Projected Financial Analysis Summary

Gas Station Venture

40 Locations
2 Locations closed

Anytown, Pa

PICTURE

Presented By

Glenn Blumenthal
Malvern Advisors, LLC
Thursday, March 31, 2011
Disclaimer: All information presented is believed to be accurate.

The information, calculations & data presented in this report are believed to be accurate but are not guaranteed or
warranted. The information contained in this report shall not be considered as a substitution for a legal, accounting or other
professional advice. Please seek proper legal and tax advice as appropriate before making any decisions on real estate.

General Assumption Summary

Gas Station Venture
Anytown, Pa
General Assumptions
1
The property was purchased 1/2012 and sold on the last month of the year of the analysis.
2
The analysis assumes a purchase on 1/2012, therefore 2012 of the analysis is a partial year.
3
The asset is comprised of 145,214 Square Feet.
4
The property has an Appraisal Value of $40,000,000 as of 12/23/2011
5
The property has a Purchase Price of $41,887,600 (including purchase/closing costs).
6
The analysis includes a Management Fee of 3.5 %.
7
The analysis includes a Vacancy or Credit Loss Assumption of 0 %.
8
The Operating Expense information for this analysis is based on Summary information
and has a total square foot cost of $2.30 psf (including Management fees).
9
The Rental Income information for this analysis is based on Summary information
10
and is base on a market rent per square foot value of $26.17 psf.
11
The analysis has the following Annual Per Foot Reserves:
Capital Reserve
$
Psf
Leasing Commission Reserve
$
Psf
Tenant Improvement Reserve
$
Psf
12
The analysis includes debt assumptions with a Max Loan To Value (LTV) ratio of 70 %.
13
Max Initial Loan - based on the lower of Appraisal Value or Purchase Price.
14
The debt assumptions are based on a Minimum DSCR of 1.2
15
The Discount Rate used in the IRR Analysis was 14%
16
For tax purposes, it is assumed that the property is held for greater than one year.
17
It is assumed that the owners Fed & State Tax backet is 35% and Capital Gains Rate of 17.8%.
1
2
3
Presented By

Glenn Blumenthal
Malvern Advisors, LLC
Thursday, March 31, 2011
Disclaimer: All information presented is believed to be accurate.

The information, calculations & data presented in this report are believed to be accurate but are not guaranteed or
warranted. The information contained in this report shall not be considered as a substitution for a legal, accounting or other
professional advice. Please seek proper legal and tax advice as appropriate before making any decisions on real estate.

Executive Summary
Gas Station Venture
Property Information
Type:
Property Location
Year Built

Debt Information
Retail
CBD

$ 40,000,000
$ 41,887,600

Sq. Footage:
Capitalization Rate:

Amount
$ 4,087,600
$ 9,800,000
$ 28,000,000

Initial Equity
Mezz Debt/Revolver
Initial Loan

Various

Purchase Price:
Fair Market Value (FMV) :

3/14/2011

Amount
Mortgage #1
$28,000,000
Mezz Debt
$ 9,800,000
Initial Avg Wtg Cost of Debt

145,214
9.51%

% of Cost
9.76%
23.40%
66.85%

Rate
6.25%
14.00%
10.13%

Term (Yrs)
10
15

% FMV
10.22%
24.50%
70.00%
Mo Payment
$
204,660
$
114,333

Rental Income & Expenses

Monthly Rents:
Annual Rents:
Annual Expense:
Annual Debt Service:
Cap X Reserve
TI Reserve
Commission Reserve

# $
# $
$
$

3 Year Projected Cash Flow Before Taxes

316,667
3,800,000
349,289
3,827,919
$0.00
$0.00
$0.00

First
First
Full
Full
Year
Year
Gross Rental Income
Opex Reimbursement
Other Income
Less: Vacancy & Credit Loss
Total Income

