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HomeMy WebLinkAboutREVISED The Helm Pro FormaPROJECT SUMMARY Development: Owner: Location: County: Total Units: Units by Bedroom Size Efficiency 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5+ Bedroom Total Operating Budget Gross Rent Potential Other Income Vacancy Adjusted Gross Income Operating Expenses Net Operating Income Debt Service Debt & Cash Flow Over Time Year 1 Operating Margin Year 5 Operating Margin Year 10 Operating Margin Year 15 Operating Maring Development Costs Predevelopment & Feasibility Building & Property Acquisition Construction Costs Professional Services Carrying & Construction Financing Costs Permanent Financing & Syndication Reserves Construction & Bridge Loan Interest Developer Fee Total Development Costs Sources Total Sources Surplus/(Gap) The Helm - 1010 North 4th Street LLC Reveler Development Co. 1010 North 4th Street New Hanover County 95 0 63 32 0 0 0 95 Annual 1951488 6000 586791.72 1135797.72 1.93560624884073 1.76909012813816 1.57416393392093 1.3929592942338 Units by Income Target 0.3 0.4 0.5 0.6 0.8 1.2 Total Per Unit 20541.9789 63.1579 6176.7549 11955.7655 Year 1 Net Cash Flow Year 5 Net Cash Flow Year 10 Net Cash Flow Year 15 Net Cash Flow Total 744065 1643478 18683179 120401 1584274 28000 100000 2745952.1875 1025973.9675 26675323.155 Total 0 0 0 0 0 0 0 0 0 -26675323.155 0 0 0 0 45 0 45 Long-Term Trending Assumptions Combined Vacancy Rate: Rent Inflation: Expense Inflation: Administration Maintenance Operating Escrows & Reserves Per Unit 7832.2632 17299.7684 196665.0421 1267.3789 16676.5684 294.7368 1052.6316 28904.7599 10799.726 280792.8753 Per Unit 0 0 0 0 0 0 0 0 0 -280792.8753 % of TDC 2.78933827971159E-02 0.061610425127695 0.700391852477991 4.51357231176786E-03 0.059390995595167 1.04965926138072E-03 3.74878307635971E-03 0.102939790890984 3.84615384615385E-02 1 % of TDC 0 0 0 0 0 0 0 0 0 -1 Units by Structure Type Single Family Duplex Triplex Fourplex Townhome Apartment Condo Other Total 1135797.72 1191229.2131 1258916.9564 1323083.6406 True 0 0 0 0 0 46 0 0 46 0.12 0.02 0.035 0.035 0.035 0.035 11955.7655 12539.2549 13251.7574 13927.1962 Units 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 18 Units 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 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 REVENUE PROJECTIONS Address 1010 N 4th Street - 101 1010 N 4th Street - 102 1010 N 4th Street - 103 1010 N 4th Street - 104 1010 N 4th Street - 105 1010 N 4th Street - 106 1010 N 4th Street - 107 1010 N 4th Street - 108 1010 N 4th Street - 109 1010 N 4th Street - 110 1010 N 4th Street - 111 1010 N 4th Street - 112 1010 N 4th Street - 113 1010 N 4th Street - 114 1010 N 4th Street - 201 1010 N 4th Street - 202 1010 N 4th Street - 203 1010 N 4th Street - 204 1010 N 4th Street - 205 1010 N 4th Street - 206 1010 N 4th Street - 207 1010 N 4th Street - 208 1010 N 4th Street - 208 1010 N 4th Street - 209 1010 N 4th Street - 210 1010 N 4th Street - 211 1010 N 4th Street - 212 1010 N 4th Street - 213 1010 N 4th Street - 214 1010 N 4th Street - 215 1010 N 4th Street - 216 1010 N 4th Street - 217 1010 N 4th Street - 218 1010 N 4th Street - 219 1010 N 4th Street - 