000$ 65,000$ 65,000$ -$ 62,484$ 62,484$ 62,484$ 62,484$ 62,484$ 62,484$ 62,484$ 70,000$ 70,000$ 70,000$ 70,000$ 70,000$ 70,000$ 20,000$ 16,000$ 16,000$ 16,000$ 16,000$ 16,000$ 16,000$ 16,000$ 964,699$ 964,699$ 964,699$ 964,699$ 964,699$ 964,699$ 964,699$ 75,000$ 75,000$ 75,000$ 75,000$ 75,000$ 75,000$ 75,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 302,200$ 302,000$ 301,400$ 305,800$ 305,400$ -$ -$ 17,457,747$ 17,457,747$ 17,457,747$ 17,457,747$ 17,457,747$ 17,457,747$ 17,457,747$ 355,572$ 355,572$ 355,572$ 355,572$ 355,572$ 355,572$ 355,572$ (248,675)$ (248,675)$ (248,675)$ (248,675)$ (248,675)$ (248,675)$ (248,675)$ 1,047,465$ 1,047,465$ 1,047,465$ 1,047,465$ 1,047,465$ 1,047,465$ 1,047,465$ 249,600$ 249,600$ 249,600$ 249,600$ 249,600$ 249,600$ 249,600$ 744,484$ 744,484$ 744,484$ 744,484$ 744,484$ 744,484$ 744,484$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 50,000$ 129,141$ 129,141$ 129,141$ 129,141$ 129,141$ 129,141$ 129,141$ 66,070$ 66,070$ 66,070$ 66,070$ 66,070$ 66,070$ 66,070$ 21,271$ 21,271$ 21,271$ 21,271$ 21,271$ 21,271$ 21,271$ 677,900$ 677,900$ 677,900$ 677,900$ 677,900$ 677,900$ 677,900$ 65,000$ 65,000$ 65,000$ 65,000$ 65,000$ 65,000$ 65,000$ 31,415$ 31,415$ 31,415$ 31,415$ 31,415$ 31,415$ 31,415$ 10,000$ 10,000$ 10,000$ 10,000$ 10,000$ 10,000$ 10,000$ 38,000$ 38,000$ 38,000$ 38,000$ 38,000$ 38,000$ 38,000$ (23,063)$ (23,063)$ (23,063)$ (23,063)$ (23,063)$ (23,063)$ (23,063)$ 8,500$ 8,500$ 8,500$ 8,500$ 8,500$ 8,500$ 8,500$ 82,693$ 82,693$ 82,693$ 82,693$ 82,693$ 82,693$ 82,693$ 69,834$ 69,834$ 69,834$ 69,834$ 69,834$ 69,834$ 69,834$ 450,000$ 450,000$ 450,000$ 450,000$ 450,000$ 450,000$ 450,000$ 200,000$ 200,000$ 200,000$ 200,000$ 200,000$ 200,000$ 200,000$ 25,019,688$ 25,019,340$ 25,018,298$ 25,025,943$ 25,025,248$ 24,719,553$ 24,314,615$ 64.3%64.3%64.1%65.1%65.0%64.9% 1.25 1.25 1.25 1.25 1.25 1.25 #DIV/0! 1.43 1.43 1.43 1.43 1.43 1.43 #DIV/0! 1,277,319$ 1,277,319$ 1,277,319$ 1,291,883$ 1,291,883$ 1,291,883$ 1,269,999$ 23,500,000$ 23,500,000$ 23,500,000$ 23,500,000$ 23,500,000$ 23,500,000$ 27,509,343$ Sale Price in Year 3 5.44%5.44%5.44%5.50%5.50%5.50%4.62% 247,368$ 247,368$ 247,368$ 247,368$ 247,368$ 247,368$ 289,572$ 15,110,000$ 15,100,000$ 15,070,000$ 15,290,000$ 15,270,000$ 15,250,000$ 16,450,000$ 16,450,000$ 16,450,000$ 16,450,000$ 16,450,000$ 16,450,000$ 159,053$ 158,947$ 158,632$ 160,947$ 160,737$ 160,526$ Note: JLL Pricing Options Thursday, July 25, 2024 The Helm 95 Lending Program Interest Only (Years) Forward Period (Years) Prepayment Type (Years) Amortization (Years) Rate Stack General Loan Terms Maximum Loan Amount Loan to Value Debt Coverage Ratio Loan Term (Years) Source and Use Estimated Loan Amount Index Spread Total Rate Description of Uses Land Costs Perm Lender Financing Fee Freddie Mac Application