2012
$ 3,884,475
$
240,136
$
$
$ 4,124,610

2013
$ 3,942,742
$ 261,966
$
$
$ 4,204,708

$
$
$
$
$

Less: Operating Expenses

Net Operating Income

$ 3,804,429

$ 3,855,419

Less: Annual Debt Service

Less: Funded Reserves

$ (3,804,585)
$
-

$ (3,683,019)
$
-

$ (3,683,019)
$
-

Cash Flow Before Taxes

228,922

$
$
$
$

2021
32.87
3.05
29.82
185.88

(320,181)

(349,289)

2014
4,001,883
269,825
4,271,708
(359,767)

Assumptions:
Rental Growth Rate:
Expense Growth Rate:
Management Fee Rate
Discount Rate
Marginal Tax Rate:
Capital Gain Tax Rate:

2.50%
3.00%
3.50%
14.00%
35.00%
15.00%

Financial Ratios & Return on Investment (ROI)

2012
Debt Coverage Ratio (DCR)
Expense Ratio
Loan to Value Ratio (LVR)
Breakeven Point - (%OCC to carry Bldg)

1.00
7.76%
90.71%
100.00%

(156)

172,401

3,911,941

Comparative Measurements
2021
Revenue/Sqft
1.18 Expense/Sqft
9.27% NOI/Sqft
59.61% Balance/Sqft
87.54%

$
$
$
$

2012
28.40
2.20
26.20
248.18

Resale Analysis
Capitalization Rate (based on cost)
Capitalization Rate (based on Resale Value)
Net Present Value (NPV) (before taxes)
Net Present Value (NPV) (after taxes)

9.08%
9.77%
$
(137)
$ 379,159

10.34%
9.76% Project Sale Price
$ 1,542,700
$ 2,534,185

Less: Selling Expenses

Adjusted Projected Sales Price
Less: Mortgage(s) Balance Payoff

Cash on Cash Return (before taxes)

Cash on Cash Return (after taxes)

0.00%
10.57%

15.85% Sales Proceeds before taxes

5.84%

2021
45,280,956
(905,619)
44,375,337
26,992,620
17,382,717

Building Square Footage

Internal Rate of Return (IRR) (before taxes)
Internal Rate of Return (IRR) (after taxes)
Mod Internal Rate of Return (MIRR) (before taxes)
Mod Internal Rate of Return (MIRR) (after taxes)

0.00%
0.00%
0.00%
0.00%

22.27%
22.11%
21.22%
19.55%

145,214
0
145,214

Building Occupanied
Initial Vacancy
Total Rentable SF

100.0%
0.0%
100.0%

Malvern Advisors LLC

General Input Information
Monday, March 14, 2011

Manual Input
Referenced from another worksheet
Calculation

General:

Last updated:
Date of Creation

General

CC456
Gas Station Venture
40 Locations
Anytown
Pa

Print Information:

Identification Number
Property Name
Street Address
City
State
Zip

145,214
Retail
CBD
Various

Management Fee
Vacancy Assumption:
Opex Growth Projection
Rent Growth Rate
Capital Gains Federal Tax rate
Targeted Month of Analysis
Targeted Year of Analysis
Number of Years for DCF
First Day of Acquisition Month

Partnership

Full Report

Value Information:
$ 40,000,000
12/23/2011
40,000,000
1,887,600
41,887,600
288.45
9.64%
9.20%
11 Years
0.50%
14.00%

This is a % of Revenue

Operating Costs:
Summary
75.00%
1.50
349,289

$
$

Leasing: Rent Roll

Summary
145,214 SF
$26.8 PSF
15 Years
$
15 Years

Property
Detail or Summary
Operating Cost Reimbusement
Enter Price/SF Operating Number(Without Mgmt Fee)
Gross Operating Expense (with 3.5% Mgmt Fee)

Debt:

4.00%
2.00%
25.00%
75.00%

Lender
70.00%
$28,000,000
1.2
10 Years
20 Years
10 Yr Treasury
4.250%
2.000%
6.250%
8.771%

