Custom Redevelopment Model - Built From Scratch For Mixed Use Retail, Office, Multifamily.

ABC Redevelopment
Return Summary
Assumptions Return Summary Equity Cash Flow Summary
Return Assumptions Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16
Retail Mixed Use Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26 Feb-27
Hurdle Rate 6.0% Project IRR 17.7% Project (1,574,247) (3,902,190) (21,304,589) - 15,041,541 1,850,147 1,854,097 1,863,076 2,017,310 2,373,913 1,912,105 2,036,088 2,161,513 2,306,387 23,769,613 64,276,931
Preferred Return 8.0% Project NPV 44,826,111
Equity Split 30%/70% Avg Current Yield 7.93% - - - 19.1% 6.6% 6.6% 6.6% 7.2% 8.5% 6.8% 7.3% 7.7% 8.3% 8.8% 1.5%
PartnerPromote 52.5% Partner IRR 24.0% Partner (472,274) (1,170,657) (6,391,377) - 4,512,464 555,044 556,229 558,923 605,193 712,174 573,632 610,827 648,454 691,916 13,735,155 53,028,468
Apartment Third Party Inv IRR 12.1% Third Party Inv (1,101,973) (2,731,533) (14,913,212) - 10,529,078 1,295,103 1,297,868 1,304,153 1,412,117 1,661,739 1,338,473 1,425,262 1,513,059 1,614,471 10,034,458 11,248,463
Hurdle Rate 5% Apartment check - - - - - - - - - - - - - - - -
Preferred Return 8% Project IRR 14.2% Project (716,571) (3,133,596) (20,349,832) - 10,707,001 1,267,427 1,269,464 1,276,474 1,412,308 1,550,070 1,081,614 1,203,380 1,326,522 1,451,035 1,576,914 64,276,931
Equity Split 30%/70% Project NPV 27,080,301
PartnerPromote 20% Avg Current Yield 6.20% - - - - 17.3% 5.2% 5.2% 5.3% 5.8% 6.4% 4.5% 5.0% 5.5% 6.0% 6.5% 1.6%
Partner IRR 16.6% Partner (214,971) (940,079) (6,104,950) - 3,212,100 380,228 380,839 382,942 423,692 465,021 324,484 361,014 397,957 435,311 473,074 27,742,838
Leverage Assumptions Third Party Inv IRR 12.9% Third Party Inv (501,600) (2,193,518) (14,244,883) - 7,494,900 887,199 888,625 893,532 988,615 1,085,049 757,129 842,366 928,566 1,015,725 1,103,840 36,534,093
Retail Retail check - - - - - - - - - - - - - - - -
Con Loan LTC: 90.7% Project IRR 37.5% Project (857,676) (768,594) (954,756) - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699 -
APR 3.0% Project NPV 17,745,810
PermLoan LTV: 65% Avg Current Yield 26.30% - - - - 35.9% 19.4% 19.5% 19.5% 20.2% 28.4% 28.7% 28.7% 28.8% 29.6% 30.5% -
APR 5.50% Partner IRR 54.2% Partner (257,303) (230,578) (286,427) - 1,806,848 480,744 482,322 483,947 499,127 679,670 685,155 686,984 688,868 705,665 18,308,977 -
DSCR 1.25x Third Party Inv IRR 23.4% Third Party Inv (600,373) (538,016) (668,329) - 2,527,693 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722 -
Mort Const. 7.4% check - - - - - - 0 (0) (0) - - - - - (0) -
Apartment Development Costs Mixed-Use Apartment Retail Stabilized Cash Flow Summary
Con Loan LTC: 80.30% Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11
APR 0.03 Uses of Funds Year Ending: Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27
PermLoan LTV: 64.68% Land & Acquisition Costs 17,584,000 15,600,000 1,984,000 Mixed-Use PGI 14,201,614 14,426,064 14,655,003 14,888,521 15,363,751 15,613,673 15,861,484 16,114,251 16,372,073 16,802,817 4,808,754
APR 0.05 Land Purchase Deposit Penalty 234,000 117,000 117,000 V+RC+C+ER (717,102) (842,935) (1,002,310) (1,019,377) (1,048,638) (1,066,743) (1,084,854) (1,103,328) (1,122,172) (1,149,780) (344,622)
DSCR 1.20x Total Hard Costs 113,828,929 89,995,263 23,833,666 EGI 13,484,512 13,583,130 13,652,693 13,869,144 14,315,114 14,546,930 14,776,629 15,010,923 15,249,902 15,653,036 4,464,132
Mort Const. 6.4% Base Building Hard Costs 112,907,574 89,395,958 23,511,616 O&M+ReT+CapR (2,578,546) (2,671,182) (2,747,665) (2,826,420) (2,909,887) (3,549,430) (3,705,810) (3,814,800) (3,927,036) (4,155,757) (1,405,090)
Owner Directed Hard Costs - - - NOI 10,905,966 10,911,947 10,905,029 11,042,724 11,405,227 10,997,500 11,070,819 11,196,123 11,322,865 11,497,280 3,059,042
Development Assumptions FF&E 350,000 350,000 - DS+Fin Fees (8,963,076) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (2,454,700)
Retail GSF 82,285 Contingency 249,305 249,305 - Cap Events - - - - - - - - - - 222,321,756
Retail RSF 74,335 Retail Tenant Improvements 322,050 - 322,050 Fin Proceeds 10,147,660 - - - - - - - - - (136,995,840)
Parking Spots 44 Total Soft Costs and Fees 15,087,270 11,500,039 3,587,231 CF 12,173,029 1,858,533 1,851,614 1,989,309 2,358,685 1,952,333 2,025,652 2,150,956 2,277,699 2,335,297 85,926,137
Soft Costs 8,192,710 5,850,000 2,342,710
Apartment GSF 390,213 Initial Leasing Costs 808,097 - 808,097 Apartment PGI 11,222,497 11,446,947 11,675,886 11,909,403 12,147,591 12,390,543 12,638,354 12,891,121 13,148,944 13,411,922 4,517,068
Apartment RSF 247,082 Sponsor/Developer Fee 2,411,000 2,411,000 - V+RC+C+ER (568,146) (693,979) (853,354) (870,421) (887,830) (905,586) (923,698) (942,172) (961,015) (980,236) (330,038)
Parking Spots 271 Developer Contingency 2,000,000 2,000,000 $0 EGI 10,654,350 10,752,968 10,822,532 11,038,982 11,259,762 11,484,957 11,714,656 11,948,949 12,187,928 12,431,687 4,187,030
Op. & Fin. Deficit Allowance 1,675,463 1,239,039 436,424 OM+RET+CapRe (2,610,859) (2,705,403) (2,783,850) (2,864,629) (2,947,809) (3,589,429) (3,748,021) (3,859,288) (3,973,870) (4,091,865) (1,398,655)
Project Oversight Fee - - - NOI 8,043,491 8,047,565 8,038,682 8,174,354 8,311,953 7,895,528 7,966,635 8,089,661 8,214,059 8,339,822 2,788,375
Fin. Costs Incl. Cash & Cap. Int./Fees 7,437,814 5,623,460 1,814,354 DS+Fin Fees (6,209,043) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (2,257,834)
Total Dev'mt Cost (Uses of Funds) 154,172,012 122,835,762 31,336,250 Net Cap Events - - - - - - - - - - 168,821,449
Operating Deficit - - - Fin Proceeds 6,512,472 - - - - - - - - - (104,937,537)
Market Lease Assumptions Total Dev'mt Cost Incl/ Op Def 154,172,012 122,835,762 31,336,250 CF 8,346,920 1,274,064 1,265,180 1,400,852 1,538,451 1,122,026 1,193,134 1,316,160 1,440,557 1,566,320 64,414,454
Anchor Rent PSF $43.87
In-Line Rent PSF $34.29 Retail PGI 2,979,118 2,979,118 2,979,118 2,979,118 3,216,160 3,223,130 3,223,130 3,223,130 3,223,130 3,390,894 291,686
CAM/RSF $1.00 Sources of Funds V+RC+C+ER (148,956) (148,956) (148,956) (148,956) (160,808) (161,156) (161,156) (161,156) (161,156) (169,545) (14,584)
RE TAX/RSF $0.36 Sponsor - - - EGI 2,830,162 2,830,162 2,830,162 2,830,162 3,055,352 3,061,973 3,061,973 3,061,973 3,061,973 3,221,350 277,102
TI/RSF $30.00 Partner 8,034,308 7,260,000 774,308 OM+RET+CapRe 32,313 34,221 36,185 38,209 37,922 39,999 42,210 44,488 46,834 (63,891) (6,434)
Lease Com/RSF $14.81 Third Party Inv 18,746,718 16,940,000 1,806,718 NOI 2,862,475 2,864,382 2,866,347 2,868,370 3,093,274 3,101,973 3,104,184 3,106,461 3,108,807 3,157,458 270,667
Avg Apt Rent/RSF $38.68 Equity Total 26,781,026 24,200,000 2,581,026 DS+Fin Fees (2,754,033) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (196,866)
Apt O&M/GSF $5.47 Net Revenue 332,653 0 332,653 Net Cap Events - - - - - - - - - - 53,500,306
Apt RE Tax/GSF $10.53 Debt 127,058,333 98,635,762 28,422,571 Fin Proceeds 3,635,189 - - - - - - - - - (32,058,303)
Total Sources of Funds 154,172,012 122,835,762 31,336,250 CF 3,826,110 584,469 586,434 588,457 820,234 830,307 832,518 834,796 837,142 768,977 21,511,684
ABC Redevelopment
Mi xed-Use Annual Summar y - Sour ces and Uses of Funds
Year: 2012 2013 2014 2015 2016 2017 2018 2019
USES OF FUNDS Total
Land & Acq. Costs 17,818,000 401,082 - 17,416,918 - - - - -
Hard Costs w/Cont., excl. TIs 112,907,574 - - 14,460,091 73,132,168 25,315,315 - - -
Retail TIs $322,050 - - - - 322,050 - - -
Total Hard Costs $113,983,529 - - 14,530,010 73,518,862 25,934,656 - - -
Retail Tenant Leasing Costs $2,047,136 - - - 697,815 110,282 1,239,039 - -
Operations Reserve $1,675,463 - - - 72,451 363,974 1,239,039 - -
All Other Soft Costs $8,629,134 911,919 2,769,294 3,973,201 200,692 774,028 - - -
Elig. Dev Costs for Funding $146,888,799 1,549,795 3,027,615 36,697,571 76,456,087 27,918,691 1,239,039 - -
Financing Costs
Cap. (funded) Loan Int. Res. $4,953,415 - - 104,548 1,504,568 3,101,414 242,885 - -
Loan Interest - paid in Cash $355,172 - - - - 355,172 0 - -
Total Financing Costs $7,437,814 - - 2,213,774 1,516,568 3,464,587 242,885 - -
T.D.C before Op. Deficit $154,326,612 1,549,795 3,027,615 38,911,345 77,972,656 31,383,277 1,481,924 - -
Operating Deficit $0 - - - - - - - -
Total Development Costs (TDC) $154,326,612 1,549,795 3,027,615 38,911,345 77,972,656 31,383,277 1,481,924 - -
SOURCES OF FUNDS Total
Sponsor Equity Pari Passu
Direct Project Costs Draw $8,034,308 464,939 908,285 6,661,085 - - - - -
Ops. & Fin. Deficit Draw $0 - - - - - - - -
Post-Refi Dev Cost Draw $0 - - - - - - - -
Refin.Shortfall Draw $0 - - - - - - - -
Sponsor Equity Total Funding $8,034,308 464,939 908,285 6,661,085 - - - - -
Third Party Inv Equity Pari Passu
Direct Project Costs Draw $18,746,718 1,084,857 2,119,331 15,542,531 - - - - -
Post-Refi Dev. Costs Draw $0 - - - - - - - -
Refi Shortfall Draw $0 - - - - - - - -
Third Party I nv Equity Total Funding $18,746,718 1,084,857 2,119,331 15,542,531 - - - - -
Construction Loan
Direct Project Costs Draw $119,976,235 - - 14,493,956 76,456,087 27,787,153 1,239,039 - -
Loan Fees - Front End $1,763,762 - - 1,763,762 - - - - -
Loan Fees - At Loan Draws $29,000 - - 9,000 12,000 8,000 - - -
Funded Interest Reserve $4,953,415 - - 104,548 1,504,568 3,101,414 242,885 - -
Cash Interest Payments, if any $355,172 - - - - 355,172 0 - -
Loan Repayment From Refi ($127,058,876) - - - - (28,423,114) (98,635,762) - -
Loan Repay Dispose of Apt & Retail $0 - - - - - - - -
Repay from Shortfall Equity Draw $0 - - - - - - - -
Sources of Funds after Shortfalls $154,172,555 1,549,795 3,027,615 38,911,345 77,972,656 31,229,220 1,481,924 - -
ABC Redevelopment
Mi xed-Use Annual Summary - Cash Flow
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Total
Market Rate Units Leased 293 - - - - 292 1 - - - - - - - - - -
Gross Potential Income 172,437,608 - - - 174,169 7,635,429 14,201,614 14,426,064 14,655,003 14,905,938 15,366,669 15,613,673 15,861,484 16,114,251 16,391,232 13,411,922 13,680,161
(-) Vacancy ($8,113,287) - - - (8,708) (362,046) (669,907) (680,326) (690,953) (702,664) (724,848) (736,328) (747,832) (759,565) (772,491) (622,584) (635,036)
(-) Lease Comm. & Other L.C. ($1,428,020) - - - (174,169) (1,253,851) - - - - - - - - - - -
Effective Gross Income $159,649,325 - - - (8,708) 6,019,532 13,484,512 13,583,130 13,652,693 13,885,690 14,317,885 14,546,930 14,776,629 15,010,923 15,268,102 12,431,687 12,680,321
(+) Exp. Reimb. $8,316,348 - - - 43,819 687,174 733,171 754,362 776,189 798,671 821,827 845,678 870,244 905,647 1,079,566 - -
(+) Credit Loss ($1,622,657) - - - (1,742) (72,409) (133,981) (136,065) (138,191) (140,533) (144,970) (147,266) (149,566) (151,913) (154,498) (124,517) (127,007)
(-) O&M & RE Taxes $28,484,149 - - - (105,820) 360,135 1,765,359 1,836,428 1,890,716 1,946,633 2,004,228 2,619,517 2,751,009 2,824,288 2,762,311 3,856,820 3,972,525
Net Operating Income $122,779,250 - - - (72,451) 5,017,678 11,005,144 11,014,101 11,010,247 11,167,470 11,519,595 11,112,475 11,189,243 11,318,099 11,466,510 8,450,350 8,580,789
(-) CapEx Reserve ($1,248,692) - - - - (18,371) (99,019) (101,990) (105,050) (108,201) (111,447) (114,791) (118,234) (121,781) (125,435) (110,528) (113,844)
NOI after CapEx Res. $121,530,558 - - - (72,451) 4,999,307 10,906,125 10,912,111 10,905,197 11,059,269 11,408,148 10,997,684 11,071,009 11,196,318 11,341,076 8,339,822 8,466,945
Total Cash D.S. Exp.* $91,241,959 - - - - 552,038 8,571,435 9,135,894 9,135,894 9,135,894 9,135,894 9,135,894 9,135,894 9,135,894 9,135,894 6,773,501 2,257,834
Cap. Events Rev., Net $168,821,449 - - - - - - - - - - - - - - - 168,821,449
Net Rev. After D.S. $193,966,577 - - - (72,451) 4,199,503 2,417,168 1,858,696 1,851,782 2,005,854 2,362,294 1,952,517 2,025,842 2,151,151 2,295,909 1,566,320 169,351,991
Financing Cash Flows
Dev Int Equity Draw ($8,034,308) (464,939) (908,285) (6,661,085) - - - - - - - - - - - - -
Dev L.L. Costs & OpDef Draw $0 - - - - - - - - - - - - - - - -
3rd Prty Intl Draw ($18,746,718) (1,084,857) (2,119,331) (15,542,531) - - - - - - - - - - - - -
3rd Prty L.L. Costs & OpDef Draw $0 - - - - - - - - - - - - - - - -
Rev Paid To Late Dev Costs $0 - - - - - - - - - - - - - - - -
Const Loan Draw $119,976,235 - - 14,493,956 76,456,087 27,787,153 1,239,039 - - - - - - - - - -
Const Loan Repay't ($127,058,876) - - - - (28,423,114) (98,635,762) - - - - - - - - - -
Perm Loan Proc'ds $137,206,537 - - - - 32,058,303 105,148,234 - - - - - - - - - -
Perm Loan Repay't - Retail Sale $0 - - - - - - - - - - - - - - - -
Perm Loan Repay't - Apt Sale ($104,937,537) - - - - - - - - - - - - - - - (104,937,537)
Project Levered Cash Flow $64,199,140 (1,549,795) (3,027,615) (22,203,615) - 7,855,563 8,929,640 1,858,696 1,851,782 2,005,854 2,362,294 1,952,517 2,025,842 2,151,151 2,295,909 1,566,320 64,414,454
ABC Redevelopment
Mi xed-Use Partnershi p Structure
Total Requi red Equi ty (Purchase + Operati on)
$26,781,026 (Includes Operating Deficit Funding)
Sponsor 30.00% $8,034,310
Third Party Inv 70.00% $18,746,716
100.00% $26,781,026
Profi t Shari ng
Preferred Return Residual Split
Waterfall #1 8.00%
Partnership Structure % Total Equity Sponsor Promote
Sponsor 30.00% Profit >> Sponsor 30.00% 82.50% 52.50%
Third Party Inv 70.00% Sharing >> Third Party Inv 70.00% 17.50%
Total 100.00% Splits >> 100.00% 100.00%
Note: By its nature, the Preferred Return includes the Return of Capital.