220 1010 N 4th Street - 221 1010 N 4th Street - 222 1010 N 4th Street - 223 1010 N 4th Street - 224 1010 N 4th Street - 225 1010 N 4th Street - 226 1010 N 4th Street - 227 1010 N 4th Street - 301 1010 N 4th Street - 302 1010 N 4th Street - 303 1010 N 4th Street - 304 1010 N 4th Street - 305 1010 N 4th Street - 306 1010 N 4th Street - 307 1010 N 4th Street - 308 1010 N 4th Street - 309 1010 N 4th Street - 310 1010 N 4th Street - 311 1010 N 4th Street - 312 1010 N 4th Street - 313 1010 N 4th Street - 314 1010 N 4th Street - 315 1010 N 4th Street - 316 1010 N 4th Street - 317 1010 N 4th Street - 318 1010 N 4th Street - 319 1010 N 4th Street - 320 1010 N 4th Street - 321 1010 N 4th Street - 322 1010 N 4th Street - 323 1010 N 4th Street - 324 1010 N 4th Street - 325 1010 N 4th Street - 326 1010 N 4th Street - 327 1010 N 4th Street - 401 1010 N 4th Street - 402 1010 N 4th Street - 403 1010 N 4th Street - 404 1010 N 4th Street - 405 1010 N 4th Street - 406 1010 N 4th Street - 407 1010 N 4th Street - 408 1010 N 4th Street - 409 1010 N 4th Street - 410 1010 N 4th Street - 411 1010 N 4th Street - 412 1010 N 4th Street - 413 1010 N 4th Street - 414 1010 N 4th Street - 415 1010 N 4th Street - 416 1010 N 4th Street - 417 1010 N 4th Street - 418 1010 N 4th Street - 419 1010 N 4th Street - 420 1010 N 4th Street - 421 1010 N 4th Street - 422 1010 N 4th Street - 423 1010 N 4th Street - 424 1010 N 4th Street - 425 1010 N 4th Street - 426 Total Units Other Income Miscellaneous & Interest Laundry Carports Tenant Charges (late fees, nonsufficient funds, etc) Other Totals Unit A B B B C1 C1 C1 C1 D D D D E1 E1 A B B B C1 C1 C1 C1 D D D D E1 E1 E1 E1 E1 E2 E2 E2 E2 C2 C2 C2 C2 C2 C2 C2 A B B B B C1 C1 C1 C1 D D D D E1 E1 E1 E1 E1 E2 E2 E2 E2 C2 C2 C2 C2 C2 A B C1 C1 C1 C1 D D D D E1 E1 E1 E1 E1 E1 E1 E1 E2 E2 E2 E2 C2 C2 C2 C2 95 Structure Type Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Apartment Bedrooms 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 Baths 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 Total Sq Footage Monthly 250 0 0 250 0 500 Sq Ft 475 525 525 525 600 600 600 600 700 700 700 700 875 875 475 525 525 525 550 550 550 550 700 700 700 700 875 875 875 875 875 950 950 950 950 650 650 650 650 650 650 650 475 525 525 525 525 600 600 600 600 700 700 700 700 875 875 875 875 875 950 950 950 950 650 650 650 650 650 475 525 600 600 600 600 700 700 700 700 875 875 875 875 875 875 875 875 950 950 950 950 650 650 650 650 67575 Annually 3000 0 0 3000 0 6000 Income Target 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Market Market Market Market Market Market 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market Market 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Market Market Market Market Market Market Market Market Market Market Market Market Market 0.8 0.8 Market Market Market 0.8 0.8 0.8 0.8 0.8 0.8 Market Market Market Market 0.8 0.8 0.8 0.8 0.8 Market Market Market Market Market Market Market 0.8 0.8 0.8 0.8 Utility Allowance 50 50 50 50 50 50 50 50 0 0 0 0 0 0 50 50 50 50 50 50 50 50 50 50 50 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 50 50 50 50 50 50 50 50 50 0 0 0 0 0 0 0 0 0 0 0 0 0 50 50 0 0 0 50 50 50 50 50 50 0 0 0 0 