No
0.00%
14.0000%

Revolver
Mortgage 1
Mortgage 2
Mortgage 3
Self Amort D1

Max LTV %
Max Initial Loan - Lower of Appraisal or Purchase Price
Underwriting DSCR
Term to Maturity (years)
Amortization Term (years)
Index Type
Index Rate
Spread
Coupon Rate
Constant
Debt Allctn %
28,000,000
Revolver
35.00%
9,800,000
Structured Debt
100.00%
28,000,000
Equity
4,087,600
41,887,600
Debt Assumption (Yes/No)
Debt Points
1 Month LIBOR

Debt
13.5%
38.7%
25.0%
22.8%
0.0%
100.0%

2012 First Full Year of Cash Flow

2021 Year of Exit
9 Years

Cash Flow

Gross Building Square Feet

Property Type
Property Location (CDB of Suburban)
Year Built
Sponsor Name
EIN Number

%
%
%
%
%

General

Exec Report

ProForma Facts:
3.50
3.00
2.50
15.00
1
2012
10 Years
1/1/2012

3/14/11

Beginning Include as Initial

Principal
Debt (Y/N)
9,800,000
Y
28,000,000
Y
18,117,896
N
16,506,036
N
N
72,423,932

Property
Appraisal Value
Date of Last Appraisal
12
23
Purchase Price
Closing Costs
4.72% of Acquisition Costs
Total Cost of Acquisition
Price/sf based on Acquisition Costs
Direct Cap Rate On Appraisal
Direct Cap Rate On Total Acquisition
Cap Year
Terminal Cap Rate (Premium 0ver Direct Cap Rate)
Discount Rate (Rate of Return on Equity)

Property
Detail or Summary
Total SF Occupied
Market Rent (psf)
Intital Term (in Years) of Occupied Square Feet.
Other Income
Rollover Term in Years
Renewal Donwtime in months
TI New
TI Renewal
Commission New
Commission Renewal
New Lease Probability
Renewal Probability

DSCR - Year 1
$ 3,804,429

%
3.50 %
23%
67%
10%

$3,804,585
1.00

Underwrting

$3,884,474.5

Underwrting

Lender
Lender's Cash flow is computed by adjusting NOI as follows:
Year 1 - NOI
First Full Year
Adjustments:
Vacancy adjustment
Management fee
Capital Reserves
Leasing Commission Reserve
First Full Year P&I Payment (using 20 yr amort)
Year 1 - DSCR
Note: DSCR must be 1.2 or higher