ABC Redevelopment
Mi xed-Use J oi nt Ventur e Retur n Detai l
Sponsor Third Party Inv Total Project
Equity Investment $8,034,308 $18,746,718 $26,781,026
Share of Equity Investment 30.00% 70.00% 100.00%
Gross Return $76,788,479 $44,674,242 $121,462,722
Net Profit (Return on Equity) $68,754,171 $25,927,524 $94,681,696
Multiple on Equity 9.56x 2.38x 4.54x
Internal Rate of Return 23.44% 11.56% 17.17%
Time fromEquity Investment to
Final Return (mnths) 183 months 183 months 183 months
Profit Sharing Summary - Sponsor/Developer and Third Party Investor Profit Sharing Structure - Sponsor/Developer and Third Party Investor
Tier Sponsor Sponsor Third Party Inv Third Party Inv Total Sponsor Sponsor Third Party Inv Total
Cashflow Share Investor Cashflow Investor Share Cashflow Promote Pro-Rata Share Profit (must be
IRR Hurdle Ranges Share 100%)
ROC and Pref Return $13,381,872 52% $12,477,638 48% $25,859,510 Preferred Return 0% through 8.0% 0.0% 30.0% 70% 100%
Tier 1 $63,406,608 83% $13,449,886 18% $76,856,494 Residual Split Above 8.0% 52.5% 82.5% 17.5% 100%
Total $76,788,479 75% $25,927,524 25% $102,716,004
Less Equity Investment (8,034,308) 30% (18,746,718) 70% (26,781,026)
Net Profit (Return on Equity) $68,754,171 91% $7,180,806 9% $75,934,978
30.00%
70.00%
Share of Equity Investment
Sponsor Third Party Inv
Share of Total Profit
$7,180,806
$68,754,171
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
Net Profits
Third Party Inv Sponsor
ABC Redevelopment
Retail Investment Summary
Assumptions Return Summary
Development Assumptions Return Assumptions Retail
Retail GSF 82,285 Preferred Return 8.0% Project IRR 37.5%
Retail RSF 74,335 Equity Split 30%/70% Equity Multiple 10.81x
Parking Spots 44 Rodin LP Promote 52.5% Avg Current Yield 26.3%
Retail Terminal Cap R 6% Rodin LP IRR 54.2%
Leverage Assumptions Market Cash Flow Assumptions BCC LP IRR 23.4%
Con Loan LTC: 90.7% Anchor Rent PSF $43.87
APR 3.0% In-Line Rent PSF $34.29 Development Summary
Perm Loan LTV: 65.0% CAM/RSF $1.00 Uses of Funds
APR 5.5% RE TAX/RSF $0.36 Land & Acquisition Costs 1,984,000
DSCR 1.25x TI/RSF $30.00 Closing Costs
Mort Const. 7.4% Lease Com/RSF $14.81 Total Hard Costs 23,833,666
Building Permits
Rent Roll Broker Fees 808,097
Tenant Annual Rent PSF Lease Comm. Term Retail Tenant Improvements 322,050
Whole Foods $38.00 1/1/2016 20 Years Sponsor/Developer Fee -
CVS $49.00 4/1/2016 30 Years Soft Costs 2,342,710
Wells Fargo $60.00 5/1/2016 10 Years Op. & Fin. Deficit Allowance 436,424
Pet Value $35.00 3/1/2016 10 Years Project Oversight Fee -
Corner Bakery $42.50 3/1/2016 10 Years Fin. Costs Incl. Cash & Cap. Int./Fees 1,814,354
Total Dev'mt Cost (Uses of Funds) 31,336,250
Operating Deficit -
Total Dev'mt Cost Incl/ Op Def 31,336,250
Sources of Funds
Sponsor -
Partner 774,308
Third Party Inv 1,806,718
Equity Total 2,581,026
Net Revenue 332,653
Debt 28,422,571
Total Sources of Funds 31,336,250
ABC Redevelopment
Retail Cash Flow Summary
Equity Cash Flow Summary
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15
Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26
Project Cash Flow (857,676) (768,594) (954,756) - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699
Current Yield - - - - 35.9% 19.4% 19.5% 19.5% 20.2% 28.4% 28.7% 28.7% 28.8% 29.6% 30.5%
Partner Equity Investment (257,303) (230,578) (286,427) - - - - - - - - - - - -
Partner Capital and Preferred CF - - - - 1,300,363 174,816 175,390 175,981 181,501 247,153 249,147 249,812 250,497 256,606 6,657,812
Partner Promote And Residual CF - - - - 506,485 305,928 306,932 307,966 317,626 432,517 436,008 437,172 438,370 449,060 11,651,165
Partner (257,303) (230,578) (286,427) - 1,806,848 480,744 482,322 483,947 499,127 679,670 685,155 686,984 688,868 705,665 18,308,977
Third Party Inv Equity Investment (600,373) (538,016) (668,329) - - - - - - - - - - - -
Third Party Inv Capital and Preferred - - - - 2,358,865 - - - - - - - - - -
Third Party Inv Promote And Residu - - - - 168,828 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722
Third Party Inv (600,373) (538,016) (668,329) - 2,527,693 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722
Stabilized Cash Flow Summary
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15
Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26
Retail, Parking & Other GPR - - - 174,169 2,848,760 2,979,118 2,979,118 2,979,118 2,996,534 3,219,077 3,223,130 3,223,130 3,223,130 3,242,288 3,394,827
(-) Vacancy - - - (39,430) (148,956) (148,956) (148,956) (148,956) (157,758) (161,156) (161,156) (161,156) (162,114) (171,285) (175,771)
(-) Retail Rent Concessions - - - (174,169) (1,253,851) - - - - - - - - - -
(+) Exp. Reimb. - - - 43,819 687,174 733,171 754,362 776,189 798,671 821,827 845,678 870,244 905,647 1,079,566 1,003,290
(+) Credit Loss - - - (1,742) (28,488) (29,791) (29,791) (29,791) (29,965) (32,191) (32,231) (32,231) (32,231) (32,423) (33,948)
Total Operating Income - - - 171,863 3,081,629 3,542,342 3,565,614 3,589,640 3,779,919 3,869,418 3,895,850 3,923,136 4,127,317 4,215,711 4,328,438
(-) O&M & RE Taxes - - - 33,369 2,111,157 3,533,542 3,554,733 3,576,560 3,615,413 3,847,760 3,875,420 3,899,986 3,935,389 4,127,317 4,194,427
(-) Retail CapEx Reserve - - - (105,820) (628,242) (656,599) (675,449) (694,864) (714,862) (735,460) (756,675) (778,528) (811,134) (982,175) (1,024,899)
Retail NOI after CapEx Res. - - - (72,451) 1,478,285 2,862,634 2,864,546 2,866,515 2,884,916 3,096,195 3,102,157 3,104,373 3,106,656 3,127,017 3,150,859
Total Cash D.S. Exp.* - - - - 1,339,502 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,165,526 -
Retail & Parking Sale, Net - - - - - - - - - - - - - - 53,500,306
Net Rev. After D.S. - - - (392,331) 1,170,831 583,514 585,614 587,781 760,307 829,949 832,334 834,796 855,352 54,190,116 -
Sponsor Equity Draw (257,303) (230,578) (286,427) - - - - - - - - - - - -
Third Party InvEquity Draw - - - - 33,730 37,770 38,862 39,986 41,144 42,336 43,564 44,829 46,133 47,864 4,001
Const. Loan Draw - - 5,647,451 16,348,998 4,967,484 - - - - - - - - - -
Permanent Loan Proceeds - - - - 32,058,303 - - - - - - - - - -
Perm Loan Repay Retail Sale - - - - - - - - - - - - - (32,058,303) -
Project Levered Cash Flow (857,676) (807,594) (748,657) 21,574 4,485,437 583,514 585,614 587,781 760,307 829,949 832,334 834,796 855,352 22,131,813 -
ABC Redevelopment
Retai l & Offi ce Space Mi x Detai ls
Retai l Space Component
Retail Rentable Rent Lease Lease Number Length of PSF Tenant TI
Space Tenant Square Annual Commence Term Expiration of Option Option Leasing Improvement Duration
Type Name Feet Rent PSF Date (Months) Date Terms Terms Costs Allowance
Anchor Whole Foods 55,000 $38.00 1/1/2016 240 1/1/2036 6 60 $8.18 $0.00 7
Anchor CVS 11,000 $49.00 4/1/2016 359 3/1/2046 5 60 $22.54 $0.00 1
In-Line Wells Fargo 1,135 $60.00 5/1/2016 120 5/1/2026 4 60 $18.90 $30.00 1
In-Line Pet Value 3,200 $35.00 3/1/2016 120 3/1/2026 2 60 $11.03 $40.00 1
In-Line Corner Bakery 4000 $42.50 3/1/2016 120 3/1/2026 2 60 $13.39 $40.00 1
TOTAL 74,335
GRAND TOTAL 78,200
Total Rei mbur sable Expenses - PSF Per Mnth
Management -
Administration -
CAM $1.00
Utilities $0.40
Water & Sewer -
Repair & Maint. $0.15
Insurance
Taxes* -
Total Operating Expenses $1.55
ABC Redevelopment
Retai l Capi tal Structure
(Bar heights are illustrative and are not to scale.)
Equity
Investment
% Equity % TDC Equity % TDC Debt % TDC Amount * Total Equity ^ Total Debt * Deficits Funded including % TDC -
By Equity Deficit Liabilities Actual %s
Sponsor 0.0% 0.0% $0 $0 Sponsor 0.00%
Partner 30.0% 2.8% $774,308 $774,308 Partner 2.47%
9.3% $2,581,026 $0
Third Party Inv 70.0% 6.5% $1,806,718 $1,806,718 Third Party Inv 5.77%
$2,581,026
Const. Loan 90.7% 90.7% $28,422,571 $28,422,571 Const. Loan 90.70%
1.06%
Sources of Funds (TDC) 100.0% 100.0% $31,003,597 100.00%
Sources of Funds From Above $31,003,597
Property Cash Flow As Source of Funds $332,653
Total Development Cost $31,336,250
$422
+ While the equity slices are shown stacked vertically, note that this is simply the graphic representation and does not imply that there is any Preferred equity in the transaction.
* The Senior Loan Amount on a residual basis after designating the dollar amounts of the other sources of funds.
** Principal Amount includes Funded Interest Reserve and Funded Loan Fees.
^ Equity amounts in this column do not include the pro-rata portion of the Operating and Financing Deficits to be funded by the Equity investors. See Column S for adjusted totals.
ABC Redevelopment
Retai l Partnershi p Structure
Sponsor 30.00% $774,308
Third Party Inv 70.00% $1,806,718
100.00% $2,581,026
Profi t Shari ng
Waterfall #1 8.00%
Sponsor 30.00% Profit >> Sponsor 30.00% 82.50% 52.50%
Third Party Inv 70.00% Sharing >> ird Party Inv 70.00% 17.50%
Total 100.00% Splits >> 100.00% 100.00%
ABC Redevelopment
Retail J oint Ventur e Retur n Detail
Sponsor Third Party Inv Total Project
Equity Investment $774,308 $1,806,718 $2,581,026
Gross Return $25,508,306 $7,555,275 $33,063,582
Time from Equity Investment to
Final Return (mnths) 180 months 180 months 180 months
Tier Sponsor Sponsor Third Party Inv Third Party Inv Total Sponsor Sponsor Third Party Inv Total
Cashflow Share Investor Cashflow Investor Share Cashflow Promote Pro-Rata Share Profit (must be
IRR Hurdle Ranges Share 100%)
ROC and Pref Return $1,010,942 30% $2,358,865 70% $3,369,807 Preferred Retu 0% through 8.0% 0.0% 30.0% 70% 100%
Tier 1 $24,497,364 83% $5,196,411 18% $29,693,775 Residual Split Above 8.0% 52.5% 30.0% 17.5% 100%
Total $25,508,306 77% $7,555,275 23% $33,063,582
Less Equity Investment (774,308) 30% (1,806,718) 70% (2,581,026)
30.00%
70.00%
Share of Equity Investment
81%
19%
$5,748,557
$24,733,998
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
Net Profits
Third Party Inv Sponsor
ABC Redevelopment
Retai l Development Assumpti ons
BUILDINGPROFILE DEVELOPMENT USES OF FUNDS Deposit/Fee %Total PER GSF <<--Choose Total PERMANENT LOANREFINANCINGOF DEVELOPMENT LOAN(S)
Property Name ABC Redevelopment <-- Drop down menu for dev cost input
Property Address Anytown USA Land & Acquisition Costs 4.5% Deposit 6.33% $24.11 $1,984,000 Last Tenant Rent Start (Stabalization) Month 59
Land Purchase Deposit Penalty 0.50% Fee $15,600,000 $117,000 Month # of Refinancing (Enter 0 if None) Month 60
Lot Square Footage TBD Total Hard Costs 76.06% $289.65 $23,833,666 Date of Refinancing 1 mos. after 90% occy. 1/1/2017
Total Gross Building Area Above Grade 82,285.0 Base Building Hard Costs 75.03% $241.61 $23,511,616
Density TBD Owner Directed Hard Costs 0.00% $0.00 $0 Term 25 Years
FF&E 0.00% $0.00 $0 Amortization Period 25 Years
Floor to Area Ratio TBD Contingency (Developer) 0% B. Bldg HC 0.00% $0.00 $0 Interest Rate 5.50%
Zoning CMX-4 Retail Tenant Improvements 1.03% $3.91 $322,050 Interest Only Period (Enter 0 if None) 0 Periods
Allowable Lot Coverage TBD Office Tenant Improvements 0.00% $0.00 $0 New Loan LTV 65%
Building Allowable Footprint TBD Total Soft Costs and Fees 11.45% $43.60 $3,587,231
Height Limit (Stories) 9 Soft Costs 75/25/0 <--Distribution 7.48% $20.83 $2,342,710 NOI at Point of Refinancing $2,959,228
Number of Floors 9 2.58% $10.87/RSF $808,097 MaximumLoan Amount * $32,058,303
Average Slab to Slab Height TBD 0.00% $0.00/RSF $0 Amount Borrowed MaximumLoan Amount
Height Limit (Feet) TBD Sponsor/Developer Fee 2% B. Bldg HC 0% PreDev 0.00% $0.00 dev fee based on soft & hard costs $0 Principal Amount $32,058,303
Building Height (Feet) TBD Op. & Fin. Deficit Allowance 1.39% $5.30 $436,424
Project Oversight Fee Manual <--Distribution 0.00% $42.21 $0 Remaining Senior Loan Principal $28,423,114
Total Rentable Square Footage 74,335 HECKFinancing Costs Incl. Cash and Capitalized Int./Fees 5.79% $22.05 $1,814,354 Excess Proceeds to Equity $3,314,606
Retail RSF 74,335 Total Development Cost (Uses of Funds) 99.63% $380.83 $31,336,250
Office RSF 0 Operating Deficit $0 Loan/Broker Fees/Closing Costs ** 1.00%
Total Development Cost Including Operating Deficit $31,336,250 * The Lesser of the two MaximumLoan Proceeds Amounts