Fee Standby Fees Sponsor Equity Total Sources Borrower Equity (%) Construction Interest Reserve Borrower, Legal, Survey, Title, etc. - Estimate Rate Buy-Down Costs JLL Processing / Application Fees (Including Third Party Reports) Conversion Fee Lender Legal Fee Const Lender Placement/Origination Construction Lender Legal Construction Loan Costs Developer Fee and Overhead (4%) Project Management Fees Utility Connection Fees Permits / Impact Fees Architecture and Engineering Costs Third Party Inspections Buildings Reveler Adds Value Engineering Contingency (6%) Commercial Tenant Improvements Actual LTV Actual DSCR (First Mortgage Only) Actual I/O DSCR (First Mortgage Only) Construction Administrative / Contingency Reveler Capital Fees Total Uses BECS Quality Contract Cost Segregation Study Lease Up and Marketing Willdan Energy Incentive Third Party Reports Property Tax / Owner's Interest Liability Max Debt Service Constrained Loan Amount Max Loan to Value Constrained Loan Amount Per Unit Loan Amount 1. Capitalization Rate is an estimate and will have to be proven out with the final Underwriting Report and Appraisal. Value will be restricted by Appraisal conclusions. Underwriting Assumptions Net Operating Income Assumed Value Implied Capitalization Rate Assumed Value Per unit Interest Rate Swap Budget Builder's Risk and Liability Insurance Operating Account Deposit Analysis Assumes 50% at 80% AMI and a 50% Exemption Analysis Assumes 20% at 80% AMI and a 20% Exemption 2. A Plan and Cost Report must be engaged which will evaluate the full set of plans, specs, and ensure compliance with all requirements. INCOME ANALYSIS The Helm 1 Mos.0.00%$0 3 Mos.0.00%$0 6 Mos.0.00%$0 12 Mos.0.00%$0 RR Collections -$ INCOME $$/Unit $$/Unit Statement T12/YTD Budget Gross Potential Rent (GPR)$2,080,920 $21,904 $2,000,514 $21,058 0.00%0.00%-3.86% Less Vacancy Loss:($166,474)8.00%($160,041)8.00%0.00%0.00%-3.86% Less Bad Debt:$0 0.00%$0 0.00%0.00%0.00%0.00% Less Concessions:$0 0.00%$0 0.00%0.00%0.00%0.00% Economic Vacancy 8.00%8.00% Net Rental Income $1,914,446 $20,152 $1,840,473 $19,373 Avg. Mon $159,537 $1,679 $153,373 $1,614 % Change Other Income Laundry/Vending Income (Net)$0 $0 $0 $0 0.00%0.00%0.00% Parking (Net)$0 $0 $0 $0 0.00%0.00%0.00% Commercial Income (Net)$94,848 $998 $94,848 $998 Borrower's Budget 0.00%0.00%0.00% Premiums (Furniture, Short/MTM lease fees)$0 $0 $0 $0 0.00%0.00%0.00% Corporate Premiums (Net)$0 $0 $0 $0 0.00%0.00%0.00% Cable $0 $0 $0 $0 0.00%0.00%0.00% Utility Reimbursements $31,160 $328 $31,160 $328 Borrower's Budget 0.00%0.00%0.00% NSF / Late Fees $0 $0 $0 $0 0.00%0.00%0.00% Storage Income $6,480 $68 $6,480 $68 Borrower's Budget 0.00%0.00%0.00% Administrative Fees $0 $0 $0 $0 0.00%0.00%0.00% Application Fees $17,100 $180 $17,100 $180 Borrower's