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30 Year Amortization, W/O Fee; W/O MUPTE; W/O Amenity Income, 5% 1st Yr Vacancy; Prop Tax Discount; 15% 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 $1,850,181 $1,850,181 $1,850,181 $1,850,181 $1,850,181 $1,850,181 $1,850,181 $1,850,181 $1,850,181 $1,850,181
<br />Cash Flow -$10,049 $101,160 $161,338 $223,379 $287,341 $353,283 $421,267 $491,356 $563,617 $638,114
<br />Cash-on-Cash Return (CashFlow)Goal 6%-0.1%1.4%2.3%3.2%4.1%5.0%6.0%7.0%8.1%9.1%
<br /> (Cash Flow/$7,000,000)
<br />EOY Loan Balance $25,400,425 $25,065,149 $24,709,194 $24,331,284 $23,930,066 $23,504,101 $23,051,864 $22,571,734 $22,061,991 $21,520,808
<br /> Payments to Principal $315,798 $335,276 $355,955 $377,910 $401,218 $425,965 $452,237 $480,130 $509,743 $541,183
<br /> Cash Flow w/ Principal Payments $305,749 $436,436 $517,293 $601,289 $688,560 $779,248 $873,505 $971,486 $1,073,360 $1,179,297
<br />Cash-0n-Cash (Return on Equity)4.4%6.2%7.4%8.6%9.8%11.1%12.5%13.9%15.3%16.8%
<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%79%79%77%75%72%70%68%66%64%
<br />Debt Coverage Ratio 1.2 1.0 1.1 1.1 1.1 1.2 1.2 1.2 1.3 1.3 1.3
<br />Loan With 6% Interest Rate $25,716,223 ($27,000,000 - $378,636 - $905,142)
<br />Total Development Cost $32,716,223 ($34,000,000 - $378,636 - $905,142)Monthly P& I Pmt:$154,182
<br />Developer Planned Equity $7,000,000 Hard Construction Costs:$23,005,649 Hard Construction Cost Contingency at 15%:$3,450,847
<br />MUPTE APPLICATION MINORITY REPORT GORDON LOFTS PROJECT
<br />TABLE 7 Revisions to Consultant Table 1 (11)Revised 10/04/18October 17, 2018, Work Session – Item 2
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