|
30 Year Amortization, W/O Fee; W/O MUPTE; W/O 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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<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 $2,845,400 $2,932,428 $3,022,124 $3,114,573 $3,209,858 $3,308,065 $3,409,286 $3,513,612 $3,621,141 $3,731,969
<br /> Vacancy 5%$142,270 $146,621 $151,106 $155,729 $160,493 $165,403 $170,464 $175,681 $181,057 $186,598
<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 $2,627,882 $2,762,723 $2,847,243 $2,934,356 $3,024,141 $3,116,682 $3,212,063 $3,310,369 $3,411,695 $3,516,129
<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 $1,840,132 $1,951,341 $2,011,519 $2,073,560 $2,137,522 $2,203,464 $2,271,448 $2,341,537 $2,413,798 $2,488,295
<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 $72,709 $183,919 $244,097 $306,138 $370,100 $436,042 $504,026 $574,114 $646,375 $720,872
<br />Cash-on-Cash Return (CashFlow)Goal 6%1.0%2.6%3.5%4.4%5.3%6.2%7.2%8.2%9.2%10.3%
<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 $374,382 $504,198 $584,130 $667,144 $753,371 $842,953 $936,034 $1,032,768 $1,133,318 $1,237,849
<br />Cash-0n-Cash (Return on Equity)5.3%7.2%8.3%9.5%10.8%12.0%13.4%14.8%16.2%17.7%
<br />Value (Cap Rate = 6%)$30,668,868 $32,522,356 $33,525,323 $34,559,341 $35,625,371 $36,724,404 $37,857,475 $39,025,617 $40,229,959 $41,471,583
<br />Loan to Cost (Applicant Plan)79%
<br />Loan-To-Value 75%76%79%77%75%72%70%68%66%64%
<br />Debt Coverage Ratio 1.2 1.0 1.1 1.1 1.2 1.2 1.2 1.3 1.3 1.4 1.4
<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 6 Revisions to Consultant Table 1 (11)Revised 10/04/18October 17, 2018, Work Session – Item 2
|