Budget 0.00%0.00%0.00% Damage Fees / Forfeited Security Depsoits $0 $0 $0 $0 0.00%0.00%0.00% Legal/Eviction Fees $0 $0 $0 $0 0.00%0.00%0.00% Pet Fees $20,520 $216 $20,520 $216 Borrower's Budget 0.00%0.00%0.00% Trash Income $21,996 $232 $21,996 $232 Borrower's Budget 0.00%0.00%0.00% HOA / Community Fee Income $0 $0 $0 $0 0.00%0.00%0.00% Other Reimbursements $0 $0 $0 $0 0.00%0.00%0.00% Termination / Transfer Fees $17,100 $180 $17,100 $180 Borrower's Budget 0.00%0.00%0.00% Other Income $0 $0 $0 $0 0.00%0.00%0.00% Internet Income / Wi-Fi Income $0 $0 $0 $0 0.00%0.00%0.00% Amenity Fee $11,400 $120 $11,400 $120 Borrower's Budget 0.00%0.00%0.00% Bad Debt - Other Income ($7,049)($74)($7,049)($74)Borrower's Budget 0.00%0.00%0.00% Total Effective Other Income $213,555 $2,248 $213,555 $2,248 0.00%0.00%0.00% Effective Gross Income $2,128,001 $22,400 $2,054,028 $21,621 0.00%0.00%-3.48% Comm. % of EGI 4.62% Premiums % of EGI 0.00% Corp. Prems. % of EGI 0.00% EXPENSE ANALYSIS Current FIXED EXPENSES Annual $/Unit Annual $/Unit 2022 T12/YTD Budget 1 Real Estate Taxes $155,154 $1,633 $77,577 $817 JLL Estimate; JLL's estimate includes the Sponsor restricting 50% of the units at 80% AMI and completing all other requiremetns to qualify for the NC Exemption. 0.00%0.00%-50.00% 3 Insurance $172,500 $1,816 $172,500 $1,816 Borrower's Budget 0.00%0.00%0.00% 5 Ground Rent $0 $0 $0 $0 0.00%0.00%0.00% TOTAL FIXED $327,654 $3,449 $250,077 $2,632 OPERATING EXPENSES 6 Fuel $0 $0 $0 $0 0.00%0.00%0.00% 7 Gas $2,375 $25 $2,375 $25 Borrower's Budget 0.00%0.00%0.00% 8 Electricity $14,250 $150 $14,250 $150 Borrower's Budget 0.00%0.00%0.00% 9 Trash Removal $9,500 $100 $9,500 $100 Borrower's Budget 0.00%0.00%0.00% Project Name Budget UW vs. Historicals 07/25/24 UW Income Tests 2025 2025 Underwriting 07/25/24 UW NRI Comparison to Trailing Budget Underwriting Current EXPENSE ANALYSIS Project Name Subtotal Utilities $26,125 $275 $26,125 $275 0.00%0.00%0.00% 10 Water & Sewer $38,950 $410 $38,950 $410 Borrower's Budget 0.00%0.00%0.00% Utilities/Water & Sewer Combined $65,075 $685 $65,075 $685 12 Pest Control $0 $0 $0 $0 0.00%0.00%0.00% 13 Bldg. Repair & Maintenance $37,700 $397 $37,700 $397 Borrower's Budget 0.00%0.00%0.00% 14 Int. & Ext. Decorating $0 $0 $0 $0 0.00%0.00%0.00% 15 Cleaning/Turnover $47,500 $500 $47,500 $500 Borrower's Budget 0.00%0.00%0.00% 16 Supplies $0 $0 $0 $0 0.00%0.00%0.00% 17 Elevator/Security System Maint.