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Table 1: W/O MUPTE; Applicant’s Data.
<br />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 />Interest Rate:5.5%0.055 Amortization (Years):30 Monthly Debt Service:$37,587.38
<br />Equity (20%): $1,654,990 Loan Amount (80%):$6,619,960 Project Cost:$8,274,950
<br />Gross Revenue $599,809 $747,910 $766,608 $785,773 $805,417 $825,553 $846,192 $867,346 $889,030 $911,256
<br /> Vacancy 5%$18,698 $37,396 $38,330 $39,289 $40,271 $41,278 $42,310 $43,367 $44,451 $45,563
<br />Effective Gross Income $581,111 $710,515 $728,277 $746,484 $765,146 $784,275 $803,882 $823,979 $844,578 $865,693
<br /> Apartment Operating Expense,
<br />excluding property taxes
<br />$147,588 $180,454 $184,965 $189,589 $194,329 $199,187 $204,167 $209,271 $214,503 $219,866
<br /> Property Taxes-Improvements $75,523 $92,340 $94,649 $97,015 $99,440 $101,926 $104,474 $107,086 $109,763 $112,507
<br />Total Expenses $223,111 $272,794 $279,614 $286,604 $293,769 $301,114 $308,641 $316,357 $324,266 $332,373
<br />Net Operating Income $358,000 $437,721 $448,664 $459,880 $471,377 $483,162 $495,241 $507,622 $520,312 $533,320
<br />Debt Service 30YrAmort $451,049 $451,049 $451,049 $451,049 $451,049 $451,049 $451,049 $451,049 $451,049 $451,049
<br />Cash Flow -$93,049 -$13,328 -$2,385 $8,832 $20,329 $32,113 $44,192 $56,573 $69,264 $82,271
<br />Cash-on-Cash Return (CashFlow)-5.62%-0.81%-0.14%0.53%1.23%1.94%2.67%3.42%4.19%4.97%
<br /> (Cash Flow/Equity)
<br />EOY Loan Balance $6,522,291 $6,419,626 $6,311,708 $6,198,268 $6,079,025 $5,953,682 $5,821,925 $5,683,427 $5,537,844 $5,384,812
<br /> Payments to Principal $97,669 $102,666 $107,918 $113,439 $119,243 $125,344 $131,757 $138,498 $145,583 $153,032
<br /> Cash Flow w/ Principal Payments $4,620 $89,337 $105,533 $122,271 $139,572 $157,457 $175,949 $195,071 $214,847 $235,303
<br />Cash-0n-Cash (Return on Equity)0.3%5.4%6.4%7.4%8.4%9.5%10.6%11.8%13.0%14.2%
<br />Debt Coverage Ratio Goal 1.2 0.79 0.97 0.99 1.02 1.05 1.07 1.10 1.13 1.15 1.18
<br />MUPTE APPLICATION MINORITY REPORT FERRY STREET MANOR PROJECT
<br />TABLE 1 From Applicant's Data Revised 08/08/19September 11, 2019, Work Session – Item 1
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