50 50 50 50 50 0 0 0 0 0 0 0 50 50 50 50 Monthly Rent Potential Annual Rent Potential Proposed Contract Rent 1340 1439 1439 1439 1439 1439 1439 1439 1497 1497 1497 1497 2200 2200 1340 1439 1439 1439 1439 1439 1439 1439 1439 1439 1439 1497 2200 2200 2200 2200 2200 2200 2200 2200 2200 1643 1643 1643 1643 1643 1643 1643 1439 1439 1439 1439 1439 1439 1439 1439 1439 1497 1497 1497 1497 2200 2200 2200 2200 2200 2200 2200 2200 2200 1439 1439 1643 1643 1643 1340 1439 1439 1439 1439 1439 1497 1497 1497 1497 2014 2014 2014 2014 2014 2200 2200 2200 2200 2200 2200 2200 1439 1439 1439 1439 162624 1951488 1711.8316 Gross Rent 1390 1489 1489 1489 1489 1489 1489 1489 1497 1497 1497 1497 2200 2200 1390 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1497 2200 2200 2200 2200 2200 2200 2200 2200 2200 1643 1643 1643 1643 1643 1643 1643 1489 1489 1489 1489 1489 1489 1489 1489 1489 1497 1497 1497 1497 2200 2200 2200 2200 2200 2200 2200 2200 2200 1489 1489 1643 1643 1643 1390 1489 1489 1489 1489 1489 1497 1497 1497 1497 2064 2064 2064 2064 2064 2200 2200 2200 2200 2200 2200 2200 1489 1489 1489 1489 Max Rent Allowed 1390 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 2064 2064 1390 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 2064 2064 2064 2064 2064 2064 2064 2064 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 1489 2064 2064 2064 2064 2064 2064 2064 2064 2064 1489 1489 1489 1489 1489 1390 1489 1489 1489 1489 1489 1489 1489 1489 1489 2064 2064 2064 2064 2064 2064 2064 2064 2064 2064 2064 2064 1489 1489 1489 1489 Rent Acceptable? Yes Yes Yes Yes Yes Yes Yes Yes Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Yes Yes Yes Yes Yes Yes Yes Yes Yes Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Yes Yes Over Limit Over Limit Over Limit Yes Yes Yes Yes Yes Yes Over Limit Over Limit Over Limit Over Limit Yes Yes Yes Yes Yes Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Over Limit Yes Yes Yes Yes 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 ANNUAL OPERATING BUDGET REVENUE Gross Rent Potential Other Revenue Subtotal Combined Vacancy Factor Adjusted Income TOTAL OPERATING EXPENSES Administrative Costs Advertising Management Legal/Partnership Accounting/Audit Compliance Monitoring Other Subtotal Maintenance Preventative Maintenance Unit Turns Exterminating Grounds Other Subtotal Operating Elevator Project Paid Fuel Common Electricity Water/Sewer Gas Trash Removal Payroll Payroll Taxes & Fringes Other Subtotal Escrows & Reserves Insurance Real Estate Taxes Other Taxes Replacement Reserve Other: Subtotal Total Operating Expenses Net Operating Income MORTGAGE Debt Coverage Ratio Max Mortgage Pmt Amortization (years) Interest Rate Projected Mortgage ACTUAL Mortgage Override Mortgage Payment Cash Flow Operating Margin 0.12 Annual 1951488 6000 1957488 234898.56 1722589.44 Annual Total Annual 9000 126846.72 15000 10000 5500 0 166346.72 Annual 14250 40375 10620 9000 0 74245 Annual 7500 0 4800 1800 900 6600 0 0 0 21600 Annual 134500 155100 0 35000 0 324600 586791.72 1135797.72 1.5 757198.48 20 0.0529 9333186.4042 0 0 Annual 1135797.72 1.93560624884073 Per Unit 20541.9789 63.1579 20605.1368 2472.6164 18132.5204 Per Unit Total Per Unit 94.7368 1335.2286 157.8947 