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30 Year Amortization, W/O Fee; W/O MUPTE; Amenity Income, 5% 1st Yr Vacancy
<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 /> 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 $2,364,814 $2,491,764 $2,568,155 $2,646,895 $2,728,057 $2,811,715 $2,897,946 $2,986,831 $3,078,449 $3,172,887
<br />Debt Service 30YrAmort $1,915,302 $1,915,302 $1,915,302 $1,915,302 $1,915,302 $1,915,302 $1,915,302 $1,915,302 $1,915,302 $1,915,302
<br />Cash Flow $449,512 $576,461 $652,852 $731,592 $812,754 $896,412 $982,644 $1,071,528 $1,163,147 $1,257,585
<br />Cash-on-Cash Return (CashFlow)GOAL 6%6.4%8.2%9.3%10.5%11.6%12.8%14.0%15.3%16.6%18.0%
<br /> (Cash Flow/$7,000,000)
<br />EOY Loan Balance $26,294,451 $25,947,374 $25,578,890 $25,187,679 $24,772,339 $24,331,382 $23,863,227 $23,366,198 $22,838,513 $22,278,281
<br /> Payments to Principal $326,914 $347,077 $368,484 $391,211 $415,340 $440,957 $468,155 $497,029 $527,685 $560,231
<br /> Cash Flow w/ Principal Payments $776,426 $923,538 $1,021,336 $1,122,803 $1,228,094 $1,337,370 $1,450,799 $1,568,558 $1,690,832 $1,817,816
<br />Cash-0n-Cash (Return on Equity)11.1%13.2%14.6%16.0%17.5%19.1%20.7%22.4%24.2%26.0%
<br />Value (Cap Rate = 6%)$39,413,567 $41,529,396 $42,802,575 $44,114,911 $45,467,609 $46,861,910 $48,299,106 $49,780,513 $51,307,487 $52,881,453
<br />Loan to Cost (Applicant Plan)79%
<br />Loan-To-Value Goal 75%64%62%60%59%57%55%53%52%50%
<br />Debt Coverage Ratio Goal 1.2 1.2 1.3 1.3 1.4 1.4 1.5 1.5 1.6 1.6 1.7
<br />Loan With 6% Interest Rate $26,621,365 ($27,000,000 - $378,636)
<br />Total Development Cost $33,621,365 ($34,000,000 - $378,636)Monthly P& I Pmt:$159,609
<br />Developer Planned Equity $7,000,000
<br />MUPTE APPLICATION MINORITY REPORT GORDON LOFTS PROJECT
<br />TABLE 2 Revisions to Consultant Table 4 (13)Revised 10/04/18October 17, 2018, Work Session – Item 2
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