$8,000 $84 $8,000 $84 Borrower's Budget 0.00%0.00%0.00% 18 Pool Maintenance $0 $0 $0 $0 0.00%0.00%0.00% 19 Parking Lot Maint./Snow Removal $0 $0 $0 $0 0.00%0.00%0.00% 20 Gardening/Landscaping $3,563 $38 $3,563 $38 Borrower's Budget 0.00%0.00%0.00% Subtotal Repairs and Maintenance $96,763 $1,019 $96,763 $1,019 0.00%0.00%0.00% 21 Nonresident Management $65,337 $688 $61,621 $649 0.00%0.00%-5.69% % EGI 3.1%3.0% PUPM $57 $54 22 Office Salaries $197,473 $2,079 $197,473 $2,079 Borrower's Budget 0.00%0.00%0.00% 23 Office Personnel Apt. Allowance $0 $0 $0 $0 0.00%0.00%0.00% 24 Maintenance Salary $0 $0 $0 $0 0.00%0.00%0.00% 25 Maintenance Apt. Allowance $0 $0 $0 $0 0.00%0.00%0.00% 26 Custodian Salary $0 $0 $0 $0 0.00%0.00%0.00% 27 Other Salaries $0 $0 $0 $0 0.00%0.00%0.00% 28 Security Salary $0 $0 $0 $0 0.00%0.00%0.00% 29 Benefits $0 $0 $0 $0 0.00%0.00%0.00% 30 Payroll Taxes $0 $0 $0 $0 0.00%0.00%0.00% Benefits %0.00%0.00%0.00%0.00%0.00% Payroll Taxes %0.00%0.00%0.00%0.00%0.00% Subtotal Payroll, Taxes and Benefits $197,473 $2,079 $197,473 $2,079 0.00%0.00%0.00% R&M and Payroll Combined $294,236 $3,097 $294,236 $3,097 2 Other Taxes or Assmnts $0 $0 $0 $0 0.00%0.00%0.00% 4 Licenses $0 $0 $0 $0 0.00%0.00%0.00% 31 Cable TV $0 $0 $0 $0 0.00%0.00%0.00% 32 Marketing/Advertising $7,500 $79 $7,500 $79 Borrower's Budget 0.00%0.00%0.00% 33 Telephone $0 $0 $0 $0 0.00%0.00%0.00% 34 Legal & Audit $12,500 $132 $12,500 $132 Borrower's Budget 0.00%0.00%0.00% 35 Model Apts.$0 $0 $0 $0 0.00%0.00%0.00% 36 Office Expenses $61,950 $652 $61,950 $652 Borrower's Budget 0.00%0.00%0.00% 37 Misc. Administrative $0 $0 $0 $0 0.00%0.00%0.00% 38 Other Administrative $0 $0 $0 $0 0.00%0.00%0.00% Subtotal Administrative $81,950 $863 $81,950 $863 0.00%0.00%0.00% Total Operating Expenses $506,598 $5,333 $502,882 $5,293 0.00%0.00%-0.73% Total Fixed and Operating Expenses $834,252 $8,782 $752,959 $7,926 0.00%0.00%-9.74% Reserves $23,750 $250 $23,750 $250 Total Expenses & Reserves $858,002 $9,032 $776,709 $8,176 3170.35%3170.35%-9.47% 40.3%37.8% #DIV/0!#DIV/0! Net Cash Flow or NOI $1,269,999 $13,368 $1,277,319 $13,445 Capital Improvements $0 $0 $0 DSCR Summary Based on Note Rate Permanent Loan ADS based on Note Rate $0 $0 N/A Perm Loan DSCR based on Note Rate - - N/A Guaranty Fee Servicing Fee Combined Loan Debt Service --N/A Current Combined DSCR - - N/A Proposed 0.00%0.00% Permanent Loan I/O DSCR @ Actual Rate (if Applicable)#DIV/0!#DIV/0! Actual Contract Rate Current Annual Debt Service % EGI: Per square foot NRA: If Fannie portfolio refinance RENT ROLL SUMMARY The Helm Rent Roll Dated: Vac.Empl.M/O/Maint.Subsidy/Sect. 8 UW Rent Basis Total Units 95 0 0 0 0 Unit Size Amount ($) Annualized Adj. GPR Adj. Rents $166,710 $0 $0 $0 0%Studio $0 Physical Occupancy NRA 67,675 1BR $0 2BR Actual GPR Per RR 3BR 4BR Note that if you have Section 8 Voucher Tenants with above market rents, you must manually reduce those units to the lower market rent when inputting your Average RR rent Note: for efficiency or studio, enter "0" for No. of Bedrooms LIHTC Rent Unit ##Size #% of Total Set Effective Max HAP Market Asking Average Rent UW Monthly Market Code BR BA (Sq. Ft)Units