105.2632 57.8947 0 1751.0181 Per Unit 150 425 111.7895 94.7368 0 781.5263 Per Unit 78.9474 0 50.5263 18.9474 9.4737 69.4737 0 0 0 227.3684 Per Unit 1415.7895 1632.6316 0 368.4211 0 3416.8421 6176.7549 11955.7655 7970.5103 98244.0674 0 Per Unit 11955.7655 1 % of Revenue 9.65678275608145E-02 4.31008099062769E-02 0.012539261822016 0.18843724015863 0.340645139447737 0.659354860552263 0.439569907034842 0 Override 9000 126846.72 15000 10000 5500 0 14250 40375 10620 9000 0 7500 0 4800 1800 900 6600 0 0 0 134500 155100 0 35000 0 Unit Address Unit # Structure Type Bedrooms Itemized Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1010 N 4th Street - 101 A Apartment 1 2 1010 N 4th Street - 102 B Apartment 1 3 1010 N 4th Street - 103 B Apartment 1 4 1010 N 4th Street - 104 B Apartment 1 5 1010 N 4th Street - 105 C1 Apartment 1 6 1010 N 4th Street - 106 C1 Apartment 1 7 1010 N 4th Street - 107 C1 Apartment 1 8 1010 N 4th Street - 108 C1 Apartment 1 9 1010 N 4th Street - 109 D Apartment 1 10 1010 N 4th Street - 110 D Apartment 1 11 1010 N 4th Street - 111 D Apartment 1 12 1010 N 4th Street - 112 D Apartment 1 13 1010 N 4th Street - 113 E1 Apartment 2 14 1010 N 4th Street - 114 E1 Apartment 2 15 1010 N 4th Street - 201 A Apartment 1 16 1010 N 4th Street - 202 B Apartment 1 17 1010 N 4th Street - 203 B Apartment 1 18 1010 N 4th Street - 204 B Apartment 1 19 1010 N 4th Street - 205 C1 Apartment 1 20 1010 N 4th Street - 206 C1 Apartment 1 21 1010 N 4th Street - 207 C1 Apartment 1 22 1010 N 4th Street - 208 C1 Apartment 1 23 1010 N 4th Street - 209 D Apartment 1 24 1010 N 4th Street - 210 D Apartment 1 25 1010 N 4th Street - 211 D Apartment 1 26 1010 N 4th Street - 212 D Apartment 1 27 1010 N 4th Street - 213 E1 Apartment 2 28 1010 N 4th Street - 214 E1 Apartment 2 29 1010 N 4th Street - 215 E1 Apartment 2 30 1010 N 4th Street - 216 E1 Apartment 2 31 1010 N 4th Street - 217 E1 Apartment 2 32 1010 N 4th Street - 218 E2 Apartment 2 33 1010 N 4th Street - 219 E2 Apartment 2 34 1010 N 4th Street - 220 E2 Apartment 2 35 1010 N 4th Street - 221 E2 Apartment 2 36 1010 N 4th Street - 222 C2 Apartment 1 37 1010 N 4th Street - 223 C2 Apartment 1 38 1010 N 4th Street - 224 C2 Apartment 1 39 1010 N 4th Street - 225 C2 Apartment 1 40 1010 N 4th Street - 225 C2 Apartment 1 41 1010 N 4th Street - 226 C2 Apartment 1 42 1010 N 4th Street - 227 C2 Apartment 1 43 1010 N 4th Street - 301 A Apartment 1 44 1010 N 4th Street - 302 B Apartment 1 45 1010 N 4th Street - 303 B Apartment 1 46 1010 N 4th Street - 304 B Apartment 1 47 1010 N 4th Street - 305 B Apartment 1 48 1010 N 4th Street - 306 B Apartment 1 49 1010 N 4th Street - 307 B Apartment 1 50 1010 N 4th Street - 308 B Apartment 1 51 1010 N 4th Street - 309 B Apartment 1 52 1010 N 4th Street - 310 B Apartment 1 53 1010 N 4th Street - 311 B Apartment 1 54 1010 N 4th Street - 312 B Apartment 1 55 1010 N 4th Street - 313 B Apartment 1 56 1010 N 4th Street - 314 B Apartment 1 57 1010 N 4th Street - 315 B Apartment 1 58 1010 N 4th Street - 316 B Apartment 1 59 1010 N 4th Street - 317 B Apartment 1 60 1010 N 4th Street - 318 B Apartment 1 61 1010 N 4th Street - 319 B Apartment 1 62 1010 N 4th Street - 320 B Apartment 1 63 1010 N 4th Street - 321 B