** These costs are assumed to be paid by Retained Earnings.
DEVELOPMENT SOURCES OF FUNDS
Equity %Sponsor %Total Equity Initial Deficit %of Cost Total Equity DISPOSITION
Equity Investment Share * Multifamily Development Rights
Programmed Gross Parking Area 50,000.0 Disposition of Multi-Family Development Rights Month 23
Parking Spots 44.0 Sponsor 0% 0% $0 $0 0.0% $0 Sale Date 12/1/2013
Parking Spots/1,000 RSF of Retail 0.00 Partner 100% 30% $774,308 $0 2.5% $774,308 (Year 2013 of model) (Year 1 of project)
Useable SF Per Parking Spot 350.0 Third Party Inv 70% $1,806,718 $0 5.8% $1,806,718
Garage Floorplate 10,000.0 Equity Total 100% 100% $2,581,026 $0 8.2% $2,581,026 Multi-Family Development Rights Gross Sales Price $0
Levels of Parking Required 1.0 Selling Costs 0.0%
Total Storage Space 0.0 Multi-Family Development Rights Disposition, Net $0
Debt*** Date APR Fee % %of Total Debt %of Cost Total Debt
Above Grade GSF excluding Parking 163,867.0 Const. Loan 5/1/2014 3.00% Interest 100.00% 90.7% $28,422,571 OK! Retail Asset
Total Building Gross SF including Parking 82,285.0 Mortgage Recording Tax 5/1/2014 1% Fee Disposition of Retail & Parking Month 180
Loan Fees - Front End 5/1/2014 1% Fee Sale Date 1/1/2027
PROJECT TIMINGVARIABLES Loan Fees - At Draws $1,000 (Year 2027 of model) (Year 11 of operation)
<-- Drop down menu for schedule input Debt Total 90.7% $28,422,571
General Project Timing Schedule Elapsed Month # Date/Duration Property Cash Flow 1.1% $332,653 Capitalization Rate 6.0%
Land Purchase Timing Total Sources of Funds 100.0% $31,336,250 Selling Costs 2.0%
Project/Analysis Start Date month 1 2/1/2012 Debt *Operating Deficit and Financing-related Deficits OK - NO ACTIONNEEDED Annual NOI in Month 192: $3,275,529
Land Contract Execution month 1 2/1/2012 ** Loan amount includes capitalized interest and capitalized points/fees SENIOR LOAN CHECK Retail Disposition, Net $53,500,306
Land Deposit Date month 1 2/1/2012 ***Loan has earn-up based on 80% stabalized with investment grade tenants (MUST BE $0) $0
Land Closing Date month 28 5/1/2014 ****$0.25 reserve $28,422,571 Office Asset Month 175
Disposition of Office 8/1/2026
Construction Timing and Schedule Sale Date (Year 10 of operation)
Months of Pre-Construction * 28 months (Year 2026 of model)
Construction Start Date month 29 6/1/2014
# of Months of Construction 28 months Capitalization Rate 6.0%
Construction End / Final C of O Rcvd month 56 10/1/2016 Selling Costs 2.0%
1st C of O and Unit Rent Received month 48 Annual NOI in Month 187: $0
Total Development Period 56 months Office Disposition, Net $0
Pre-Leasing Start/Duration month 1 56 months Analysis Period Month Calculator
Retail Space Timing Schedule Enter Date Here: 10/1/2016
1st Retail Tenant Rent Commencement month 48 1/1/2016 (mm/dd/yyyy)
Last Retail Tenant Rent Commencement month 52 5/1/2016 Month Number: Month 56
Post-Construction Leasing 4 months
Office Space Timing Schedule
1st Office Tenant Rent Commencement month 50 3/1/2016
Last Office Tenant Rent Commencement month 50 3/1/2016
Post--Construction Leasing 0 months
* Starting at Project/Analysis Start Date
Initial Retail Leasing Costs (Click to Allocate)
Initial Office Leasing Costs (Click to Allocate)
ABC Redevelopment
Retai l Development Assumpti ons
CASHFLOW RETAIL & OFFICE COMPONENT INCOME, TI & LC ASSUMPTIONS RETURNS SUMMARY, FROM MONTHLY CASHFLOWS
Annual Rent, OpEx and CapEx Inflation Factor 3% Retail Choose---> Anchor Anchor In-Line In-Line In-Line - - - -
Annual CapEx Reserve PSF Retail $0.15 Tenant Whole Foods CVS Wells Fargo Pet Value Corner Bakery Total Equity Invested * $2,581,026
Annual CapRx Reserve PSF Office $0.00 Suite # 5 Suites Suite 1 Suite 2 Suite 3 Suite 4 Suite 5 Going-In NOI $2,959,228
MANAGEMENT FEE 3% Lease Rentable Area 55,000 11,000 1,135 3,200 4,000 0 0 0 0 Going-In Yield 111.4%
Taxes at Assessed Value at Delievery 1.34% 32.00% PDR 2,000,000 Rent Commencement 1/1/2016 4/1/2016 5/1/2016 3/1/2016 3/1/2016
Annual RE Taxes Inflation Factor 10.00 Yr Abatement 3% Lease Term(months) 240 months 359 months 120 months 120 months 120 months 0 months 0 months 0 months 0 months Net Cash Flow $30,482,556
Parking per 1K RSF 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Multiple on Equity ** 10.81x
Monthly Contract Parking Mnthly Prkng/Spot $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Present Value 6.0% $13,913,623
Average Monthly Contract Parking Rate (Today) $0.00 Lease Type NNN NNN NNN NNN NNN NNN NNN NNN NNN
% of Monthly Contracts Sold (GPR) 0% Free Rent 7 months 4 months 1 months 1 months 1 months 0 months 0 months 0 months 0 months Internal Rate of Return
% of Monthly Contracts Sold (w/Vacancy) 0% TI Beginning Month month 47 month 42 month 51 month 49 month 49 month 0 month 0 month 0 month 0 Hurdle Rate 6.0%
Public Parking TI Duration 7 months 1 months 1 months 1 months 1 months 0 months 0 months 0 months 0 months Project IRR 34.6%
% of Monthly Contract Spots not utilized per Day 100% TI Allowance $0.00PSF $0.00PSF $30.00PSF $40.00PSF $40.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF
Daily Parking Rate (Today) $12.50 Other Concessions $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF Waterfall
Occupancy Rate on Daily Spaces (GPR) 100% Annual Base Rent PSF $38.00PSF $49.00PSF $60.00PSF $35.00PSF $42.50PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF Preferred Return 8.0%
Occupancy Rate on Daily Spaces (w/Vacancy) 75% Monthly Base Rent PSF $3.17PSF $4.08PSF $5.00PSF $2.92PSF $3.54PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF Sponsor Residual Split 82.5%
# of Work Days per Year 260 Annual Escalations 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Sponsor 49.8%
Parking Rent Growth Per Year 2% Ann Step Rent PSF(%) 10.00% 0 10.00% 10.00% 10.00% 0 0 0 0 Third Party Investor 21.4%
Profit Margin To Owner After Operator Costs (GPR) 75% Step Rent Month month 61 month 0 month 61 month 61 month 61 month 0 month 0 month 0 month 0
Profit Margin To Owner After Operator Costs (w/Vacancy) 75% Storage Rent (Base Yr) $0 $0 $0 $0 $0 $0 $0 $0 $0 Sponsor/Partner Waterfall Schedule
Annual Escalations 0% 0% 0% 0% 0% 0% 0% 0% 0% Equity Less Than $4MM
Vacant Space Assumptions Prking Rent (Base) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Partner 82.5%
Retail Space O&Mand RE Tax PSF/ Month $0.40 Annual Escalations 0% 0% 0% 0% 0% 0% 0% 0% 0% Third Party Inv 17.5%
Office O&Mand RE Tax PSF / Month $0.08 Percentage Rent 0% 0% 0% 0% 0% 0% 0% 0% 0% Equity Greater Than $4MM
Storage O&Mand RE Tax PSF / Month $0.00 Gross Sales (mnthly) $0 $0 $0 $0 $0 $0 $0 $0 $0 Partner 65.0%
Parking O&MSpot / Month $0.00 Gross Sales Grwth 0% 0% 0% 0% 0% 0% 0% 0% 0% Third Party Inv 35.0%
Loss to Lease 0% O&MExpenses $0.68PSF $0.68PSF $0.68PSF $0.68PSF $0.68PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF
Annual CAMExpenses $1.00PSF $1.00PSF $1.00PSF $1.00PSF $1.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF
Market Leasing Assumptions CAMExpense Growth 3% 3% 3% 3% 3% 0% 0% 0% 0% Notes:
Market In-Line Retail Rent $2.86 Admin Fee (%) 0.0% 5.0% 10.0% 10.0% 10.0% 0.0% 0.0% 0.0% 0.0% * Includes equity funding of any funding shortfalls. Does not include any Permanent Loan /Broker
In-Line Retail Downtime 2 Months Risk of Default Rate 3% 3% 3% 4% 5% 0% 0% 0% 0% Fee/Closing Costs as these are assumed to be paid by Retained Earnings.
Free Rent 6 Months Real Estate Taxes $0.03PSF $0.03PSF $0.03PSF $0.03PSF $0.03PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF ** Ignores the time value of money.
Other Concessions $0.00 Electricity $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF
Leasing Commissions 7.3% Leasing Commissions 2% 5% 3% 3% 3% 0% 0% 0% 0% PERMANENT LOANTEST
TI Costs $30.00 Total Leasing Costs -$8.18/RSF -$22.54/RSF -$18.90/RSF -$11.03/RSF -$13.39/RSF $0.00/RSF $0.00/RSF $0.00/RSF $0.00/RSF NOI Test
Vacancy Loss 5% LC Terms 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent Annual NOI at Point of Refinancing $2,959,228
Credit Loss 1% LC Lead Time 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months Capitalization Rate at Point of Refinancing 6.0%
Market Anchor Retail Rent $3.66 # of Options Terms 6 term(s) 5 term(s) 4 term(s) 2 term(s) 2 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s) Gross Valuation at Point of Refinancing $49,320,466
Anchor Retail Downtime 5 Months Option Term(Mnths) 60 months 60 months 60 months 60 months 60 months 0 months 0 months 0 months 0 months MaximumLTV 65%
Free Rent 0 Months Option Rent Steps 10.0% 10.0% 0.0% 10.0% 10.0% MaximumLoan Proceeds $32,058,303
Other Concessions $0.00 Probability of Renewal 75% 75% 75% 75% 75% 0% 0% 0% 0%
Leasing Commissions 7.3% Debt Coverage Ratio Test
TI Costs $0.00 Office Choose---> Office - - - - - - - - Annual NOI at Point of Refinancing $2,959,228
Vacancy Loss 5% Tenant Office 2 3 4 5 6 7 8 9 Required Debt Service Coverage Ratio 1.20x
Credit Loss 1% Suite # 1 Suites 6
Market Office Rent $0.00 Lease Rentable Area 3,865 0 0 0 0 0 0 0 0 MaximumAllowable Debt Service $2,466,023
Office Downtime 0 Months Rent Commencement 3/1/2016 1/0/1900 1/0/1900 1/0/1900 1/0/1900 1/0/1900 1/0/1900 1/0/1900 1/0/1900 MaximumLoan Proceeds $33,464,603
Free Rent 0 Months Lease Term 120 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
Other Concessions $0.00 Parking per 1K RSF 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leasing Commissions 0.0% Mnthly Prkng/Spot $0 $0 $0 $0 $0 $0 $0 $0 $0
Vacancy Loss 0% Lease Type NNN NNN NNN NNN NNN NNN NNN NNN NNN
Credit Loss 0% Free Rent 1 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
TI Beginning Month month 49 month 0 month 0 month 0 month 0 month 0 month 0 month 0 month 0
Retail Miscellaneous Income $0.00 TI Duration 1 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
Office Miscellaneous Income $0.00 TI Allowance $40.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF
Notes Other Concessions $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF
1. Floor Area to Lot Area Ratio Annual Base Rent PSF $22.00PSF
2. Greater of market and zoning requirements; includes retail requirements Monthly Base Rent PSF $1.83PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF
3. Core, Mechanicals and other non-useable SF Annual Escalations 0% 0% 0% 0% 0% 0% 0% 0% 0%
Ann Step Rent PSF(%) 10.00% 0 0 0 0 0 0 0 0
Step Rent Month month 61 month 0 month 0 month 0 month 0 month 0 month 0 month 0 month 0
Storage Rent (Base Yr) $0 $0 $0 $0 $0 $0 $0 $0 $0
Annual Escalations 0% 0% 0% 0% 0% 0% 0% 0% 0%
Prking Rent (Base Yr) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Annual Escalations 0% 0% 0% 0% 0% 0% 0% 0% 0%
DO NOT DELETE Total Equity Percentage Rent 0% 0% 0% 0% 0% 0% 0% 0% 0%
MANUAL SCHEDULE Assumptions Tab $2,581,026 Gross Sales $0 $0 $0 $0 $0 $0 $0 $0 $0
IMPORTED PROJECT SCHEDULE Capital Structure Tab $2,581,026 Gross Sales Grwth 0% 0% 0% 0% 0% 0% 0% 0% 0%
1 Cash Flow Tab $2,581,026 O&MExpenses $0.68 $0 $0 $0 $0 $0 $0 $0 $0
Waterfall #1 Tab $2,581,026 Annual CAMExpenses $1.00 $0 $0 $0 $0 $0 $0 $0 $0
DO NOT DELETE Partnership Structure Tab $2,581,026 CAMExpense Growth 3% $0 $0 $0 $0 $0 $0 $0 $0
QUICK AND DIRTY Admin Fee (%) 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
DETAILED INPUT Real Estate Taxes $0.03 $0 $0 $0 $0 $0 $0 $0 $0
2 Electricity $0.00 $0 $0 $0 $0 $0 $0 $0 $0
Leasing Commissions 3% 0% 0% 0% 0% 0% 0% 0% 0%
DO NOT DELETE Total Leasing Costs 0% 0% 0% 0% 0% 0% 0% 0% 0%
Anchor LC Terms 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent
In-Line LC Lead Time 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
- Options Terms 0 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s)
Option TermLength 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
Option Rent Steps
DO NOT DELETE Probability of Renewal 0% 0% 0% 0% 0% 0% 0% 0% 0%
ABC Redevelopment
Retai l Annual Summar y - Sour ces and Uses of Funds
Year: 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
USES OF FUNDS Total
Land & Acq. Costs $2,101,000 89,082 - 2,011,918 - - - - - - - - - - - - -
Hard Costs w/Cont., excl. TIs $23,511,616 - - 4,030,563 15,450,490 4,030,563 - - - - - - - - - - -
Owner Directed Hard Costs $0 - - - - - - - - - - - - - - - -
FF&E $0 - - - - - - - - - - - - - - - -
Total Retail TIs $322,050 - - - - 322,050 - - - - - - - - - - -
Total Hard Costs $23,988,266 - - 4,030,563 15,450,490 4,507,213 - - - - - - - - - - -
Retail Leasing Com. and L.C.'s $808,097 - - - 697,815 110,282 - - - - - - - - - - -
Developer Fee $0 - - - - - - - - - - - - - - - -
Operation Reserve $436,424 - - - 72,451 363,974 - - - - - - - - - - -
All Other Soft Costs $2,342,710 768,594 768,594 559,726 128,241 117,555 - - - - - - - - - - -
Total Soft Costs $3,587,231 768,594 768,594 559,726 898,507 591,810 - - - - - - - - - - -
Soft Costs Contingency $0 - - - - - - - - - - - - - - - -
Elig. Dev Costs for Funding $29,676,497 857,676 768,594 6,602,207 16,348,998 5,099,022 - - - - - - - - - - -
Financing Costs
Construction Debt Financing
Cap. (funded) F.E. Loan Fee $284,226 - - 284,226 - - - - - - - - - - - - -