Amort
Term
Rate Term (in yrs)
15
IO
10
20
5
25
5
25

IO
IO
30
30
30

Analysis Begin Year

2012

Index Name
1 Month LIBOR
10 Yr Treasury
10 Yr Treasury
10 Yr Treasury

Index Rate
14.0000%
4.2500%
4.9500%
5.4500%

Spread

Coupon Rate
14.0000%
2.0000%
6.2500%
2.0000%
6.9500%
1.3500%
6.8000%
0.0000%

Begin Date
01/31/12
01/31/12
01/31/22
01/31/27

Maturity
Date
01/31/27
01/31/22
01/31/27
01/31/32

Balloon
Date
01/31/27
01/31/22
01/31/27
01/31/32

MUST USE LAST DAY OF MONTH

Balloon
Amount
9,800,000
########
########
########
-

Annual Property Operating Data

Gas Station Venture

10 Year Net Operating Income (NOI) Analysis

40 Locations
Anytown Pa
Potential Rental Income
Opex Reimbursement
Other Income

2012
3,884,475
75.00%
240,136
$
-

2013
3,942,742
261,966
-

2014
4,001,883
269,825
-

2015
4,061,911
277,920
-

2016
4,122,840
286,258
-

2017
4,184,682
294,846
-

2018
4,247,452
303,691
-

2019
4,311,164
312,802
-

2020
4,375,832
322,186
-

2021
4,441,469
331,851
-

Effective Rental Income

$ 4,124,610

$ 4,204,708

$ 4,271,708

$ 4,339,831

$ 4,409,097

$ 4,479,528

$ 4,551,143

$ 4,623,966

$ 4,698,017

$ 4,773,320

Less: Vacancy & Credit Losses

Gross Operating Income

$ 4,124,610

$ 4,204,708

$ 4,271,708

$ 4,339,831

$ 4,409,097

$ 4,479,528

$ 4,551,143

$ 4,623,966

$ 4,698,017

$ 4,773,320

17,860
1,405
121,917
401
22,475
1,003
30,904
3,411
2,609
8,428
5,418
4,615
61,205
13,445
25,084

19,483
1,532
133,000
438
24,519
1,095
33,713
3,722
2,846
9,194
5,911
5,035
66,769
14,667
27,364

20,068
1,578
136,990
451
25,254
1,127
34,724
3,833
2,931
9,470
6,088
5,186
68,772
15,107
28,185

20,670
1,626
141,100
464
26,012
1,161
35,766
3,948
3,019
9,754
6,271
5,342
70,835
15,561
29,031

21,290
1,675
145,333
478
26,792
1,196
36,839
4,067
3,110
10,047
6,459
5,502
72,961
16,027
29,902

21,929
1,725
149,693
493
27,596
1,232
37,944
4,189
3,203
10,348
6,653
5,667
75,149
16,508
30,799

22,587
1,776
154,183
508
28,424
1,269
39,083
4,314
3,299
10,659
6,852
5,837
77,404
17,003
31,723

23,264
1,830
158,809
523
29,276
1,307
40,255
4,444
3,398
10,979
7,058
6,012
79,726
17,514
32,675

23,962
1,885
163,573
538
30,155
1,346
41,463
4,577
3,500
11,308
7,269
6,192
82,118
18,039
33,655

24,681
1,941
168,480
555
31,059
1,387
42,707
4,714
3,605
11,647
7,488
6,378
84,581
18,580
34,664

Total Operating Expenses

$ 320,181

$ 349,289

$ 359,767

$ 370,560

$ 381,677

$ 393,127

$ 404,921

$ 417,069

$ 429,581

$ 442,468

Net Operating Income (NOI)

$ 3,804,429

$ 3,855,419

$ 3,911,941

$ 3,969,271

$ 4,027,420

$ 4,086,400

$ 4,146,222

$ 4,206,897

$ 4,268,436

$ 4,330,852

Operating Expenses
General Building Maintenance
Administrative Building Exp
Professional Fees
Management Fee
Landscaping
Weather Related
Jantorial
Waste Removal
Pest Control
Utilties/Electric
Utilities/Gas & Fuel
Utilities/other
Insurance
Elevator
HVAC Exp
Real Estate Taxes
Rental Commissions
Security
Alternation & Repair

Less: Annual Debt Service

Less: Funded Reserves
Net Cash Flow (NCF) Before Taxes
Income Taxes: Benefit (Expense)
Net Cash Flow (NCF) After Taxes

(3,804,585)
0
$

(3,683,019)
-

(156) $ 172,401

(3,683,019)
-

(3,683,019)
-

(3,683,019)
-

(3,683,019)
-

$ 228,922

$ 286,252

$ 344,402

$ 403,382

432,398

418,067

380,877

342,285

302,214

26,013

$ 432,242

$ 590,468

$ 609,799

$ 628,537

$ 646,615

$ 429,395

(3,683,019)
$ 463,203
(17,261)
$ 445,942

(3,683,019)
$ 523,878
(313,597)
$ 210,281

(3,683,019)
$ 585,418
(360,439)
$ 224,979

Building Square Feet

Date Completed

(3,683,019)
$ 647,833
(409,214)
$ 238,619
145,214
3/14/11

Annual Property Operating Data

Gas Station Venture

10 Year Financial Ratios & Return on Investment (ROI)

40 Locations
Anytown Pa
2012
Property Resale Analysis
Project Sale Price
Less: Selling Expenses
Adjusted Projected Sales Price

