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30 Year Amortization, W/O Fee; W/O MUPTE; 1/2 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 (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 /> 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 $2,097,289 $2,216,213 $2,284,337 $2,354,563 $2,426,955 $2,501,580 $2,578,508 $2,657,809 $2,739,557 $2,823,828
<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 $181,987 $300,911 $369,035 $439,261 $511,653 $586,278 $663,205 $742,507 $824,254 $908,526
<br />Cash-on-Cash Return (Cash Flow)Goal 6%2.6%4.3%5.3%6.3%7.3%8.4%9.5%10.6%11.8%13.0%
<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 $508,901 $647,988 $737,519 $830,472 $926,993 $1,027,235 $1,131,360 $1,239,536 $1,351,940 $1,468,757
<br />Cash-0n-Cash (Return on Equity)7.3%9.3%10.5%11.9%13.2%14.7%16.2%17.7%19.3%21.0%
<br />Value (Cap Rate = 6%)$34,954,821 $36,936,888 $38,072,292 $39,242,719 $40,449,252 $41,693,001 $42,975,130 $44,296,818 $45,659,281 $47,063,801
<br />Loan to Cost (Applicant Plan)79%
<br />Loan-To-Value Goal 75%72%70%68%66%64%62%60%58%57%
<br />Debt Coverage Ratio Goal 1.2 1.1 1.2 1.2 1.2 1.3 1.3 1.3 1.4 1.4 1.5
<br />Loan With 6% Interest $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 5 Revisions to Consultant Table 4 (13)Revised 10/04/18October 17, 2018, Work Session – Item 2
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