Apartment 1 64 1010 N 4th Street - 322 B Apartment 1 65 1010 N 4th Street - 323 B Apartment 1 66 1010 N 4th Street - 324 B Apartment 1 67 1010 N 4th Street - 325 B Apartment 1 68 1010 N 4th Street - 326 B Apartment 1 69 1010 N 4th Street - 327 B Apartment 1 70 1010 N 4th Street - 401 B Apartment 1 71 1010 N 4th Street - 402 B Apartment 1 72 1010 N 4th Street - 403 B Apartment 1 73 1010 N 4th Street - 404 B Apartment 1 74 1010 N 4th Street - 405 B Apartment 1 75 1010 N 4th Street - 406 B Apartment 1 76 1010 N 4th Street - 407 B Apartment 1 77 1010 N 4th Street - 408 B Apartment 1 78 1010 N 4th Street - 409 B Apartment 1 79 1010 N 4th Street - 410 B Apartment 1 80 1010 N 4th Street - 411 B Apartment 1 81 1010 N 4th Street - 412 B Apartment 1 82 1010 N 4th Street - 413 B Apartment 1 83 1010 N 4th Street - 414 B Apartment 1 84 1010 N 4th Street - 415 B Apartment 1 85 1010 N 4th Street - 416 B Apartment 1 86 1010 N 4th Street - 417 B Apartment 1 87 1010 N 4th Street - 418 B Apartment 1 88 1010 N 4th Street - 419 B Apartment 1 89 1010 N 4th Street - 420 B Apartment 1 90 1010 N 4th Street - 421 B Apartment 1 91 1010 N 4th Street - 422 B Apartment 1 92 1010 N 4th Street - 423 B Apartment 1 93 1010 N 4th Street - 424 B Apartment 1 94 1010 N 4th Street - 425 B Apartment 1 95 1010 N 4th Street - 426 B Apartment 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Operating Cash Flow Projection REVENUE Gross Income Potential Vacancy Factor Net Income Per Unit OPERATING EXPENSES Administration Maintenance Operating Escrows & Reserves Total Operating Expenses Per Unit Net Operating Income Per Unit Debt Service Debt Coverage Ratio Operating Margin CASH FLOW Per Unit Operating Deficit Reserve Analysis Starting Balance Annual Operating Deficit Interest Earned on Reserve Ending Balance 0.12 Inflator 0.02 Inflator 0.035 0.035 0.035 0.035 0 Year 1 1957488 234898.56 1722589.44 18132.5204 166346.72 74245 21600 324600 586791.72 6176.7549 1135797.72 11955.7655 0 n/a 1.93560624884073 1135797.72 11955.7655 0 0 0 0 Year 2 1996637.76 239596.5312 1757041.2288 18495.1708 172168.8552 76843.575 22356 335961 607329.4302 6392.9414 1149711.7986 12102.2295 0 n/a 1.89306123074159 1149711.7986 12102.2295 0 0 0 0 Year 3 2036570.5152 244388.4618 1792182.0534 18865.0742 178194.7651 79533.1001 23138.46 347719.635 628585.9603 6616.6943 1163596.0931 12248.3799 0 n/a 1.85113280710765 1163596.0931 12248.3799 0 0 0 0 Year 4 2077301.9255 249276.2311 1828025.6944 19242.3757 184431.5819 82316.7586 23948.3061 359889.8222 650586.4689 6848.2786 1177439.2256 12394.0971 0 n/a 1.80981204178725 1177439.2256 12394.0971 0 0 0 0 Year 5 2118847.964 254261.7557 1864586.2083 19627.2232 190886.6873 85197.8452 24786.4968 372485.966 673356.9953 7087.9684 1191229.2131 12539.2549 0 n/a 1.76909012813816 1191229.2131 12539.2549 0 0 0 0 Year 6 2161224.9233 259346.9908 1901877.9325 20019.7677 197567.7213 88179.7698 25654.0242 385522.9748 696924.4901 7336.0473 1204953.4424 12683.7204 0 n/a 1.72895838715065 1204953.4424 12683.7204 0 0 0 0 Year 7 2204449.4218 264533.9306 1939915.4911 20420.1631 204482.5916 91266.0617 26551.915 399016.2789 721316.8473 7592.8089 1218598.6439 12827.3541 0 n/a 1.68940826559775 1218598.6439 12827.3541 0 0 0 