2.0%

Less: Mortgage(s) Balance Payoff

2014

2015

2016

2017

2018

2019

2020

2021

39,729,380 40,311,824 40,902,598 41,501,818 42,109,596 42,726,048 43,351,291 43,985,444 44,628,625 45,280,956
(794,588)
(806,236)
(818,052)
(830,036)
(842,192)
(854,521)
(867,026)
(879,709)
(892,573)
(905,619)
38,934,793 39,505,587 40,084,546 40,671,781 41,267,404 41,871,527 42,484,266 43,105,735 43,736,053 44,375,337
36,038,504

35,265,279

34,442,319

33,566,424

32,634,190

31,641,994

30,585,977

29,462,035

28,265,800

26,992,620

2,896,288

4,240,308

5,642,227

7,105,357

8,633,214

10,229,534

11,898,289

13,643,700

15,470,253

17,382,717

34,970
2,931,258

(449,644)
3,790,664

(935,740)
4,706,487

(1,423,340)
5,682,018

(4,543,006)
4,090,207

(4,914,377)
5,315,156

(6,022,264)
5,876,025

(6,268,969)
7,374,731

(6,893,195) (7,143,135)
8,577,058 10,239,582

SALE PROCEEDS before taxes

Income Taxes: Benefit (Expense)
SALE PROCEEDS after taxes
Cash Position
Cash Generated in Current Year
Cash Generated in Previous Years
Cash Generated From Property Sale
Original Initial Investment
Total Potential CASH Generated
Financial Measures

2013

(156) $ 172,401 $ 228,922 $ 286,252 $ 344,402 $ 403,382 $ 463,203 $ 523,878 $ 585,418 $ 647,833
$
(156) $ 172,244 $ 401,167 $ 687,419 $ 1,031,820 $ 1,435,202 $ 1,898,405 $ 2,422,284 $ 3,007,702
2,931,258
3,790,664
4,706,487
5,682,018
4,090,207
5,315,156
5,876,025
7,374,731
8,577,058 10,239,582
(4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600) (4,087,600)
(1,156,498)
(124,691) 1,020,054
2,281,836
1,034,428
2,662,758
3,686,830
5,709,415
7,497,160
9,807,517

Debt Coverage Ratio (DCR)

Expense Ratio
Loan to Value Ratio (LVR)
Breakeven Point

1.00
8%
91%
100%

1.05
8%
87%
100%

1.06
8%
84%
95%

1.08
9%
81%
95%

1.09
9%
77%
92%

1.11
9%
74%
92%

1.13
9%
71%
90%

1.14
9%
67%
90%

1.16
9%
63%
88%

1.18
9%
60%
88%

Capitalization Rate (based on cost)

Capitalization Rate (based on Resale Value after cost)

9.08%
9.77%

9.20%
9.76%

9.34%
9.76%

9.48%
9.76%

9.61%
9.76%

9.76%
9.76%

9.90%
9.76%

10.04%
9.76%

10.19%
9.76%

10.34%
9.76%

($137)
$379,159

$132,520
$833,505

$287,036
$1,245,102

$456,520
$1,617,247

$635,391
$1,953,079

$819,167
$2,148,705

$1,004,280
$2,326,920

$1,187,930
$2,400,636

$1,367,951
$2,469,819

$1,542,700
$2,534,185

0.00%
10.57%

4.22%
14.45%

5.60%
14.92%

7.00%
15.38%

8.43%
15.82%

9.87%
10.50%

11.33%
10.91%

12.82%
5.14%

14.32%
5.50%

15.85%
5.84%

0.00%
0.00%
0.00%
0.00%

7.95%
19.86%
7.95%
19.86%

21.97%
28.94%
21.83%
28.01%

24.80%
30.43%
24.44%
28.59%

25.16%
19.07%
24.61%
18.14%

24.79%
22.02%
24.09%
20.27%

24.19%
21.64%
23.37%
19.70%

23.53%
22.38%
22.61%
20.06%

22.88%
22.10%
21.89%
19.67%

22.27%
22.11%
21.22%
19.55%

Net Present Value (NPV) (before taxes)

