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Table 6: W/O MUPTE; Applicant’s Data; Except: 5% Interest; Revised Property Taxes; Reserves below NOI @ $300/unit; Reduce Contingencies
<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:$34,150.54
<br />Equity (20%): $1,590,404 Loan Amount (80%):$6,361,617 Project Cost:$7,952,021
<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, reserves
<br />$127,141 $155,586 $159,476 $163,463 $167,549 $171,738 $176,031 $180,432 $184,943 $189,566
<br /> Property Taxes-Improvements $69,818 $85,442 $87,578 $89,768 $92,012 $94,312 $96,670 $99,087 $101,564 $104,103
<br />Total Expenses $196,959 $241,028 $247,054 $253,230 $259,561 $266,050 $272,701 $279,519 $286,507 $293,669
<br />Net Operating Income $384,152 $469,487 $481,224 $493,254 $505,586 $518,225 $531,181 $544,460 $558,072 $572,024
<br />Reserves $12,258 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
<br />Debt Service 30YrAmort $409,806 $409,806 $409,806 $409,806 $409,806 $409,806 $409,806 $409,806 $409,806 $409,806
<br />Cash Flow -$25,655 $44,680 $56,417 $68,448 $80,779 $93,419 $106,374 $119,654 $133,265 $147,217
<br />Cash-on-Cash Return (CashFlow)-1.61%2.81%3.55%4.30%5.08%5.87%6.69%7.52%8.38%9.26%
<br /> (Cash Flow/Equity)
<br />EOY Loan Balance $6,267,760 $6,169,101 $6,065,394 $5,956,382 $5,841,792 $5,721,340 $5,594,725 $5,461,632 $5,321,730 $5,174,671
<br /> Payments to Principal $93,857 $98,659 $103,707 $109,012 $114,590 $120,452 $126,615 $133,093 $139,902 $147,060
<br /> Cash Flow w/ Principal Payments $68,202 $143,339 $160,124 $177,460 $195,369 $213,871 $232,989 $252,747 $273,167 $294,277
<br />Cash-0n-Cash (Return on Equity)4.3%9.0%10.1%11.2%12.3%13.4%14.6%15.9%17.2%18.5%
<br />Debt Coverage Ratio Goal 1.2 0.937 1.146 1.174 1.204 1.234 1.265 1.296 1.329 1.362 1.396
<br />MUPTE APPLICATION MINORITY REPORT FERRY STREET MANOR PROJECT
<br />TABLE 6 Revisions to Applicant's Data Revised 08/08/19September 11, 2019, Work Session – Item 1
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