0 Year 8 2248538.4102 269824.6092 1978713.801 20828.5663 211639.4823 94460.3739 27481.2321 412981.8487 746562.9369 7858.5572 1232150.8641 12970.0091 0 n/a 1.65043133421227 1232150.8641 12970.0091 0 0 0 0 Year 9 2293509.1784 275221.1014 2018288.077 21245.1377 219046.8642 97766.4869 28443.0752 427436.2134 772692.6397 8133.6067 1245595.4373 13111.5309 0 n/a 1.61201928589035 1245595.4373 13111.5309 0 0 0 0 Year 10 2339379.362 280725.5234 2058653.8385 21670.0404 226713.5044 101188.314 29438.5828 442396.4809 799736.8821 8418.283 1258916.9564 13251.7574 0 n/a 1.57416393392093 1258916.9564 13251.7574 0 0 0 0 Year 11 2386166.9492 286340.0339 2099826.9153 22103.4412 234648.4771 104729.905 30468.9332 457880.3577 827727.673 8712.9229 1272099.2423 13390.5183 0 n/a 1.53685721024092 1272099.2423 13390.5183 0 0 0 0 Year 12 2433890.2882 292066.8346 2141823.4536 22545.51 242861.1738 108395.4517 31535.3459 473906.1702 856698.1415 9017.8752 1285125.3121 13527.6349 0 n/a 1.50009116371569 1285125.3121 13527.6349 0 0 0 0 Year 13 2482568.094 297908.1713 2184659.9227 22996.4202 251361.3148 112189.2925 32639.083 490492.8862 886682.5765 9333.5008 1297977.3462 13662.9194 0 n/a 1.46385795844444 1297977.3462 13662.9194 0 0 0 0 Year 14 2532219.4558 303866.3347 2228353.1211 23456.3486 260158.9609 116115.9177 33781.4509 507660.1372 917716.4667 9660.1733 1310636.6545 13796.1753 0 n/a 1.42814987209018 1310636.6545 13796.1753 0 0 0 0 Year 15 2582863.845 309943.6614 2272920.1836 23925.4756 269264.5245 120179.9748 34963.8017 525428.242 949836.543 9998.2794 1323083.6406 13927.1962 0 n/a 1.3929592942338 1323083.6406 13927.1962 0 0 0 0 Year 16 2634521.1218 316142.5346 2318378.5872 24403.9851 278688.7829 124386.2739 36187.5347 543818.2305 983080.822 10348.2192 1335297.7652 14055.7659 0 n/a 1.35827872475215 1335297.7652 14055.7659 0 0 0 0 Year 17 2687211.5443 322465.3853 2364746.159 24892.0648 288442.8903 128739.7935 37454.0985 562851.8685 1017488.6508 10710.4069 1347257.5082 14181.658 0 n/a 1.32410077221951 1347257.5082 14181.658 0 0 0 0 Year 18 2740955.7752 328914.693 2412041.0822 25389.9061 298538.3914 133245.6863 38764.9919 582551.6839 1053100.7535 11085.2711 1358940.3286 14304.635 0 n/a 1.29041815233227 1358940.3286 14304.635 0 0 0 0 Year 19 2795774.8907 335492.9869 2460281.9038 25897.7043 308987.2351 137909.2853 40121.7666 602940.9929 1089959.2799 11473.2556 1370322.6239 14424.4487 0 n/a 1.25722368635644 1370322.6239 14424.4487 0 0 0 0 Year 20 2851690.3885 342202.8466 2509487.5419 26415.6583 319801.7883 142736.1103 41526.0285 624043.9276 1128107.8547 11874.8195 1381379.6872 14540.8388 0 n/a 1.22451029959765 1381379.6872 14540.8388 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 DEVELOPMENT BUDGET Predevelopment & Feasibility Appraiser Architect & Engineer Environmental Reviews & Reports (Phase I, Phase II, etc) Market Analysis Preliminary Title Search Survey Consultant Application Fees Other: Building & Property Acquisition Land Closing Costs @ Acquisition Misc Construction Costs Base Construction Costs Permits, Impact/Tap Fees Landscaping Appliance Package Other: Contractor General Conditions (calc on Base) Contractor Overhead Contractor Profit CONSTRUCTION CONTINGENCY Professional Services