Net Present Value (NPV) (after taxes)

14.00%
14.00%

Cash on Cash Return (before taxes)

Cash on Cash Return (after taxes)
Internal Rate of Return (IRR) (before taxes)
Internal Rate of Return (IRR) (after taxes)
Mod Internal Rate of Return (MIRR) (before taxes)
Mod Internal Rate of Return (MIRR) (after taxes)
Current Balance/Sqft
Revenue/Sqft
Expense/Sqft
NOI/Sqft

$
$
$
$

248.18
28.40
2.20
26.20

$
$
$
$

242.85
28.96
2.41
26.55

$
$
$
$

237.18
29.42
2.48
26.94

$
$
$
$

231.15
29.89
2.55
27.33

$
$
$
$

224.73
30.36
2.63
27.73

$
$
$
$

217.90
30.85
2.71
28.14

$
$
$
$

210.63
31.34
2.79
28.55

$
$
$
$

202.89
31.84
2.87
28.97

$
$
$
$

194.65
32.35
2.96
29.39

$
$
$
$

185.88
32.87
3.05
29.82

Operating Expenses

Gas Station Venture

40 Locations
Anytown Pa

Building Square Feet

Expense
Description
General Building Maintenance
Administrative Building Exp
Professional Fees
Management Fee
Landscaping
Weather Related
Jantorial
Waste Removal
Pest Control
Utilties/Electric
Utilities/Gas & Fuel
Utilities/other
Insurance
Elevator
HVAC Exp
Real Estate Taxes
Rental Commissions
Security
Alternation & Repair

217821
Summary
Allocation*
$
1.50
19,483
1,532
133,000

438
24,519
1,095
33,713
3,722
2,846
9,194
5,911
5,035
66,769
14,667
27,364
349,289

145,214
Price/ Sq
Ft
$

912
5,000
2,000
133,000
6,122
9,523
36,229
32,000
224,786

Capital Reserve
Commission Reserve
Tenant Improvement Reserve

$
$
$

Total Reserves

Annual
Increase

% of
Expenses

0.13
0.01
0.92
0.00
0.17
0.01
0.23
0.03
0.02

0.03
0.46
0.10
0.19
2.30

$
$
$

0%
6%
0%
38%
0%
0%
7%
0%
0%
10%
1%
1%
3%
0
1%
19%
0%
4%
8%
100%
Based on age of Building

Notes
Based on Summary Data the gross number was allocated based on BOMA Std

Tenant Rent Roll

Gas Station Venture

40 Locations
Anytown , Pa

As of Date
NRSF

03/14/11
145,214

Suite
Sum

Tenant
Summary Information

Date Beginning Income

ALL INPUTS MUST BE BASED ON CURRENT INFORMATION
2012
(CALC)
Annual
Next Annual

SF

Lease

Lease

Lease

RR

Current

Rent

Increase

Type

Start

Expire

Pro Rata

Rent

P.S.F.*

Y/(N)

145,214 Gross

02/01/12

01/28/27

100.00%

$3,800,000

26.17

Increase %
Y

3%

01/31/12

Increase

Step

Step

Date

Date

Rent

01/31/13

01/00/00

Reimbursables
CAM

Formula

$0

RE TAX

Formula

$0

0.00%

$0

0.00%

$0

0.00%

$0

0.00%

$0

0.00%

$0

0.00%

$0

0.00%

$0

0.00%

0.00%

$0

#DIV/0!

0%

01/00/00

$0

$0

0.00%

$0

0.00%

0.00%

$0

#DIV/0!

0%

01/00/00

$0

$0

0.00%

$0

0.00%

0.00%

$0

#DIV/0!

0%

01/00/00

$0

$0

0.00%

$0

0.00%

0.00%

$0

#DIV/0!