Cap. (funded) L.F. at Loan Draws $29,000 - - 9,000 12,000 8,000 - - - - - - - - - - -
Cap. (funded) Loan Int. Res. $932,786 - - 65,375 410,347 457,065 - - - - - - - - - - -
Loan Int. -paid in Cash $355,172 - - - - 355,172 - - - - - - - - - - -
Mort. Recording Tax - Cash $213,169 - - 213,169 - - - - - - - - - - - - -
Total Financing Costs $1,814,354 - - 571,770 422,347 820,237 - - - - - - - - - - -
T.D.C before Op. Deficit $31,490,850 857,676 768,594 7,173,977 16,771,344 5,919,259 - - - - - - - - - - -
Operating Deficit $0 - - - - - - - - - - - - - - - -
Total Development Costs (TDC) $31,490,850 857,676 768,594 7,173,977 16,771,344 5,919,259 - - - - - - - - - - -
Net Rev. Less Int. $61,393,374 - - - (72,451) 678,481 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 54,251,002 -
SOURCES OF FUNDS
Sponsor Equity
Direct Project Costs Draw $774,308 257,303 230,578 286,427 - - - - - - - - - - - - -
Ops. & Fin. Deficit Draw $0 - - - - - - - - - - - - - - - -
Post-Refi Dev Cost Draw $0 - - - - - - - - - - - - - - - -
Refin.Shortfall Draw $0 - - - - - - - - - - - - - - - -
Total Sponsor Funding $774,308 257,303 230,578 286,427 - - - - - - - - - - - - -
Third Party Inv Equity
Direct Project Costs Draw $1,806,718 600,373 538,016 668,329 - - - - - - - - - - - - -
Ops. & Fin. Deficit Draw $0 - - - - - - - - - - - - - - - -
Post-Refi Dev. Costs Draw $0 - - - - - - - - - - - - - - - -
Refi Shortfall Draw $0 - - - - - - - - - - - - - - - -
Third Party I nv Equity Funding $1,806,718 600,373 538,016 668,329 - - - - - - - - - - - - -
Total Equity Draws $2,581,026 857,676 768,594 954,756 - - - - - - - - - - - - -
Const. Loan
Direct Project Costs Draw $26,963,933 - - 5,647,451 16,348,998 4,967,484 - - - - - - - - - - -
Loan Fees - Front End $284,226 - - 284,226 - - - - - - - - - - - - -
Loan Fees - At Loan Draws $29,000 - - 9,000 12,000 8,000 - - - - - - - - - - -
Funded Interest Reserve $932,786 - - 65,375 410,347 457,065 - - - - - - - - - - -
Cash Interest Payments, if any $355,172 - - - - 355,172 - - - - - - - - - - -
Loan Repayment From Refi ($28,423,114) - - - - (28,423,114) - - - - - - - - - - -
Loan Repay Dispose of Retail & Office $0 - - - - - - - - - - - - - - - -
Repay from Shortfall Equity Draw $0 - - - - - - - - - - - - - - - -
Sources of Funds after Defi. &LDC Funds $31,336,793 857,676 768,594 7,173,977 16,771,344 5,765,202 - - - - - - - - - - -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
ABC Redevelopment
Retai l Annual Summar y - Cash Flow
41305 41670 42035 42400 42766 43131 43496 43861 44227 44592 44957 45322 45688 46053 46418 46783
Total
Retail, Parking &Other GPR $31,087,571 - - - 174,169 2,848,760 2,979,118 2,979,118 2,979,118 2,996,534 3,219,077 3,223,130 3,223,130 3,223,130 3,242,288 - -
(-) Vacancy ($1,554,379) - - - (8,708) (142,438) (148,956) (148,956) (148,956) (149,827) (160,954) (161,156) (161,156) (161,156) (162,114) - -
(-) Retail Rent Concessions ($1,428,020) - - - (174,169) (1,253,851) - - - - - - - - - - -
Retail & Parking R.I. $28,105,173 - - - (8,708) 1,452,471 2,830,162 2,830,162 2,830,162 2,846,708 3,058,123 3,061,973 3,061,973 3,061,973 3,080,174 - -
(+) Exp. Reimb. $8,316,348 - - - 43,819 687,174 733,171 754,362 776,189 798,671 821,827 845,678 870,244 905,647 1,079,566 - -
Retail & Parking EGI $36,421,520 - - - 35,111 2,139,645 3,563,333 3,584,524 3,606,351 3,645,378 3,879,950 3,907,651 3,932,217 3,967,620 4,159,740 - -
(+) Credit Loss ($310,876) - - - (1,742) (28,488) (29,791) (29,791) (29,791) (29,965) (32,191) (32,231) (32,231) (32,231) (32,423) - -
Total Operating Income $36,110,645 - - - 33,369 2,111,157 3,533,542 3,554,733 3,576,560 3,615,413 3,847,760 3,875,420 3,899,986 3,935,389 4,127,317 - -
(-) O&M& RE Taxes ($7,539,808) - - - (105,820) (628,242) (656,599) (675,449) (694,864) (714,862) (735,460) (756,675) (778,528) (811,134) (982,175) - -
(-) Retail CapEx Reserve ($149,994) - - - - (4,631) (14,309) (14,738) (15,180) (15,635) (16,104) (16,588) (17,085) (17,598) (18,126) - -
Retail NOI after CapEx Res. $28,420,843 - - - (72,451) 1,478,285 2,862,634 2,864,546 2,866,515 2,884,916 3,096,195 3,102,157 3,104,373 3,106,656 3,127,017 - -
Net Revenue Before D.S. $28,955,941 - - - (72,451) 1,230,519 2,945,113 2,947,025 2,948,994 2,967,395 3,186,235 3,192,884 3,195,100 3,197,383 3,217,744 - -
Total Cash D.S. Exp.* $21,813,569 - - - - 552,038 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 - -
Plus Capital Events
Retail & Parking Sale, Net $0 - - - - - - - - - - - - - - - -
Multifamily Dev. Rights $0 - - - - - - - - - - - - - - - -
Cap. Events Rev., Net $0 - - - - - - - - - - - - - - - -
Net Rev. After D.S. $7,142,372 - - - (72,451) 678,481 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 - -
Financing Cash Flows **
Sponsor Equity Draw ($774,308) (257,303) (230,578) (286,427) - - - - - - - - - - - - -
Op. & Fin. Deficits Draw $0 - - - - - - - - - - - - - - - -
Refinancing Shortfall Draw $0 - - - - - - - - - - - - - - - -
Late Dev. Cost Draws $0 - - - - - - - - - - - - - - - -
Third Party Inv Equity ($1,806,718) (600,373) (538,016) (668,329) - - - - - - - - - - - - -
Op. & Fin. Deficits Draw $0 - - - - - - - - - - - - - - - -
Refinancing Shortfall Draw $0 - - - - - - - - - - - - - - - -
Late Development Cost Draws $0 - - - - - - - - - - - - - - - -
Rev. Paid To Late Dev. Costs $0 - - - - - - - - - - - - - - - -
Const. Loan Draw 26,963,933 - - 5,647,451 16,348,998 4,967,484 - - - - - - - - - - -
Const. Loan Repayment (28,423,114) - - - - (28,423,114) - - - - - - - - - - -
Permanent Loan Proceeds $32,058,303 - - - - 32,058,303 - - - - - - - - - - -
Perm Loan Repay Retail Sale * $0 - - - - - - - - - - - - - - - -
Project Levered Cash Flow $8,289,856 (857,676) (768,594) (954,756) - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 - -
ABC Redevelopment
Retail Equity J oint Venture Partnership Profit Sharing Cash Flow Par ti ti oni ng Str uctur e
Internal Rate of Return Ranges/Hurdle Sponsor Sponsor Total Sponsor Third Party Inv Total
Equity ProRata Share Promote Profit Share Profit Share (must be 100%)
Preferred Return 0% through 8.00% 30.00% 0.00% 30.00% 70.00% 100.00%
Residual Split Above 8.00% 30.00% 52.50% 82.50% 17.50% 100.00%
Pr oj ect Cash Requi r ements Shar e Amount
Debt 92% $28,422,571
Equity 8% $2,581,026
Total Cash Requirment 100% $31,003,597
Total Pr oj ect Equi ty %Spli t Contr i buti on
Third Party 70.00% $1,806,718
Sponsor 30.00% $774,308
Total Project Equity 100.00% $2,581,026
Pr o-Rata Pr efer r ed Retur n on Equi ty
Sponsor 8.00%
Third Party 8.00%
Water fall of Excess Cash Flows After ROC & Pr ef
Tier Number Tier 1
Tier IRR Hurdle Above 8.00%
Sponsor Share of Tier 82.50%
Third Party Inv Share of Tier 17.50%
CASH FLOWS AND RETURNS
Third Part Totals Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27
Investment ($1,806,718) - (600,373) (538,016) (668,329) - - - - - - - - - - - -
Return of Capital and Preferred Return Distribution $2,358,865 - - - - - 2,358,865 - - - - - - - - - -
Tier 1 Accrual Distribution $5,196,411 - - - - - 168,828 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722
Net Cash Flow $5,748,557 - (600,373) (538,016) (668,329) - 2,527,693 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722
Third Party Inv IRR (Monthly CF) 21%
Multiple on Invested Equity 4.18x
Sponsor Totals Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27
Investment ($774,308) - (257,303) (230,578) (286,427) - - - - - - - - - - - -
Return of Capital and Preferred Return Distribution ($1,010,942) - - - - - (1,010,942) - - - - - - - - - -
Tier 1 Accrual Distribution $24,497,364 - - - - - 795,905 480,744 482,322 483,947 499,127 679,670 685,155 686,984 688,868 705,665 18,308,977
Net Cash Flow $22,712,114 - (257,303) (230,578) (286,427) - (215,037) 480,744 482,322 483,947 499,127 679,670 685,155 686,984 688,868 705,665 18,308,977
Sponsor IRR (Mnthly CFs) 50%
Multiple on Invested Equity 32.94x
Totals Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27
Total Project Invested Equity ($2,581,026) - (857,676) (768,594) (954,756) - - - - - - - - - - - -
Total Project Distributions, Gross $33,063,582 - - - - - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699
Net Project Equity Flows $30,482,556 - (857,676) (768,594) (954,756) - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699
Third Party Inv Investme ($1,806,718) - (600,373) (538,016) (668,329) - - - - - - - - - - - -
Retur n of Capi tal & Pr ef Retur n I RR thr ough: 8.0%
BOP Balance $0 - 3,731,904 10,786,998 21,242,256 25,325,419 24,730,031 - - - - - - - - - -
Third Party Inv Injections $1,806,718 - 600,373 538,016 668,329 - - - - - - - - - - - -
Third Party Inv Accruals $552,147 - 24,011 69,404 136,673 162,945 159,114 - - - - - - - - - -
R.O.C & Pref. Return Accrual Dist. ($2,358,865) - - - - - (2,358,865) - - - - - - - - - -
EOP Balance $0 - 4,356,288 11,394,417 22,047,259 25,488,364 22,530,280 - - - - - - - - - -
Third Party Inv Investme ($1,806,718) - (600,373) (538,016) (668,329) - - - - - - - - - - - -
Third Party Inv Distributi $2,358,865 - - - - - 2,358,865 - - - - - - - - - -
Third Party Inv CF Net 70.00% $552,147 - (600,373) (538,016) (668,329) - 2,358,865 - - - - - - - - - -
Sponsor Equity CF 30.00% $1,010,942 - - - - - 1,010,942 - - - - - - - - - -
Remaining Cash to Distrib $29,693,775 - - - - - 964,734 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699
Ti er 1 I RR above: 8.0%
Third Party Inv CF 17.50% $5,196,411 - - - - - 168,828 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722
Sponsor Equity CF 30.00% $8,908,135 - - - - - 289,420 174,816 175,390 175,981 181,501 247,153 249,147 249,812 250,497 256,606 6,657,812
Sponsor Promote CF 52.50% $15,589,229 - - - - - 506,485 305,928 306,932 307,966 317,626 432,517 436,008 437,172 438,370 449,060 11,651,165
Remaining Cash to Distribute $0 - - - - - - - - - - - - - - - -
RETURNS SUMMARY
Total Pr oj ect Cash Flow
IRR 34.59%
Net CF 30,482,556 - (857,676) (768,594) (954,756) - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699
Invested Equity $2,581,026 - (857,676) (768,594) (954,756) - - - - - - - - - - - -
CF Multiple 12.81x
Thi r d Par ty I nv Cash Flow
IRR 21.40%
Net CF $5,748,557 - (600,373) (538,016) (668,329) - 2,527,693 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722
Invested Equity $1,806,718 - (600,373) (538,016) (668,329) - - - - - - - - - - - -
CF Multiple 4.18x
Sponsor Cash Flow
Sponsor Injections ($774,308) - (257,303) (230,578) (286,427) - - - - - - - - - - - -
Sponsor Equity Cash Flow $9,919,077 - - - - - 1,300,363 174,816 175,390 175,981 181,501 247,153 249,147 249,812 250,497 256,606 6,657,812
Sponsor Promote Cash Flow $15,589,229 - - - - - 506,485 305,928 306,932 307,966 317,626 432,517 436,008 437,172 438,370 449,060 11,651,165
Net Cash Flow $24,733,998 - (257,303) (230,578) (286,427) - 1,806,848 480,744 482,322 483,947 499,127 679,670 685,155 686,984 688,868 705,665 18,308,977
IRR 49.80%
Invested Equity $774,308
CF Multiple 32.94x
30.00%
82.50%
70.00%
17.50%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
Developer & Third Party Investor Share of Profit
ABC Redevelopment
Retai l Par ki ng I ncome Pr oj ecti on - Today's Values
Monthly Contr acts
GPR of Monthly With Vacancy
Contracts
Number of Striped Spots 44 spots 44 spots
Spots per 1,000 Rentable SF 0.00 spots 0.00 spots
Average Monthly Contract Parking Rate (Today) $0 $0
% of Monthly Contracts Sold 0% 0%
Monthly Contract Parking Revenues $0 $0 Total GPR Assuming
Annual Monthly Contract Revenues $0 $0 Monthly Contracts at
Less Than 100% and
Public Occupancy
Publi c Par ki ng at 100%
GPR of Public
Parking
% of Monthly Contract Spots not utilized per Day 100% 100%
Total # of Spots available for lease per Day 44 spots 44 spots
Daily Parking Rate (Today) $12.50 $12.50
Occupancy Rate on Daily Spaces 75% 100%
Total Daily Revenue per Day $413 $550
# of Work Days per Year 260 260
Total Annual "Daily" Revenue $107,250 $143,000
Total Annual Revenue $0 $107,250 $143,000
Profit Margin To Owner After Operator Costs 75% 75% 75%
Net Annual Parking Income $0 $80,438 $107,250
Estimated Annual Vacancy Loss $26,813
Whole Foods Retail Lease Summary
Anytown USA
Basic Lease Terms:
Lease Rentable Area 55,000 SF
Lease Term 20.00 years 240 months
Parking per 1K RSF & Total 0.00 spots 0.00 spots
Initial Mthly Parking Rent/Spot $0.00
Lease Type NNN
Free Rent 0.58 years 7 months
T.I. Allowance $0 $0.00 PSF
Other Landlord Con $0 $0.00 PSF
Free Rent Calendar
Free Rent At BegYr 7 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
Free Rent At EOY 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
Initial & Ave Rental Rates: Annual Average Projection Rent Step at Beg Yr - - - - - 10.0% - - - - 10.0% -
Base Year Escalation Annual Rate Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12
Base Rent, PSF $38.00 0.00% $40.91 Base Rent, PSF 38.00 38.00 38.00 38.00 38.00 41.80 41.80 41.80 41.80 41.80 45.98 45.98
Parking Rent, PSF $0.00 0.00% $0.00 Parking Rent, PSF - - - - - - - - - - - -
Storage Rent, PSF $0.00 0.00% $0.00 Storage Rent, PSF - - - - - - - - - - - -