Legal Title & Recording Cost Certification Marketing /Advertising Carrying & Construction Financing Costs Inspection & Draw Fees Points & Bank Fees Builder's Risk Insurance Property Insurance Real Estate Taxes Interim/Capitalized Operating Costs Permanent Financing & Syndication Points & Bank Fees Title & Recording Partnership & Organization Expense Legal (including tax opinion) Other Reserves Rent Up Reserves Operating Reserves Deficit Reserve (as calculated by 20 Year Projection) Replacement Reserves Other Construction & Bridge Loan Interest Developer Fee TOTAL DEVELOPMENT COSTS (TDC): 276.4806 0.04 per sq. ft. /Hard & Soft Costs 0 0 0 0.1 Subtotal Hard & Soft Costs Total Predevelopment: Total Acquisition: / hard cost / hard cost / hard cost / hard cost Total Construction: Total Professional Fees: Total Carrying Costs: Total Permanent Financing & Syndication: Total Reserves: 25649349.1875 Project Totals 8500 622900 10000 65000 0 5000 31415 1250 0 744065 1643478 0 0 1643478 17564644 71070 0 0 0 0 0 0 1047465 18683179 20000 82401 0 38000 120401 16000 0 219749 172500 155154 1020871 1584274 0 15500 0 12500 0 28000 15000 85000 0 0 0 100000 2745952.18752813 1025973.96750113 26675323.155 Per Unit 89.4736842105263 6556.84210526316 105.263157894737 684.210526315789 0 52.6315789473684 330.684210526316 13.1578947368421 0 7832.2632 17299.7684210526 0 0 17299.7684 184890.989473684 748.105263157895 0 0 0 0 0 0 11025.9473684211 196665.0421 210.526315789474 867.378947368421 0 400 1267.3789 168.421052631579 0 2313.14736842105 1815.78947368421 1633.2 10746.0105263158 16676.5684 0 163.157894736842 0 131.578947368421 0 294.7368 157.894736842105 894.736842105263 0 0 0 1052.6316 28904.7598687171 10799.7259736961 280792.8753 Override 8500 622900 10000 65000 0 5000 31415 1250 0 1643478 0 0 17564644 71070 0 0 0 1047465 20000 82401 38000 16000 0 219749 172500 155154 1020871 0 15500 0 12500 0 15000 85000 Unit Addresss Unit # Structure Type Bedrooms Itemized Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1010 N 4th Street - 101 A Apartment 1 0 0 0 0 0 2 1010 N 4th Street - 102 B Apartment 1 0 0 0 0 0 3 1010 N 4th Street - 103 B Apartment 1 0 0 0 0 0 4 1010 N 4th Street - 104 B Apartment 1 0 0 0 0 0 5 1010 N 4th Street - 105 C1 Apartment 1 0 0 0 0 0 6 1010 N 4th Street - 106 C1 Apartment 1 0 0 0 0 0 7 1010 N 4th Street - 107 C1 Apartment 1 0 0 0 0 0 8 1010 N 4th Street - 108 C1 Apartment 1 0 0 0 0 0 9 1010 N 4th Street - 109 D Apartment 1 0 0 0 0 0 10 1010 N 4th Street - 110 D Apartment 1 0 0 0 0 0 11 1010 N 4th Street - 111 D Apartment 1 0 0 0 0 0 12 1010 N 4th Street - 112 D Apartment 1 0 0 0 0 13 1010 N 4th Street - 113 E1 Apartment 2 0 0 0 0 14 1010 N 4th Street - 114 E1 Apartment 2 0 0 0 0 15 1010 N 4th Street - 225 A Apartment 1 0 0 0 0 16 1010 N 4th Street - 226 B Apartment 1 0 0 0 0 17 1010 N 4th Street - 227 B Apartment 1 0 0 0 0 18 1010 N 4th Street - 301 B Apartment 1 0 0 0 0 19 1010 N 4th Street - 302 C1 Apartment 1 0 0 0 0 20 1010 N 4th Street - 303 C1 Apartment 1 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 PROJECT DEVELOPMENT CASH FLOW USES OF FUNDS Predevelopment & Feasibility Acquisition Construction Professional Services Carrying & Construction Financing