|
30 Year Amortization, W/O Fee; W/O MUPTE; 1/2 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 (1/2 $563,211)$281,606 $290,054 $298,756 $307,718 $316,950 $326,459 $336,252 $346,340 $356,730 $367,432
<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 $3,127,005 $3,222,481 $3,320,879 $3,422,290 $3,526,807 $3,634,523 $3,745,538 $3,859,952 $3,977,870 $4,099,401
<br /> Vacancy 5%$156,350 $161,124 $166,044 $171,115 $176,340 $181,726 $187,277 $192,998 $198,894 $204,970
<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 $2,895,406 $3,038,274 $3,131,060 $3,226,687 $3,325,243 $3,426,816 $3,531,501 $3,639,392 $3,750,588 $3,865,190
<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 $2,107,657 $2,226,892 $2,295,336 $2,365,892 $2,438,624 $2,513,599 $2,590,887 $2,670,560 $2,752,690 $2,837,355
<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 $340,234 $459,469 $527,914 $598,469 $671,201 $746,176 $823,465 $903,137 $985,268 $1,069,933
<br />Cash-on-Cash Return (Cash Flow)Goal 6%4.9%6.6%7.5%8.5%9.6%10.7%11.8%12.9%14.1%15.3%
<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 $641,907 $779,748 $867,947 $959,475 $1,054,473 $1,153,087 $1,255,473 $1,361,791 $1,472,210 $1,586,909
<br />Cash-0n-Cash (Return on Equity)9.2%11.1%12.4%13.7%15.1%16.5%17.9%19.5%21.0%22.7%
<br />Value (Cap Rate = 6%)$35,127,614 $37,114,864 $38,255,607 $39,431,534 $40,643,731 $41,893,315 $43,181,454 $44,509,331 $45,878,169 $47,289,256
<br />Loan to Cost (Applicant Plan)79%
<br />Loan-To-Value Goal 75%72%70%68%65%64%62%60%58%56%
<br />Debt Coverage Ratio Goal 1.2 1.2 1.3 1.3 1.3 1.4 1.4 1.5 1.5 1.6 1.6
<br />Loan With 6% Interest $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 3 Revisions to Consultant Table 4 (13)Revised 10/04/18October 17, 2018, Work Session – Item 2
|