Reimbursables, PSF $10.70 $11.81 Reimbursables, PSF 9.56 9.84 10.12 10.41 10.72 11.03 11.35 11.68 12.01 14.57 14.97 15.42
Percentage Rent, PSF 0.00% $0.00 $0.00 Percentage Rent, PSF - - - - - - - - - - - -
Total Rent & Reimb $48.70 Total Rent & Reimb 47.56 47.84 48.12 48.41 48.72 52.83 53.15 53.48 53.82 56.37 60.95 61.40
Less O&M Expenses, PSF $8.20 3.00% ($9.70) Less O&M Expenses, PSF (8.20) (8.45) (8.70) (8.96) (9.23) (9.51) (9.79) (10.08) (10.39) (10.70) (11.02) (11.35)
Less CAM $1.00 $1.00 3.00% Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27) (1.30) (1.34) (1.38)
Less Management Fee, % 3.00% $1.14 Less Management Fee, % (1.14) (1.14) (1.14) (1.14) (1.14) (1.25) (1.25) (1.25) (1.25) (1.25) (1.38) (1.38)
Less Admin Fee 0.00% $0.00 Less Admin Fee - - - - - - - - - - - -
Less Real Estate Taxes, PSF $0.36 3.00% ($0.92) Less RE Taxes, PSF (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (2.56) (2.60) (2.69)
Less Electricity, PSF $0.00 3.00% $0.00 Less Electricity, PSF - - - - - - - - - - - -
Annual Inc Net Exp, PSF $38.00 PSF $39.69 PSF Annual Inc Net Exp, PSF 36.86 36.86 36.86 36.86 36.86 40.55 40.55 40.55 40.55 40.55 44.60 44.60
Annual Inc Net of Exp $2,090,022 $2,182,749 Annual Inc Net of Exp $2,027,321 $2,027,321 $2,027,321 $2,027,321 $2,027,321 $2,230,053 $2,230,053 $2,230,053 $2,230,053 $2,230,053 $2,453,059 $2,453,059
Ave Mthly Lease Inc $174,169 $181,896 Ave Mthly Lease Inc $168,943 $168,943 $168,943 $168,943 $168,943 $185,838 $185,838 $185,838 $185,838 $185,838 $204,422 $204,422
Average
Other Cash Impacts: Value Base Year Annual Rate Other Cash Impacts:
Free Rent 7 mths ($22.17) ($1.85) Free Rent (22.17) - - - - - - - - - - -
T.I. Allowance $0 $0.00 $0.00 T.I. Allowance -
L.C. 2.05% $449,877 ($8.18) ($8.18) L.C. (8.18)
Other Concession $0.00 $0.00 Other Concessions -
Net Eff. Rent w/% Rent $7.65 PSF $29.66 PSF Net CF PSF 6.51 36.86 36.86 36.86 36.86 40.55 40.55 40.55 40.55 40.55 44.60 44.60
w/o % Rent $29.66 PSF
Total Net Cash Flow $19,617,817
NPV Net Cash Flow 10.00% $11,416,875 Total Ann CF $358,265 $2,027,321 $2,027,321 $2,027,321 $2,027,321 $2,230,053 $2,230,053 $2,230,053 $2,230,053 $2,230,053 $2,453,059 $2,453,059
Retail Tenant Summary
($20.00)
($10.00)
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12
Base Rent, PSF Parking Rent, PSF Storage Rent, PSF Reimbursables, PSF Percentage Rent, PSF
Less O&M Expenses, PSF Less Management Fee, % Less RE Taxes, PSF Less Electricity, PSF Net CF PSF
CVS Retail Lease Summary
Anytown USA
Basic Lease Terms:
Lease Type NNN
T.I. Allowance $0 $0.00 PSF
Free Rent Calendar
Free Rent At EOY 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
Initial & Ave Rental Rates: Annual Average Projection Rent Step at Beg Yr - - - - - - - - - - - -
Base Year Escalation Annual Rate Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12
Base Rent, PSF $49.00 0.00% $49.00 Base Rent, PSF 49.00 49.00 49.00 49.00 49.00 49.00 49.00 49.00 49.00 49.00 49.00 49.00
Reimbursables, PSF $11.08 $11.54 Reimbursables, PSF 9.61 9.89 10.17 10.47 10.77 11.08 11.41 11.74 12.08 14.63 15.07 15.49
Total Rent & Reimb $60.08 Total Rent & Reimb 58.61 58.89 59.17 59.47 59.77 60.08 60.41 60.74 61.08 63.63 64.07 64.49
Less CAM $1.00 3.00% ($1.16) Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27) (1.30) (1.34) (1.38)
Less Management Fee, % 3.00% $1.47 ($1.47) Less Management Fee, % (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47)
Less Admin Fee 5.00% $0.05 ($0.06) Less Admin Fee (0.05) (0.05) (0.05) (0.05) (0.06) (0.06) (0.06) (0.06) (0.06) (0.07) (0.07) (0.07)
Annual Inc Net Exp, PSF $49.00 PSF $15.84 PSF Annual Inc Net Exp, PSF 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53
Annual Inc Net of Exp $538,996 $174,275 Annual Inc Net of Exp $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826
Ave Mthly Lease Inc $44,916 $14,523 Ave Mthly Lease Inc $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569
Average
T.I. Allowance $0 $0.00 $0.00 T.I. Allowance -
L.C. 4.60% $247,938 ($22.54) ($22.54) L.C. (22.54)
Net Eff. Rent w/% Rent $10.13 PSF ($8.18) PSF Net CF PSF 8.66 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53
w/o % Rent ($8.18) PSF
NPV Net Cash Flow 10.00% $2,823,808 Total Ann CF $95,223 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826 $522,826
($20.00)
($10.00)
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
Less O&MExpenses, PSF Less Management Fee, % Less RE Taxes, PSF Less Electricity, PSF Net CF PSF
Wells Fargo Retail Lease Summary
Anytown USA
Basic Lease Terms:
Lease Type NNN
T.I. Allowance $34,050 $30.00 PSF
Free Rent Calendar
Free Rent At BegYr 1 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
Free Rent At EOY 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
Initial & Ave Rental Rates: Annual Average Projection Rent Step at Beg Yr - - - - - 10.00% - - - -
Base Year Escalation Annual Rate Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10
Base Rent, PSF $60.00 0.00% $63.00 Base Rent, PSF 60.00 60.00 60.00 60.00 60.00 66.00 66.00 66.00 66.00 66.00
Parking Rent, PSF $0.00 0.00% $0.00 Parking Rent, PSF - - - - - - - - - -
Storage Rent, PSF $0.00 0.00% $0.00 Storage Rent, PSF - - - - - - - - - -
Reimbursables, PSF $11.46 $11.24 Reimbursables, PSF 9.66 9.94 10.23 10.52 10.83 11.14 11.47 11.80 12.14 14.67
Percentage Rent, PSF 0.00% $0.00 $0.00 Percentage Rent, PSF - - - - - - - - - -
Total Rent & Reimb $71.46 Total Rent & Reimb 69.66 69.94 70.23 70.52 70.83 77.14 77.47 77.80 78.14 80.67
Less O&M Expenses, PSF $8.20 3.00% ($9.40) Less O&M Expenses, PSF (8.20) (8.45) (8.70) (8.96) (9.23) (9.51) (9.79) (10.08) (10.39) (10.70)
Less CAM $1.00 3.00% ($1.15) Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27) (1.30)
Less Management Fee, % 3.00% $1.80 ($1.89) Less Management Fee, % (1.80) (1.80) (1.80) (1.80) (1.80) (1.98) (1.98) (1.98) (1.98) (1.98)
Less Admin Fee 10.00% $0.10 ($0.11) Less Admin Fee (0.10) (0.10) (0.11) (0.11) (0.11) (0.12) (0.12) (0.12) (0.13) (0.13)
Less Real Estate Taxes, PSF $0.36 3.00% ($0.58) Less RE Taxes, PSF (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (2.54)
Less Electricity, PSF $0.00 3.00% $0.00 Less Electricity, PSF - - - - - - - - - -
Annual Inc Net Exp, PSF $60.00 PSF $61.11 PSF Annual Inc Net Exp, PSF 58.20 58.20 58.20 58.20 58.20 64.02 64.02 64.02 64.02 64.02
Annual Inc Net of Exp $68,100 $69,360 Annual Inc Net of Exp $66,057 $66,057 $66,057 $66,057 $66,057 $72,663 $72,663 $72,663 $72,663 $72,663
Ave Mthly Lease Inc $5,675 $5,780 Ave Mthly Lease Inc $5,505 $5,505 $5,505 $5,505 $5,505 $6,055 $6,055 $6,055 $6,055 $6,055
Average
Free Rent 1 mths ($5.00) ($0.50) Free Rent (5.00) - - - - - - - - -
T.I. Allowance $34,050 ($30.00) ($3.00) T.I. Allowance (30.00)
L.C. 3.00% $21,452 ($18.90) ($18.90) L.C. (18.90)
Net Eff. Rent w/% Rent $6.10 PSF $38.71 PSF Net CF PSF 4.30 58.20 58.20 58.20 58.20 64.02 64.02 64.02 64.02 64.02
Total Net Cash Flow $632,422
NPV Net Cash Flow 10.00% $365,825 Total Ann CF $4,881 $66,057 $66,057 $66,057 $66,057 $72,663 $72,663 $72,663 $72,663 $72,663
($20.00)
($10.00)
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10
Pet Value Retail Lease Summary
Anytown USA
Basic Lease Terms:
Lease Type NNN
Free Rent Calendar
Less CAM $1.00 3.00% ($1.15) Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27) (1.30)
Annual Inc Net of Exp $112,000 $114,072 Annual Inc Net of Exp 108,640 108,640 108,640 108,640 108,640 119,504 119,504 119,504 119,504 119,504
Ave Mthly Lease Inc $9,333 $9,506 Ave Mthly Lease Inc 9,053 9,053 9,053 9,053 9,053 9,959 9,959 9,959 9,959 9,959
Average
L.C. 3.00% $35,280 ($11.03) ($11.03) L.C. (11.03)
Net Eff. Rent w/% Rent ($18.94) PSF $20.33 PSF Net CF PSF (19.99) 33.95 33.95 33.95 33.95 37.35 37.35 37.35 37.35 37.35
NPV Net Cash Flow 10.00% $536,196 Total Ann CF ($63,973) $108,640 $108,640 $108,640 $108,640 $119,504 $119,504 $119,504 $119,504 $119,504
($30.00)
($20.00)
($10.00)
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
Corner Bakery Retail Lease Summary
Anytown USA
Basic Lease Terms:
Lease Type NNN
Free Rent Calendar
Less CAM $1.00 3.00% ($1.15) Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27) (1.30)
Annual Inc Net of Exp $170,000 $173,145 Annual Inc Net of Exp 164,900 164,900 164,900 164,900 164,900 181,390 181,390 181,390 181,390 181,390
Ave Mthly Lease Inc $14,167 $14,429 Ave Mthly Lease Inc 13,742 13,742 13,742 13,742 13,742 15,116 15,116 15,116 15,116 15,116
Average
L.C. 3.00% $53,550 ($13.39) ($13.39) L.C. (13.39)
Net Eff. Rent w/% Rent ($14.43) $25.54 PSF Net CF PSF (15.70) 41.23 41.23 41.23 41.23 45.35 45.35 45.35 45.35 45.35
NPV Net Cash Flow 10.00% $845,038 Total Ann CF ($62,817) $164,900 $164,900 $164,900 $164,900 $181,390 $181,390 $181,390 $181,390 $181,390
($20.00)
($10.00)
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
Less O&M Expenses, PSF Less Management Fee, % Less RE Taxes, PSF Less Electricity, PSF Net CF PSF
Office Office Lease Summary
Anytown USA
Basic Lease Terms:
Lease Type NNN
Free Rent Calendar
Average Free Rent At EOY 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months
Initial & Ave Rental Rates: Base Annual Annual Projection Rent Step at Beg Yr - - - - - 10.00% - - - - 10.00% -
Year Escalation Rate Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12
Base Rent, PSF $22.00 0.00% $23.10 Base Rent, PSF 22.00 22.00 22.00 22.00 22.00 24.20 24.20 24.20 24.20 24.20 - -
Reimbursables, PSF $10.18 $10.87 Reimbursables, PSF 9.52 9.80 10.08 10.37 10.67 10.98 11.30 11.63 11.96 12.42 - -
Total Rent & Reimb $32.18 Total Rent & Reimb 31.52 31.80 32.08 32.37 32.67 35.18 35.50 35.83 36.16 36.62 - -
Less CAM $1.00 3.00% ($1.15) Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27) (1.30) (1.34) (1.38)
Less Management Fee, % 3.00% $0.66 ($0.69) Less Management Fee, % (0.66) (0.66) (0.66) (0.66) (0.66) (0.73) (0.73) (0.73) (0.73) (0.73) - -
Less Admin Fee Less Admin Fee
Annual Inc Net Exp, PSF $22.00 PSF $22.41 PSF Annual Inc Net Exp, PSF 21.34 21.34 21.34 21.34 21.34 23.47 23.47 23.47 23.47 23.47 (12.79) (13.18)
Annual Inc Net of Exp $85,030 $86,603 Annual Inc Net of Exp ######### $82,479 $82,479 $82,479 $82,479 $90,727 $90,727 $90,727 $90,727 $90,727 ($49,452) ($50,935)
Ave Mthly Lease Inc $7,086 $7,217 Ave Mthly Lease Inc $6,873 $6,873 $6,873 $6,873 $6,873 $7,561 $7,561 $7,561 $7,561 $7,561 ($4,121) ($4,245)
Base Average
Other Cash Impacts: Value Year Annual Rate Other Cash Impacts:
T.I. Allowance ######## ($40.00) ($4.00) T.I. Allowance (40.00)
L.C. 3.00% $26,784 ($6.93) ($6.93) L.C. (6.93)
Net Eff. Rent w/% Rent ######### $11.29 PSF Net CF PSF (27.42) 21.34 21.34 21.34 21.34 23.47 23.47 23.47 23.47 23.47 (12.79) (13.18)
NPV Net Cash Flow 10.00% $354,876 Total Ann CF ($105,991) $82,479 $82,479 $82,479 $82,479 $90,727 $90,727 $90,727 $90,727 $90,727 ($49,452) ($50,935)
($40.00)
($30.00)
($20.00)
($10.00)
$0.00
$10.00
$20.00
$30.00
Less O&MExpenses, PSF Less RE Taxes, PSF Less Electricity, PSF Net CF PSF
ABC Redevelopment Total Gross SF 390,213 RSF
Apartment Uni t and Mi x Detai ls
Total Apt Rentable SF
247,089 RSF Unit Size 843 RSF Annual Rent PSF
$38.68
Expected Units 293 Units Monthly Rent PSF $3.22 Average Monthly Rent $2,719
Market Rate Component
Unit Type Annual
O & M
Expenses
GSF
Annual
Service
Charge
GSF
Average
Rent /
Month
Average
Unit Size
Monthly Rent PSF # of Units % of
Total
Uni ts
RSF Monthly Revenues
by Unit Type
Share of
Revenues by Unit
Type
$5.47 $0.00
Studio $5.47 $0.00 $2,055 575 RSF $3.57 3% 8 3% 4,600 RSF $16,437 2%
1 Bd / 1 Ba $5.47 $0.00 $2,298 672 RSF $3.42 46% 135 46% 90,720 RSF $310,213 39%
1 Bd / 1 Ba w/Den $5.47 $0.00 $2,700 884 RSF $3.05 13% 39 13% 34,476 RSF $105,301 13%
2 Bd / 2 Ba $5.47 $0.00 $3,062 1,058 RSF $2.89 29% 85 29% 89,930 RSF $260,239 33%
PH Studio $5.47 $0.00 $2,466 550 RSF $4.48 0% 1 0% 550 RSF $2,466 0%
PH 1 Bd / 1 Ba $5.47 $0.00 $3,008 730 RSF $4.12 1% 2 1% 1,460 RSF $6,016 1%
PH 1 Bd / 1 Ba w/Den $5.47 $0.00 $3,276 867 RSF $3.78 1% 3 1% 2,601 RSF $9,829 1%
PH 2 Bd / 2 Ba $5.47 $0.00 $3,892 1,047 RSF $3.72 5% 14 5% 14,658 RSF $54,491 7%
PH 2 Bd / 2.5 Ba w/Den $5.47 $0.00 $5,260 1,349 RSF $3.90 2% 6 2% 8,094 RSF $31,559 4%
TOTAL $5.47 $0.00 843 RSF $3.22 293 100% 247,089 RSF $796,551 100%
GRAND TOTAL 293 100% 247,089 RSF $796,551
Operati ng Expenses and RE Taxes - Per Uni t Per Year Bui ldi ng-wi de Blended Averages - Market Rate Uni ts
Management $1,082 Assessed Value At Delivery Unit Size 843 RSF
Administration $549 Tax Rate 1.34% $4,110,746 32.00% PDR Monthly Rent PSF $3.22
Payroll $2,090 10 Year RE Tax Freeze Annual Rent PSF $38.68
Utilities $931 Average Monthly Rent/Unt $2,719
Other $361 Assessed Value After Tax Freeze
Repair & Maint. $1,205 Tax Rate 1.34% # months of rent
Insurance $329 32.00% PDR Initial Leasing Commissions 0.0
Taxes $188.00 5.5% Cap Rate Ongoing Leasing Commissions 0.0
Rental Expense $493 Assessed Value: $49,372,585
Total OpEx $7,227 Ann RE Tax: $661,593
$8,485,913 Ann NOI
ABC Redevelopment
Apartment Capi tal Structure (Bar heights are illustrative and are not to scale.)