0%

01/00/00

$0

$0

0.00%

$0

0.00%

0.00%

$0

#DIV/0!

0%

01/00/00

$0

$0

0.00%

$0

0.00%

100.00%

$3,800,000

$0

$0

0.00%

$0

#DIV/0!

$0

0.00%

Total
Sum

145,214
Summary Information

Gross

02/01/12

01/28/27

26.17

$0
$0

0.00%

Vacant/ MTM

0.00%

$0

#DIV/0!

$0

0.00%

$0

0.00%

Vacant/ MTM

0.00%

$0

#DIV/0!

$0

0.00%

$0

0.00%

Summary Vacant Information

0.00%

$0

100.00%

$3,800,000

GROSS POTENTIAL INCOME

145,214

Potential Rental Income

2012

2013

2014

2015

2016

$ 3,884,475

$ 3,942,742

$ 4,001,883

$ 4,061,911

$ 4,122,840

$0
26.17

$0

$0

2017

2018

2019

2020

2021

$ 4,184,682

$ 4,247,452

$ 4,311,164

$ 4,375,832

$ 4,441,469

2022

2023

######### $ 4,575,713

$0
2024

2025

2026

$ 4,644,348

#########

########

Rollover rent

Rollover downtime Rent

Manual Adjustments

Total Rent

$ 3,884,475

$ 3,942,742

$ 4,001,883

$ 4,061,911

$ 4,122,840

$ 4,184,682

$ 4,247,452

$ 4,311,164

$ 4,375,832

$ 4,441,469

######### $ 4,575,713

$ 4,644,348

#########

########

01/00/00
Please note if management fee is included in CAM
*For vacancy, rent psf is market

3/31/2011 6:08 PM

Malvern Advisors LLC

Gas Station Venture
Closing Cost - Statement

Date of Last Input

Total Rentable SF

Base

Factor

Property Purchase Price

Debt Closing Costs
Makewhole Premium
Debt Assumption Fee
Lender Endorsements
Rate Lock
Mortgage Recording Tax/Fee (as % of Debt)
Other Debt Costs
Settlements Costs
Title Premium
40
UCC Insurance
40
Title Insurance Premium
40
Environmental Insurance
40
Title (Loan Fees (Premium; Add'l Insured Coverage; Endorsements))
40
Transfer Tax (est)
Entity Formation
40
Commissions Due at Closing (Yes/No)
Yes
Initial TI Charges at Closing (Yes/No)
No
Other Costs (Misc, Legal, Etc.)
Due Diligence Costs
3rd Party Costs
Appraisal
40
Structural Review
40
Environmental - Phase I
40
Survey
40
Lender Legal Fees
40
Legal Fees
40
Zoning
40
Other
40
Other Closing Costs
Remainderman Cost
Other

Cost
40,000,000

PSF
275.46

As %
Purch Price
100.00%

0.00
0.00
0.00
0.00
0.00
0.00

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

61,000
0
40,000
50,600
40,000
400,000
140,000
0

0.42
0.00
0.28
0.35
0.28
2.75
0.96
0.00
0.00
0.00

0.15%
0.00%
0.10%
0.13%

200,000
104,000
104,000
200,000
260,000
260,000
28,000
0

1.38
0.72
0.72
1.38
1.79
1.79
0.19
0.00

0.50%
0.26%
0.26%
0.50%
0.65%
0.65%
0.07%
0.00%

0
0

0.00
0.00

0.00%
0.00%

1,887,600

13.00

4.72%

41,887,600

288.45

104.72%

0.0%
0.0%
0.25%

1,525
$1 per $1,000
1,265
$1 per $1,000
1.00%
3,500
0.00%
10.00

5,000
2,600
2,600
5,000
6,500
6,500
700
-

Closing Costs Included in Cost Basis of Property

Capitalized Purchase Price
Gas Station Venture

3/14/2011
145,214

9 of 9

0.35%
0.00%
0.00%
0.00%

Closing Costs