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Table 2: W/O MUPTE; Applicant’s Data; 5% Interest
<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%0.05 Amortization (Years):30 Monthly Debt Service:$35,537.38
<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 $426,449 $426,449 $426,449 $426,449 $426,449 $426,449 $426,449 $426,449 $426,449 $426,449
<br />Cash Flow -$68,449 $11,272 $22,215 $33,432 $44,929 $56,713 $68,792 $81,173 $93,864 $106,871
<br />Cash-on-Cash Return (CashFlow)-4.14%0.68%1.34%2.02%2.71%3.43%4.16%4.90%5.67%6.46%
<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 $29,220 $113,937 $130,133 $146,871 $164,172 $182,057 $200,549 $219,671 $239,447 $259,903
<br />Cash-0n-Cash (Return on Equity)1.8%6.9%7.9%8.9%9.9%11.0%12.1%13.3%14.5%15.7%
<br />Debt Coverage Ratio Goal 1.2 0.839 1.026 1.052 1.078 1.105 1.133 1.161 1.190 1.220 1.251
<br />MUPTE APPLICATION MINORITY REPORT FERRY STREET MANOR PROJECT
<br />TABLE 2 Revisions to Applicant's Data Revised 08/08/19September 11, 2019, Work Session – Item 1
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