% Equity % TDC Equity % TDC Debt % TDC Amount * Total Equity ^ Total Debt * Deficits
Funded
By Equity
Equity Investment
incl. Deficit
Liabilities % TDC -
Actual %s
Dev Equity
+
30.00% 5.91% $7,260,000 $7,260,000
Dev Equity + 5.91%
3rd Party Equity
+
70.00% 13.79% $16,940,000 $16,940,000 3rd Party Equity + 13.79%
Const. Loan ** 80.30% 80.30% $98,635,762 $98,635,762
$24,200,000
Const. Loan ** 80.30%
Property Cash Flow As Source of Funds 0.00%
Sources of Funds (TDC) 100.00% 100.00% $122,835,762 100.00%
Sources of Funds From Above 122,835,762 $
Property Cash Flow As Source of Funds 0
Total Sources of Funds 122,835,762 $
$419,235/Unit
+
While the equity slices are shown stacked vertically, note that this is simply the graphic representation and does not imply that there is any Preferred equity in the transaction.
* The Senior Loan Amount on a residual basis after designating the dollar amounts of the other sources of funds.
** Principal Amount includes Funded Interest Reserve and Funded Loan Fees.
^ Equity amounts in this column do not include the pro-rata portion of the Operating and Financing Deficits to be funded by the Equity investors. See Column S for adjusted totals.
19.70% $24,200,000 $0
ABC Redevelopment
Apartment Partnershi p Structure
Sponsor/Developer 30.00% $7,260,000
Third Party Investor 70.00% $16,940,000
100.00% $24,200,000
Profi t Shari ng
Waterfall #1 8.00%
Sponsor/Developer Equity 30.00%
Sponsor/Developer Equity
30.00% 50.00% 20.00%
Investor 70.00% Investor Equity 70.00% 50.00%
Total 100.00% 100.00% 100.00%
Profit >>
Sharing >>
Splits >>
ABC Redevelopment
Apartment J oi nt Venture Return Detai l
Sponsor/
Developer Third Party Investor Total Project
Equity Investment $7,260,000 $16,940,000 $24,200,000
Gross Return $34,979,501 $53,419,639 $88,399,140
Time from Equity Investment to Final Return
(months)
183 months 183 months 183 months
Tier Sponsor/
Developer
Cashflow
Sponsor/
Developer Share
Third Party Investor
Cashflow
Share
Total Cashflow
Sponsor/
Developer Promote
Sponsor/
Developer
Equity Pro-Rata
Share
Investor Profit
Share
Total (must be
100%)
ROC and Pref Return $13,830,104 30% $32,270,243 70% $46,100,347 Preferred Return 0% through 8% 0% 30% 70% 100%
Tier 1 $21,149,397 50% $21,149,397 50% $42,298,793 Residual Split Above 8% 20% 30% 50% 100%
Total $34,979,501 40% $53,419,639 60% $88,399,140
Less Equity Investment ($7,260,000) 30% ($16,940,000) 70% ($24,200,000)
IRR Hurdle Ranges
30%
70%
Share of Total Equity Investment
Sponsor Third Party Investor
43%
57%
Sponsor Third Party Investor
$27,719,501
$36,479,639
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
Net Profits
Sponsor
ABC Redevelopment
BUILDING PROFILE DEV'T USES OF FUNDS Deposit/Fee % Total Per GSF Total
Property Name ABC Redevelopment Anytown USA Land & Acq. Costs 2.00% Deposit 12.70% $49.25 $53,242/Unit $15,600,000
Purchase Penalty 0.50% of land purchase price $117,000
Lot Square Footage TBD Avg Garage Floorplate TBD 15,300 SF Total Hard Costs 73.26% $284.10 $307,151/Unit $89,995,263
Gross Bldg Area Above Grade (TBD) 316,772 GSF Useable SF Req'd/Prkg Spot 271 GSF Apt Bldg H.C. $282.21/Apt. GSF 72.78% $282.21 $89,395,958
Density NA 0 Spots
Zoning CMX-4 Res'l Paid Pkg 0.9 spots/Apt 271 Spots Owner Directed H.C. 0.00% $0.00 $0
Allowable Lot Coverage To be rezoned Prog'd Gross Prkg Area 73,441 GSF FF&E 0.28% $1.10 $350,000
Bldg Allowable Footprint To be rezoned Levels of Prkg Req'd 4.80 levels Contingency 0% Base Bldg H.C. 0.20% $0.79 $249,305
Height Limit (Stories) 9 Stories Res'l Storage SF / Units 0 SF 0 Units
Number of Floors 9.00 floors Total Soft Costs & Fees 12.86% Base Bldg H.C. 9.36% $36.30 $39,249/Unit $11,500,039
Avg Slab to Slab Hght TBD Above-Grade GSF excl'g Prkg 316,772 SF All Other Soft Costs $18.47 $5,850,000
Height Limit (Feet) TBD Total Bldg Gross SF incl'g Prk'g 390,213 SF Sponsor/Developer Fee 2.70% Base Bldg H.C. 25% paid during Pre-Dev. $2,411,000
Building Height (Feet) TBD Developer Contingency 2.24% Base Bldg H.C. $2,000,000
Avg Unit Share % Unit Count Operation Reserve Yes $1,239,039 $1,239,039
Residual Apartment GSF 316,772 GSF Market Rate Units 843 RSF 100.00% 293 Units Fin. Costs Incl. Cash & Capital'd Int./Fees 4.58% $17.75 $19,193/Unit $5,623,460
Resid'l Use Eff. Factor 78.0% Total Dev't Cost (Uses of Funds) 100.00% $387.77 $419,235/Unit $122,835,762
Rentable Apartment SF 247,082 RSF Total Units 843 RSF 100.00% 293 Units Op. Deficit $0
Total Dev. Cost Incl'g Op Def $387.77 $122,835,762
PROJECT TIMING VARIABLES DEVELOPMENT SOURCES OF FUNDS
Elapsed Month # Date/Duration Equity % of Equity Initial Amt Deficit Share * % of Cost Total Equity
Gen Proj't Timing Sched.
Land Purch & Lease Timing Sponsor/Developer Equity 30.00% $7,260,000 $0 5.91% $7,260,000
Project/Analysis Start Date 1 2/1/2012 Third Party Investor Equity 70.00% $16,940,000 $0 13.79% $16,940,000
Land Contract Execution 2/1/2012 Equity Total 100.00% $24,200,000 $0 19.70% $24,200,000
Land Deposit Date 2/1/2012
Land Closing Date 5/1/2014
Mrkt Rate Apt Unit Lease-up Sched Debt Date Total
# of Mkt Units Pre-Leased by 1
st
C of O 190 Units Construction Loan ** 9/1/2014 3.0% Int 100.00% 80.30% $98,635,762
Const Timing & Sched Mnthly Absorp Rate/Pre-Lease Dur 17.00/mth 12 months Mortgage Recording Tax 9/1/2014 0.13% .
Months of Pre-Const. * 28 months Units to Lease / Post-Const. Duration 293 6.1 months Loan Fees - Front End 9/1/2014 1.50%
Construction Start Date 29 6/1/2014 Last Unit Leased Month 63 5/1/2017 Loan Fees - At Draws 0.00%
# of Months of Const. 29 months Total # of Mos. of Res'l Lease-up 10 months Debt Total 80.30% $98,635,762
1
st
C of O Lead Time 4 months Property Cash Flow 0.00% $0
1
st
C of O & Unit Rent Rec. 54 8/1/2016 Retail Space Timing Schedule Total Sources of Funds 100.00% $122,835,762
Const. & Final C of O Rec'd 57 11/1/2016 First Retail TI Payment 1/1/2012 * Operating Deficit and Financing-related Deficits
Stablz'd (Last Mkt Unit Leased) 63 5/1/2017 First Retail Rent Commencement 9/1/2016 ** Loan amount includes capitalized interest and capitalized points/fees
* Starting at Project/Analysis Start Date
$0
Summary of Apartment Bui ldi ng Development Assumpti ons - 6/ 2/ 2014
SENIOR LOAN CHECK
(MUST BE $0)
PUSH TO CALC
CONSTRUCTION
LOAN
QUICK AND DIRTY
ABC Redevelopment
CASH FLOW ASSUMPTIONS PERMANENT LOAN REFINANCING OF DEVELOPMENT LOAN(S)
Apartment and Parking Use
Apartment Vacancy 5.0% Stabilization Month 63 NOI at Point of Refinancing $8,128,202
Credit & Collection Loss 1.0% Month # of Refinancing Month 60 Maximum Loan Amount *
Operating Expenses Per Market Rate Unit Per Year $7,039 Date of Refinancing -3 mos. after 90% occy. 01/01/2017 Amount Borrowed Maximum Loan Amount
Taxes at Assessed Value at Delievery $4,110,746 1.340% $188 Principal Amount $105,148,234
$7,227 Term 10 Years
Amortization Period 30 Years Remaining Construction Loan Principal $98,635,762
Initial / Ongoing Lease-Up Rent Concessions and LCs 0.0 / 0.00 mos.of rent Interest Rate 5.0%
Downtime 1.00 mos. % of Leases Renewed: 80.0% Monthly Payment $564,458 Excess Proceeds to Equity $6,512,472
Loss to Lease 1.0% New Loan LTV 64.68% Loan/Broker Fees/Closing Costs ** 0.5%
Annual Rent/Parking Spot $233/month $2,794 * The Lesser of the two Maximum Loan Proceeds Amounts Interest Only Period (Enter 0 if None) 0
Parking Vacancy 5.0% ** These costs are assumed to be paid by Retained Earnings.
Average Storage Income Per Unit, Monthly $0
CapEx Reserve Per Unit Per Year $250 DISPOSITION
Miscellaneous Income PSF Per Year $2.89
Disposition of Apartments & Parking Month 183
Market Unit Average Rent - Today's values $3.22 PSF $2,719/month Sale Date 4/1/2027
Rent Escalates Prior to Delivery? No (Year 2027 of model) (Yr 11 of oper'n)
Unleased Apartment Unit O&M $0/Unt/Yr
Unleased Storage Space O&M $0/SF/Year Capitalization Rate 5.0%
Unleased Retail Space O&M $0/SF/Year Selling Costs 2.0%
Unleased Parking O&M $0/Spot/Year $8,613,339
Apartment Building Disposition, Net $168,821,449
RETURNS SUMMARY, FROM MONTHLY CASH FLOWS
Total Equity Invested * $24,200,000
Annual Inflation Factors Going-In NOI $8,118,292 Project 14.01%
Income 2.00% Expenses 3.00% Going-In Yield 6.61%
Waterfall
Net Cash Flow $64,199,140 Sponsor/Developer/Developer 16.42%
Multiple on Equity ** 3.65x Third Party Investor 12.70%
Net Present Value at 5.00% $25,579,864
Notes
** Ignores the time value of money.
Summary of Apartment Bui ldi ng Operati ng & Sale Assumpti ons - 6/ 2/ 2014
DISPOSITION
Apartment Building Asset
Total Operating Expenses and RE Taxes Per Unit Per Year
$105,148,234
Internal Rate of Return

shortfalls. Does not include any Permanent Loan
Loan/Broker Fee/Closing Costs as these are assumed to be
paid by Retained Earnings.