Unit Type Total Sq. Ft Aside %Rent (net util allow)Rent Rent Rent Per RR Rent UW Income Advantage 1 0 1 475 4 Flat 4%1,900 80%$1,390 $1,513 $1,325 $1,325 $1,325 $5,300 12%Avg. Scheduled Rent more than 10% below Market 2 1 1 525 11 Flat 12%5,775 80%$1,489 $1,758 $1,410 $1,410 $1,410 $15,510 20%Avg. Scheduled Rent more than 10% below Market 3 1 1 600 17 Flat 18%10,200 80%$1,489 $1,758 $1,738 $1,738 $1,489 $25,313 15%Avg. Scheduled Rent more than 10% below Market 4 1 1 650 16 Flat 17%10,400 80%$1,489 $1,758 $1,643 $1,643 $1,489 $23,824 15%Avg. Scheduled Rent more than 10% below Market 5 1 1 700 15 Flat 16%10,500 $1,758 $1,758 $1,758 $1,758 $26,363 -Avg. Scheduled Rent less than 10% below Market 6 2 2 875 20 Flat 21%17,500 $2,710 $2,200 $2,200 $2,200 $44,000 -Avg. Scheduled Rent less than 10% below Market 7 2 2 950 12 Flat 13%11,400 $2,710 $2,200 $2,200 $2,200 $26,400 -Avg. Scheduled Rent less than 10% below Market Spread Indicator Pro-Forma Utility Allowances The lower of actual, LIHTC, or uw market rents $2,000,514 100.00% $0 RENT ROLL SUMMARY The Helm Rent Roll Dated: Vac.Empl.M/O/Maint.Subsidy/Sect. 8 UW Rent Basis Total Units 95 0 0 0 0 Unit Size Amount ($) Annualized Adj. GPR Adj. Rents $172,416 $0 $0 $0 0%Studio $0 Physical Occupancy NRA 68,375 1BR $0 2BR Actual GPR Per RR 3BR 4BR Note that if you have Section 8 Voucher Tenants with above market rents, you must manually reduce those units to the lower market rent when inputting your Average RR rent Note: for efficiency or studio, enter "0" for No. of Bedrooms LIHTC Rent Unit ##Size #% of Total Set Effective Max HAP Market Asking Average Rent UW Monthly Market Code BR BA (Sq. Ft)Units Unit Type Total Sq. Ft Aside %Rent (net util allow)Rent Rent Rent Per RR Rent UW Income Advantage 1 0 1 475 4 Flat 4%1,900 80%$1,390 $1,513 $1,325 $1,325 $1,325 $5,300 12%Avg. Scheduled Rent more than 10% below Market 2 1 1 525 11 Flat 12%5,775 80%$1,489 $1,758 $1,410 $1,410 $1,410 $15,510 20%Avg. Scheduled Rent more than 10% below Market 3 1 1 600 4 Flat 4%2,400 80%$1,489 $1,758 $1,738 $1,738 $1,489 $5,956 15%Avg. Scheduled Rent more than 10% below Market 4 1 1 650 12 Flat 13%7,800 $1,758 $1,738 $1,738 $1,738 $20,850 -Avg. Scheduled Rent less than 10% below Market 5 1 1 650 16 Flat 17%10,400 $1,758 $1,643 $1,643 $1,643 $26,280 -Avg. Scheduled Rent less than 10% below Market 6 1 1 700 16 Flat 17%11,200 $1,758 $1,758 $1,758 $1,758 $28,120 -Avg. Scheduled Rent less than 10% below Market 7 2 2 875 20 Flat 21%17,500 $2,710 $2,200 $2,200 $2,200 $44,000 -Avg. Scheduled Rent less than 10% below Market 8 2 2 950 12 Flat 13%11,400 $2,710 $2,200 $2,200 $2,200 $26,400 -Avg. Scheduled Rent less than 10% below Market Spread Indicator Pro-Forma Utility Allowances The lower of actual, LIHTC, or uw market rents $2,068,992 100.00% $0