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30 Year Amortization, W/O Fee; W/O MUPTE; Amenity Income, 5% 1st Yr Vacancy; Prop Tax Discount; 10% Contingencies
<br />100318 Year 1 - 2021 Year 2 - 2022 Year 3 - 2023 Year 4 - 2024 Year 5 - 2025 Year 6 - 2026 Year 7 - 2027 Year 8 - 2028 Year 9 - 2029 Year 10 - 2030
<br />Apartment Rent Income $2,415,543 $2,488,009 $2,562,650 $2,639,529 $2,718,715 $2,800,276 $2,884,285 $2,970,813 $3,059,938 $3,151,736
<br />Retail Lease Income (10,000SF*$2.68)Not 9,231 SF $321,368 $332,615 $344,257 $356,306 $368,777 $381,684 $395,043 $408,869 $423,180 $437,991
<br />Amenity Income $563,211 $580,107 $597,511 $615,436 $633,899 $652,916 $672,503 $692,678 $713,459 $734,863
<br />Misc Income 4%$108,488 $111,802 $115,217 $118,737 $122,365 $126,104 $129,958 $133,930 $138,023 $142,242
<br />Gross Project Income $3,408,610 $3,512,534 $3,619,634 $3,730,008 $3,843,755 $3,960,980 $4,081,789 $4,206,291 $4,334,599 $4,466,831
<br /> Vacancy 5%$170,430 $175,627 $180,982 $186,500 $192,188 $198,049 $204,089 $210,315 $216,730 $223,342
<br /> Model Room & Concessions $75,248 $23,083 $23,775 $24,489 $25,223 $25,980 $26,760 $27,562 $28,389 $29,241
<br />Effective Gross Income $3,162,931 $3,313,824 $3,414,877 $3,519,019 $3,626,344 $3,736,951 $3,850,940 $3,968,414 $4,089,480 $4,214,249
<br /> Apartment Operating Exp Inc Prop Taxes $742,359 $764,630 $787,569 $811,196 $835,532 $860,598 $886,415 $913,008 $940,398 $968,610
<br /> + Prop Tax Payment Discount 3%$10,368 $10,679 $10,999 $11,329 $11,669 $12,019 $12,379 $12,751 $13,133 $13,527
<br /> Retail Operating Exp $55,758 $57,431 $59,154 $60,928 $62,756 $64,639 $66,578 $68,575 $70,633 $72,752
<br /> - MUPTE (Non-Retail)$345,585 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Net Operating Income $2,375,182 $2,502,442 $2,579,153 $2,658,224 $2,739,725 $2,823,733 $2,910,326 $2,999,582 $3,091,583 $3,186,414
<br />Debt Service 30YrAmort $1,767,423 $1,767,423 $1,767,423 $1,767,423 $1,767,423 $1,767,423 $1,767,423 $1,767,423 $1,767,423 $1,767,423
<br />Cash Flow $607,759 $735,020 $811,731 $890,801 $972,303 $1,056,311 $1,142,903 $1,232,159 $1,324,160 $1,418,992
<br />Cash-on-Cash Return (CashFlow)GOAL 6%8.7%10.5%11.6%12.7%13.9%15.1%16.3%17.6%18.9%20.3%
<br /> (Cash Flow/$7,000,000)
<br />EOY Loan Balance $24,264,267 $23,943,988 $23,603,955 $23,242,949 $22,859,677 $22,452,766 $22,020,758 $21,562,104 $21,075,161 $20,558,185
<br /> Payments to Principal $301,673 $320,279 $340,033 $361,006 $383,272 $406,911 $432,009 $458,654 $486,943 $516,976
<br /> Cash Flow w/ Principal Payments $909,432 $1,055,299 $1,151,764 $1,251,807 $1,355,575 $1,463,222 $1,574,912 $1,690,813 $1,811,103 $1,935,968
<br />Cash-0n-Cash (Return on Equity)13.0%15.1%16.5%17.9%19.4%20.9%22.5%24.2%25.9%27.7%
<br />Value (Cap Rate = 6%)$39,586,360 $41,707,372 $42,985,891 $44,303,726 $45,662,089 $47,062,224 $48,505,429 $49,993,026 $51,526,375 $53,106,908
<br />Loan to Cost (Applicant Plan)79%
<br />Loan-To-Value Goal 75%64%62%60%58%57%55%53%52%50%
<br />Debt Coverage Ratio Goal 1.2 1.3 1.4 1.5 1.5 1.6 1.6 1.6 1.7 1.7 1.8
<br />Loan With 6% Interest Rate $24,565,940 ($27,000,000 - $378,636 - $2,055,424)
<br />Total Development Cost $31,565,940 ($34,000,000 - $378,636 - $2,055,424)Monthly P& I Pmt:$147,285
<br />Developer Planned Equity $7,000,000 Hard Construction Costs:$23,005,649 Hard Construction Cost Contingency at 10%:$2,300,565
<br />MUPTE APPLICATION MINORITY REPORT GORDON LOFTS PROJECT
<br />TABLE 1 Revisions to Consultant Table 4 (13)Revised 10/04/18October 17, 2018, Work Session – Item 2
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