Annual NOI in Month 195:
ABC Redevelopment
Apartment Annual Summary - Sources and Uses of Funds
Year: 2012 2013 2014 2015 2016 2017 2018 2019
USES OF FUNDS Total
Land & Acq. Costs $15,717,000 312,000 - 15,405,000 - - - - -
Hard Costs w/Cont., excl. TIs $89,395,958 - - 10,429,528 57,681,678 21,284,752 - - -
Retail TIs $0 - - - - - - - -
Total Hard Costs $89,995,263 - - 10,499,447 58,068,372 21,427,444 - - -
Operation Reserve $1,239,039 - - - - - 1,239,039 - -
All Other Soft Costs $5,850,000 143,325 2,000,700 3,413,475 - 292,500 - - -
Elig. Dev Costs for Funding $117,212,302 692,120 2,259,021 30,095,364 60,107,090 22,819,669 1,239,039 - -
Financing Costs
Cap. (funded) Loan Int. Res. $4,020,629 - - 39,173 1,094,222 2,644,350 242,885 - -
Loan Interest - paid in Cash $0 - - - - - 0 - -
Total Financing Costs $5,623,460 - - 1,642,004 1,094,222 2,644,350 242,885 - -
T.D.C before Op. Deficit $122,835,762 692,120 2,259,021 31,737,368 61,201,311 25,464,018 1,481,924 - -
Operating Deficit $0 - - - - - - - -
Total Development Costs (TDC) $122,835,762 692,120 2,259,021 31,737,368 61,201,311 25,464,018 1,481,924 - -
SOURCES OF FUNDS Total
Dev Equity Pari Passu
Direct Project Costs Draw $7,260,000 207,636 677,706 6,374,658 - - - - -
Post-Refi Dev Cost Draw $0 - - - - - - - -
Refin.Shortfall Draw $0 - - - - - - - -
Total Dev. Fundi ng $7,260,000 207,636 677,706 6,374,658 - - - - -
3rd Party Equity Pari Passu
Direct Project Costs Draw $16,940,000 484,484 1,581,315 14,874,201 - - - - -
Post-Refi Dev. Costs Draw $0 - - - - - - - -
Refi Shortfall Draw $0 - - - - - - - -
3rd Party Fundi ng $16,940,000 484,484 1,581,315 14,874,201 - - - - -
Construction Loan
Direct Project Costs Draw $93,012,302 - - 8,846,505 60,107,090 22,819,669 1,239,039 - -
Loan Fees - Front End $1,479,536 - - 1,479,536 - - - - -
Loan Fees - At Loan Draws $0 - - - - - - - -
Funded Interest Reserve $4,020,629 - - 39,173 1,094,222 2,644,350 242,885 - -
Cash Interest Payments, if any $0 - - - - - 0 - -
Loan Repayment From Refi ($98,635,762) - - - - - (98,635,762) - -
Loan Repay Dispose of Apartment $0 - - - - - - - -
Repay from Shortfall Equity Draw $0 - - - - - - - -
Sources of Funds after Shortfalls $122,835,762 692,120 2,259,021 31,737,368 61,201,311 25,464,018 1,481,924 - -
ABC Redevelopment
Apar tment Annual Summar y - Cash Flow
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Total
Market Rate Units Leased 293 - - - - 292 1 - - - - - - - - - -
Apt, Parking & Other GPR $132,186,945 - - - - 4,786,669 11,222,497 11,446,947 11,675,886 11,909,403 12,147,591 12,390,543 12,638,354 12,891,121 13,148,944 13,411,922 13,680,161
(-) Vacancy ($6,133,455) - - - - (219,608) (520,951) (531,370) (541,997) (552,837) (563,894) (575,172) (586,675) (598,409) (610,377) (622,584) (635,036)
(-) Lease Comm. & Other L.C. $0 - - - - - - - - - - - - - - - -
Apt & Parking EGI $123,050,863 - - - - 4,567,061 10,654,350 10,752,968 10,822,532 11,038,982 11,259,762 11,484,957 11,714,656 11,948,949 12,187,928 12,431,687 12,680,321
(+) Exp. Reimb. $0 - - - - - - - - - - - - - - - -
(+) Credit Loss ($1,226,691) - - - - (43,922) (104,190) (106,274) (108,399) (110,567) (112,779) (115,034) (117,335) (119,682) (122,075) (124,517) (127,007)
(-) O&M & RE Taxes $33,370,408 - - - - 988,377 2,421,958 2,511,877 2,585,581 2,661,496 2,739,688 3,376,192 3,529,537 3,635,423 3,744,485 3,856,820 3,972,525
Apt & Prkng (NOI) $88,453,764 - - - - 3,534,763 8,128,202 8,134,817 8,128,551 8,266,919 8,407,295 7,993,730 8,067,785 8,193,845 8,321,368 8,450,350 8,580,789
(-) Apt CapEx Reserve ($1,022,617) - - - - (13,741) (84,711) (87,252) (89,870) (92,566) (95,343) (98,203) (101,149) (104,183) (107,309) (110,528) (113,844)
Apt NOI after CapEx Res. $87,431,146 - - - - 3,521,022 8,043,491 8,047,565 8,038,682 8,174,354 8,311,953 7,895,528 7,966,635 8,089,661 8,214,059 8,339,822 8,466,945
Total Cash D.S. Exp.* $69,428,390 - - - - - 6,209,043 6,773,501 6,773,501 6,773,501 6,773,501 6,773,501 6,773,501 6,773,501 6,773,501 6,773,501 2,257,834
Cap. Events Rev., Net $168,821,449 - - - - - - - - - - - - - - - 168,821,449
Net Rev. After D.S. $186,824,206 - - - - 3,521,022 1,834,448 1,274,064 1,265,180 1,400,852 1,538,451 1,122,026 1,193,134 1,316,160 1,440,557 1,566,320 169,351,991
Financing Cash Flows
Dev Int Equity Draw ($7,260,000) (207,636) (677,706) (6,374,658) - - - - - - - - - - - - -
Dev L.L. Costs & OpDef Draw $0 - - - - - - - - - - - - - - - -
3rd Prty Intl Draw ($16,940,000) (484,484) (1,581,315) (14,874,201) - - - - - - - - - - - - -
3rd Prty L.L. Costs & OpDef Draw $0 - - - - - - - - - - - - - - - -
Rev Paid To Late Dev Costs $0 - - - - - - - - - - - - - - - -
Const Loan Draw $93,012,302 - - 8,846,505 60,107,090 22,819,669 1,239,039 - - - - - - - - - -
Const Loan Repay't ($98,635,762) - - - - - (98,635,762) - - - - - - - - - -
Perm Loan Proc'ds $105,148,234 - - - - - 105,148,234 - - - - - - - - - -
Perm Loan Repay't - Apt Sale ($104,937,537) - - - - - - - - - - - - - - - (104,937,537)
Project Levered Cash Flow $64,199,140 (692,120) (2,259,021) (21,248,859) - 3,521,022 8,346,920 1,274,064 1,265,180 1,400,852 1,538,451 1,122,026 1,193,134 1,316,160 1,440,557 1,566,320 64,414,454
ABC Redevelopment
Retail Soft Cost Curves
CONTROL PANEL IS BELOW - DO NOT DELETE
Event Value Month # / Date
Project Start Date 1
Land Closing Date 28
Pre-Construction (months) 28
Construction Start 29
Construction Duration (months) 28
First C of O Received & First Unit Rent Commencement 48
Construction End & Final C of O Received 56
PermLoan Refinancing 60
Disposition (Sale) of Retail & Office Condos 180
Pre-Closing Post Closing PRE-CLOSING SELECT POST-CLOSING SELECT PRE-CLOSING CUSTOMDATES POST-CLOSING CUSTOMDATES
Equity Budgets Loan Budget CURVES BELOW CURVES BELOW
Development Fees First Payment Date Last Payment Date First Payment Date Last Payment Date
Development Fee - Pre-Construction
Development Fee during Construction
Development Fee - Post-Construction
Total Development Fees
Project Oversight Fees
Sponsor Fee - 0%
Partner Equity Fee 30%
Third Party Inv Equity Fee 70%
Total Project Oversight Fee
Accounting
Annual Reporting for LLC
Accounting / Audit during Construction
Total Accounting
Insurance
Insurance Consulting
Title Insurance
General Liab & Umbrella on Land - Pre-Const
General Liab & Umbrella on Proj - During Const
Builder's Risk Insurance
Total Insurance
Letter of Credit
Letter of Credit
Total Letter of Credit
Bonding
General Contractor Bonding
Total Bonding
Taxes
Tax Consulting
Transfer Tax
County/Municipal Real Estate Taxes
Special Tax District Taxes
Impact Taxes
Total Taxes
Utilities
Application Fees
Temporary Power
Connection Fees - Power
Connection Fees - Water and Sewer
Connection Fees - Gas
Total Utilities
5/1/2014 5/1/2014
5/1/2014 5/1/2014
5/1/2014 5/1/2014
5/1/2014 5/1/2014
Manual
Manual
Manual
Pre-Close
Dates
Pre-Close
Dates
Dates
Dates
$35,000
$62,667
$5,000
$39,680
$62,667
$100,000
$35,000
$0
$0
$0
$6,745
Manual
Manual
Legal
Entity Setup / Annual Fees
Zoning
Letter of Intent
Purchase and Sale Agreement
Financing
Apt Owner Work
Reciprocal Easement Agreement
Seller
CondominiumDocuments
Consultant Contracts
Tax
Leasing
Construction Administration
Transaction Legal for Dispositions
Total Legal
Survey
Utility Locations for Survey
Existing Conditions Survey
ALTA Survey
Final As-Built Survey
Total Survey
Environmental
Phase I report
Phase II report
Asbestos report
Total Environmental
Geotechnical
Geotechnical report
Borings report
Total Geotechnical
Design and Engineering
Base Building Architecture
Structural Engineer
Mechanical Electrical and Plumbing Engineer
Landscape Architecture
Civil Engineering
Interior Architecture
Construction Costs
Total Design and Engineering
Consultants
Lighting
Fire Protection / Life Safety Consultant
Acoustics
Exterior Wall
Traffic
Parking
Security
Air Management
Environmental
American Disabilities Act
Vertical Transportation
Mold
Special or Controlled Inspection
Utilities
Public or Interior Art
Construction Owners Representation
Total Consultants
Pre-Close
Pre-Close
Pre-Close
Pre-Close
Pre-Close
Pre-Close
Pre-Close
Pre-Close
Pre-Close
Pre-Close
Pre-Close
Pre-Close
Pre-Close
$57,500
$154,810
$50,200
$2,840
$17,720
$57,639
$13,065
$42,488
$667,754
$7,935
$150,000
$350,000
$35,000
$75,000
$250,000
Manual
Manual
Permits
Expeditor
Demolition
Building
Total Permits
Marketing
Marketing Campaign
Advertising
Total Marketing
Memberships and Certifications
U.S. Green Bldg Council Membership / Ann Fees
LEED Pre-Certification
LEED Certification
Total Memberships and Certifications
Miscellaneous
Administrative
Other
Total Miscellaneous
Leasing Costs
Retail Commissions - at Signing of Lease
Retail Commissions - at Occupancy
Other Concessions
Total Leasing
Contingency (%of Soft Costs excluding Development Fee & Leasing Commissions)
ALL OTHER SOFT COSTS
TOTAL SOFT COSTS
SOFT COSTS %TOTAL PROJECT COST
CURVES ARE BELOW - DO NOT DELETE
Pre-Close $32,000
0
11%
$32,000 Manual
Event C
o
n
x. Start

Month # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
Construction Status 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2
Curve Check
0/75/25 OK! 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.78% 2.78% 2.78% 2.78%
25/75/0 OK! 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% 2.78% 2.78% 2.78% 2.78%
30/50/20 OK! 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.85% 1.85% 1.85% 1.85%
33/33/33 OK! 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% 1.23% 1.23% 1.23% 1.23%
60/30/10 OK! 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 2.07% 1.11% 1.11% 1.11% 1.11%
75/25/0 OK! 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 2.59% 0.93% 0.93% 0.93% 0.93%
Manual OK! 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.13% 3.13% 3.13% 3.13% 3.13% 3.13%
Pre-Close OK! 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 0.0% 0.0% 0.0% 0.0% 0.0%
The total fr om this tab is linked to the sour ces and uses tab
HOME
ABC Redevelopment
Retail Hard Costs Budget
Per GSF Per
Quantity Predmnt Rate per Unit Extension/Total Cost Above-Grade Total GSF
Unit of of Measurement Only
Measure
Garage $110,680 $110,680
Residential $316,772 $316,772
Retail $82,285 $163,867
Shared $4,360 $4,360
Sitework Units of Measuremnt
Demolition & Abatement Sf $0.00 $0.00 $0.00 Ls = Lump Sum
Site Excavation Sf $0 $0.00 $0.00 Sf = Square Feet
Site Utilities Sf $0 $0.00 $0.00 Lf = Linear Feet
Asphalt Paving Sf $0 $0.00 $0.00 Ea = Each
Site Concrete and Paving Sf $0 $0.00 $0.00 Cy = Cubic Yards
Site Amenities Sf $0 $0.00 $0.00 Sy = Square Yards