Permanent Financing & Syndication Reserves Developer Fee SUB-TOTAL USES SOURCES OF FUNDS Prior Month Ending Cash Reveler Development WHA Grant Equity Investors JLL Capital Debt SUB-TOTAL SOURCES Construction Loan Construction Loan Calculation Construction Loan Draw TOTAL SOURCES Paydown Calculation Construction Loan Paydown TOTAL USES Ending Cash CONSTRUCTION LOAN INT & BALANCES Draw (Loan Payoff) Construction Loan Interest Loan Balance Total Budget 744065 1643478 18683179 120401 1584274 28000 100000 1025973.9675 23929370.9675 2387543 1500000 9571748.387 10470069.5786 0 0 0 0 23929360.9656 23929360.5786 0.085 26675312.7661 Month 1 186016.25 1643478 1037954.3889 60200.5 88015.2222 28000 512986.9838 3556651.3449 0 3556651.3449 3556651.3449 3556651.3449 0 3556651.3449 0 3556651.3449 3556651.3449 Month 2 186016.25 1037954 88015 1311985.25 0 0 1311985.25 1311985.25 1311985.25 0 0 1311985.25 0 1311985.25 0 25192.947 4893829.5419 Month 3 186016.25 1037954 88015 1311985.25 0 0 1311985.25 1311985.25 1311985.25 0 0 1311985.25 0 1311985.25 0 34664.6259 6240479.4178 Month 4 186016.25 1037954 88015 1311985.25 0 0 1311985.25 1311985.25 1311985.25 0 0 1311985.25 0 1311985.25 0 44203.3959 7596668.0637 Month 5 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 53809.7321 8776446.7958 Month 6 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 62166.4981 9964582.2939 Month 7 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 70582.4579 11161133.7519 Month 8 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 79058.0307 12366160.7826 Month 9 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 87593.6389 13579723.4215 Month 10 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 96189.7076 14801882.129 Month 11 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 104846.6651 16032697.7941 Month 12 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 113564.9427 17272231.7368 Month 13 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 122344.9748 18520545.7116 Month 14 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 131187.1988 19777701.9104 Month 15 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 140092.0552 21043762.9656 Month 16 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 149059.9877 22318791.9533 Month 17 1037954 88015 1125969 0 0 1125969 1125969 1125969 0 0 1125969 0 1125969 0 158091.443 23602852.3963 Month 18 1037954 60200.5 88015 100000 512986.9838 1799156.4838 0 0 1799156.4838 1799156.4838 1799156.4838 0 0 1799156.4838 0 1799156.4838 0 167186.8711 25569195.7512 Month 19 0 0 0 0 0 0 0 0 0 0 0 0 181115.1366 25750310.8878 Month 20 0 0 0 0 0 0 0 0 0 0 0 0 182398.0355 25932708.9232 Month 21 0 0 0 0 0 0 0 0 0 0 0 0 183690.0215 26116398.9448 Month 22 0 0 0 0 0 0 0 0 0 0 0 0 184991.1592 26301390.1039 Month 23 0 0 0 0 0 0 0 0 0 0 0 0 186301.5132 26487691.6172 Month 24 0 0 0 0 0 0 0 0 0 0 0 0 187621.149 26675312.7661 Total 744065 1643478 18683172.3889 120401 1584270.2222 28000 100000 1025973.9675 0 0 0 0 0 0 0 0 Total 2745952.1875 Trial Balance Balanced Balanced Under Balanced Under Balanced Balanced Balanced Under Under Under Under Balanced Balanced Balanced Balanced Variance 0 0 6.6111 0 3.7778 0 0 0 2387543 1500000 9571748.387 10470069.5786 0 0 0 0