Landscaping Sf $0 $0.00 $0.00 Mhr = Man-Hours
Site Electrical Sf $0 $0.00 $0.00 Mo = Months
Site Development & Logistics Sf $0 $0.00 $0.00 Wk = Weeks
Total Sitework $0 $0.00 $0.00 Yr = Years
Lbs = Pounds
Garage Tns = Tons
DEMOLITION & ABATEMENT Sf $0.00 $0.00 Stop = Floors
- CAST-IN-PLACE CONCRETE Sf $0 $0.00 $0.00 Al = Allowance
3,245,990 STRUCTURAL PRECAST CONCRETE - PARKING GARAGE Sf $3,245,990 $29.33 $29.33
STRUCTURAL PRECAST CONCRETE - PLANK Sf $0.00 $0.00
291,640 UNIT MASONRY & STONE Sf $291,640 $2.63 $2.63
STRUCTURAL STEEL Sf $0.00 $0.00
182,687 METAL FABRICATIONS Sf $182,687 $1.65 $1.65
LOADBEARING WALLS Sf $0.00 $0.00
ROUGH CARPENTRY Sf $0.00 $0.00
ARCHITECTURAL WOODWORK (FURNISH & INSTALLED) Sf $0.00 $0.00
168,164 WATERPROOFING & DAMPROOFING Sf $168,164 $1.52 $1.52
12,600 EXTERIOR FINISH & INSULATION SYSTEMS (EIFS) Sf $12,600 $0.11 $0.11
295,900 METAL PANELS Sf $295,900 $2.67 $2.67
8,000 ROOFING/ FLASHING/ SHEET METAL Sf $8,000 $0.07 $0.07
SPRAYED-ON FIREPROOFING Sf $0.00 $0.00
81,300 FIRESTOPPING Sf $81,300 $0.73 $0.73
109,770 CAULKING, JOINT SEALERS & TRAFFIC COATINGS Sf $109,770 $0.99 $0.99
24,000 DOORS/FRAMES/HARDWARE - FURNISH ONLY Sf $24,000 $0.22 $0.22
DOORS/FRAMES/HARDWARE - INSTALLATION Sf $0.00 $0.00
10,000 SPECIAL DOORS Sf $10,000 $0.09 $0.09
GLASS & GLAZING Sf $0.00 $0.00
WINDOWWALL Sf $0.00 $0.00
56,000 LOUVERS & VENTS Sf $56,000 $0.51 $0.51
FLOOR LEVELING & PREPARATION Sf $0.00 $0.00
7,500 DRYWALL, FRAMING & LOADBEARING WALL Sf $7,500 $0.07 $0.07
INTERIOR STONE & TILE Sf $0.00 $0.00
ACOUSTICAL CEILINGS Sf $0.00 $0.00
WOODFLOORING Sf $0.00 $0.00
RESILIENT FLOORING & CARPETS Sf $0.00 $0.00
WALL COVERINGS Sf $0.00 $0.00
ACOUSTICAL WALL TREATMENT Sf $0.00 $0.00
27,652 PAINTING Sf $27,652 $0.25 $0.25
4,200 MISCELLANEOUS SPECIALTIES Sf $4,200 $0.04 $0.04
TOILET PARTITIONS & ACCESSORIES Sf $0.00 $0.00
25,000 SIGNAGE Sf $25,000 $0.23 $0.23
FOLDINGPANEL PARTITIONS Sf $0.00 $0.00
40,000 MISCELLANEOUS EQUIPMENT Sf $40,000 $0.36 $0.36
RESIDENTIAL EQUIPMENT Sf $0.00 $0.00
SOLIDWASTE HANDLINGEQUIPMENT Sf $0.00 $0.00
FURNISHINGS - MISCELLANEOUS Sf $0.00 $0.00
WINDOWTREATMENTS Sf $0.00 $0.00
KITCHEN CABINETS Sf $0.00 $0.00
SITE FURNISHING Sf $0.00 $0.00
SPECIAL CONSTRUCTION - SWIMMINGPOOL Sf $0.00 $0.00
CONVEYING SYSTEMS Sf $0.00 $0.00
296,625 SPRINKLERS Sf $296,625 $2.68 $2.68
114,550 PLUMBING Sf $114,550 $1.03 $1.03
273,420 H.V.A.C. Sf $273,420 $2.47 $2.47
357,269 ELECTRIC Sf $357,269 $3.23 $3.23
TELEPHONE / DATA / CATV Sf $0.00 $0.00
SECURITY Sf $0.00 $0.00
SITE PREPARATION & LOGISITICS Sf $0.00 $0.00
EARTHWORK Sf $0.00 $0.00
FOUNDATION SYSTEMS Sf $0.00 $0.00
ASPHALT PAVING Sf $0.00 $0.00
HARDSCAPES Sf $0.00 $0.00
FENCES & GATES Sf $0.00 $0.00
LANDSCAPING Sf $0.00 $0.00
SITE UTILITIES Sf $0.00 $0.00
TRAFFIC SIGNALIZATION Sf $0.00 $0.00
28,838 TEMPORARY PROTECTION Sf $28,838 $0.26 $0.26
99,803 HOISTINGANDELEVATOR OPERATORS Sf $99,803 $0.90 $0.90
15,811 CONSTRUCTION DUMPSTERS Sf $15,811 $0.14 $0.14
16,602 FINAL CLEANING Sf $16,602 $0.15 $0.15
94,078 TEMPORARY ELECTRIC / WATER / GAS USAGE Sf $94,078 $0.85 $0.85
13,369 WATCHMAN / SECURITY GUARD Sf $13,369 $0.12 $0.12
28,682 GENERAL CLEAN-UP / MISC. LABOR Sf $28,682 $0.26 $0.26
TEMPORARY CONDITIONING Sf $0.00 $0.00
TESTINGANDINSPECTIONS Sf $0.00 $0.00
8,750 C.M. LAYOUT / CONTROL LINES / BASELINE Sf $8,750 $0.08 $0.08
41,562 SIDEWALK / STREET CLOSURE PERMIT FEES (CITY OF PHILA ONLY) Sf $41,562 $0.38 $0.38
RESIDENTIAL PUNCHLIST CREWCART Sf $0.00 $0.00
25,500 CANOPY ALLOWANCE Sf $25,500 $0.23 $0.23
- MOCKUP ALLOWANCE Sf $0 $0.00 $0.00
- WINTER CONDITIONS ALLOWANCE Sf $0 $0.00 $0.00
- ALLOWANCE Sf $0 $0.00 $0.00
SUBTOTAL $6,005,262 $54.26 $54.26 $54.26
0.38
-
0.23
-
-
-
0.85
0.12
0.26
-
-
0.08
-
-
0.26
0.90
0.14
0.15
-
-
-
-
-
-
-
1.03
2.47
3.23
-
-
-
-
-
-
-
-
2.68
0.51
-
0.07
-
-
-
0.23
-
0.36
-
-
-
-
-
-
0.25
0.04
0.99
0.22
-
0.09
-
-
1.65
-
-
0.07
-
0.73
-
1.52
0.11
2.67
-
-
29.33
-
2.63
-
256,827 GENERAL CONDITIONS - STAFFING: Sf $256,827 $2.32 $2.32
20,922 GENERAL CONDITIONS - REIMB.: Sf $20,922 $0.19 $0.19
PERMIT ALLOWANCE: Sf $0.00 $0.00
75,066 SUBGUARDINSURANCE: Sf $75,066 $0.68 $0.68
63,581 INSURANCES: Sf $63,581 $0.57 $0.57
BUILDERS RISK: Sf $0.00 $0.00
19,265 MERCANTILE TAX: Sf $19,265 $0.17 $0.17
SUBTOTAL $435,661 $3.94 $3.94
PRE-CONSTRUCTION SERVICES: Sf $0.00 $0.00
128,818 DESIGN COMPLETION CONTINGENCY: (2%) Sf $128,818 $1.16 $1.16
193,228 CONTRACTOR'S CONTINGENCY ( 3% ): Sf $193,228 $1.75 $1.75
219,796 CONSTRUCTION FEE: Sf $219,796 $1.99 $1.99
PAYMENT & PERFORMANCE BOND: Sf $0.00 $0.00
Total Garage $63.09 $6,982,765 $63.09 $63.09
Residential
535,250 DEMOLITION & ABATEMENT Sf $535,250 $1.69 $1.69
2,416,569 CAST-IN-PLACE CONCRETE Sf $2,416,569 $7.63 $7.63
- STRUCTURAL PRECAST CONCRETE - PARKING GARAGE Sf $0 $0.00 $0.00
3,473,260 STRUCTURAL PRECAST CONCRETE - PLANK Sf $3,473,260 $10.96 $10.96
676,098 UNIT MASONRY & STONE Sf $676,098 $2.13 $2.13
2,949,857 STRUCTURAL STEEL Sf $2,949,857 $9.31 $9.31
1,618,470 METAL FABRICATIONS Sf $1,618,470 $5.11 $5.11
3,696,796 LOADBEARING WALLS Sf $3,696,796 $11.67 $11.67
- ROUGH CARPENTRY Sf $0 $0.00 $0.00
854,043 ARCHITECTURAL WOODWORK (FURNISH & INSTALLED) Sf $854,043 $2.70 $2.70
934,130 EXTERIOR FINISH & INSULATION SYSTEMS (EIFS) Sf $934,130 $2.95 $2.95
832,800 METAL PANELS Sf $832,800 $2.63 $2.63
1,845,054 ROOFING/ FLASHING/ SHEET METAL Sf $1,845,054 $5.82 $5.82
142,126 SPRAYED-ON FIREPROOFING Sf $142,126 $0.45 $0.45
27,540 FIRESTOPPING Sf $27,540 $0.09 $0.09
- DOORS/FRAMES/HARDWARE - INSTALLATION Sf $0 $0.00 $0.00
34,680 SPECIAL DOORS Sf $34,680 $0.11 $0.11
777,100 GLASS & GLAZING Sf $777,100 $2.45 $2.45
8,053,350 WINDOWWALL Sf $8,053,350 $25.42 $25.42
- LOUVERS & VENTS Sf $0 $0.00 $0.00
760,370 FLOOR LEVELING& PREPARATION Sf $760,370 $2.40 $2.40
9,531,464 DRYWALL, FRAMING & LOADBEARING WALL Sf $9,531,464 $30.09 $30.09
1,341,383 INTERIOR STONE & TILE Sf $1,341,383 $4.23 $4.23
- ACOUSTICAL CEILINGS Sf $0 $0.00 $0.00
55,926 WOODFLOORING Sf $55,926 $0.18 $0.18
1,413,787 RESILIENT FLOORING & CARPETS Sf $1,413,787 $4.46 $4.46
221,267 WALL COVERINGS Sf $221,267 $0.70 $0.70
- ACOUSTICAL WALL TREATMENT Sf $0 $0.00 $0.00
1,418,586 PAINTING Sf $1,418,586 $4.48 $4.48
315,919 TOILET PARTITIONS & ACCESSORIES Sf $315,919 $1.00 $1.00
35,000 SIGNAGE Sf $35,000 $0.11 $0.11
- FOLDINGPANEL PARTITIONS Sf $0 $0.00 $0.00
500 MISCELLANEOUS EQUIPMENT Sf $500 $0.00 $0.00
1,474,099 RESIDENTIAL EQUIPMENT Sf $1,474,099 $4.65 $4.65
66,000 SOLIDWASTE HANDLING EQUIPMENT Sf $66,000 $0.21 $0.21
23,550 FURNISHINGS - MISCELLANEOUS Sf $23,550 $0.07 $0.07
431,719 WINDOWTREATMENTS Sf $431,719 $1.36 $1.36
2,245,985 KITCHEN CABINETS Sf $2,245,985 $7.09 $7.09
- SITE FURNISHING Sf $0 $0.00 $0.00
300,000 SPECIAL CONSTRUCTION - SWIMMINGPOOL Sf $300,000 $0.95 $0.95
1,115,000 CONVEYING SYSTEMS Sf $1,115,000 $3.52 $3.52
1,199,890 SPRINKLERS Sf $1,199,890 $3.79 $3.79
5,596,705 PLUMBING Sf $5,596,705 $17.67 $17.67
4,961,695 H.V.A.C. Sf $4,961,695 $15.66 $15.66
9,449,056 ELECTRIC Sf $9,449,056 $29.83 $29.83
435,105 TELEPHONE / DATA / CATV Sf $435,105 $1.37 $1.37
44,677 SECURITY Sf $44,677 $0.14 $0.14
269,690 SITE PREPARATION & LOGISITICS Sf $269,690 $0.85 $0.85
1,418,415 EARTHWORK Sf $1,418,415 $4.48 $4.48
797,392 FOUNDATION SYSTEMS Sf $797,392 $2.52 $2.52
58,913 ASPHALT PAVING Sf $58,913 $0.19 $0.19
91,690 HARDSCAPES Sf $91,690 $0.29 $0.29
14,620 FENCES & GATES Sf $14,620 $0.05 $0.05
49,000 LANDSCAPING Sf $49,000 $0.15 $0.15
373,778 SITE UTILITIES Sf $373,778 $1.18 $1.18
- TRAFFIC SIGNALIZATION Sf $0 $0.00 $0.00
956,939 HOISTINGANDELEVATOR OPERATORS Sf $956,939 $3.02 $3.02
178,000 TEMPORARY CONDITIONING Sf $178,000 $0.56 $0.56
- TESTINGANDINSPECTIONS Sf $0 $0.00 $0.00
241,725 RESIDENTIAL PUNCHLIST CREWCART Sf $241,725 $0.76 $0.76
- ALLOWANCE Sf $0 $0.00 $0.00
SUBTOTAL $80,402,017 $253.82 $253.82
2,822,636 GENERAL CONDITIONS - STAFFING: Sf $2,822,636 $8.91 $8.91
- PERMIT ALLOWANCE: Sf $0 $0.00 $0.00
1,005,025 SUBGUARDINSURANCE: Sf $1,005,025 $3.17 $3.17
844,569 INSURANCES: Sf $844,569 $2.67 $2.67
- BUILDERS RISK: Sf $0 $0.00 $0.00
- SUBTOTAL $5,155,288 $16.27 $16.27
- PRE-CONSTRUCTION SERVICES: Sf $0 $0.00 $0.00
1,711,146 DESIGN COMPLETION CONTINGENCY: (2%) Sf $1,711,146 $5.40 $5.40
2,566,719 CONTRACTOR'S CONTINGENCY ( 3% ): Sf $2,566,719 $8.10 $8.10
2,919,643 CONSTRUCTION FEE: Sf $2,919,643 $9.22 $9.22
- PAYMENT & PERFORMANCE BOND: Sf $0 $0.00 $0.00
6,013,077 PARKING GARAGE SPREADVALUES $6,013,077 $18.98 $18.98
Total Residential $482.90 $98,767,890 $311.80 $311.80
-
3.30
$61.16
-
22.07
33.10
37.65
31.97
1.97
-
13.03
10.89
-
-
$328.93
9.93
2.00
-
-
0.15
3.80
0.59
0.43
2.21
1.22
1.05
-
-
15.03
1.16
0.09
21.63
2.29
2.51
2.24
3.93
7.72
4.22
2.32
0.19
BY OWNER
-
0.68
0.57
-
0.17
3.94
SEPARATE
1.16
1.75
1.99
-
-
-
0.65
0.35
0.48
BY OWNER
0.05
0.39
1.50
2.48
0.46
0.60
N.I.C.
0.84
-
-
-
2.14
-
1.17
0.11
-
13.31
25.26
0.81
2.99
3.16
-
0.00
-
3.81
1.27
0.85
6.03
-
3.96
0.18
0.06
1.82
-
-
2.04
25.15
3.60
0.09
2.09
0.34
0.07
122.76
6.49
-
9.33
Retail (Shell Only)
535,250 DEMOLITION & ABATEMENT Sf $535,250 $6.50 $3.27
2,965,799 CAST-IN-PLACE CONCRETE Sf $2,965,799 $36.04 $18.10
- STRUCTURAL PRECAST CONCRETE - PARKING GARAGE Sf $0 $0.00 $0.00
- STRUCTURAL PRECAST CONCRETE - PLANK Sf $0 $0.00 $0.00
1,246,157 UNIT MASONRY & STONE Sf $1,246,157 $15.14 $7.60
2,157,237 STRUCTURAL STEEL Sf $2,157,237 $26.22 $13.16
515,534 METAL FABRICATIONS Sf $515,534 $6.27 $3.15
- LOADBEARING WALLS Sf $0 $0.00 $0.00
- ROUGH CARPENTRY Sf $0 $0.00 $0.00
- ARCHITECTURAL WOODWORK (FURNISH & INSTALLED) Sf $0 $0.00 $0.00
- EXTERIOR FINISH & INSULATION SYSTEMS (EIFS) Sf $0 $0.00 $0.00
183,200 METAL PANELS Sf $183,200 $2.23 $1.12
547,802 ROOFING/ FLASHING / SHEET METAL Sf $547,802 $6.66 $3.34
152,382 SPRAYED-ON FIREPROOFING Sf $152,382 $1.85 $0.93
- FIRESTOPPING Sf $0 $0.00 $0.00
- DOORS/FRAMES/HARDWARE - INSTALLATION Sf $0 $0.00 $0.00
28,000 SPECIAL DOORS Sf $28,000 $0.34 $0.17
1,015,660 GLASS & GLAZING Sf $1,015,660 $12.34 $6.20
- WINDOWWALL Sf $0 $0.00 $0.00
10,000 LOUVERS & VENTS Sf $10,000 $0.12 $0.06
- FLOOR LEVELING & PREPARATION Sf $0 $0.00 $0.00
743,727 DRYWALL, FRAMING & LOADBEARING WALL Sf $743,727 $9.04 $4.54
1,564 INTERIOR STONE & TILE Sf $1,564 $0.02 $0.01
- ACOUSTICAL CEILINGS Sf $0 $0.00 $0.00
- WOODFLOORING Sf $0 $0.00 $0.00
- RESILIENT FLOORING & CARPETS Sf $0 $0.00 $0.00
- WALL COVERINGS Sf $0 $0.00 $0.00
- ACOUSTICAL WALL TREATMENT Sf $0 $0.00 $0.00
137,423 PAINTING Sf $137,423 $1.67 $0.84
- TOILET PARTITIONS & ACCESSORIES Sf $0 $0.00 $0.00
11,000 SIGNAGE Sf $11,000 $0.13 $0.07
- FOLDINGPANEL PARTITIONS Sf $0 $0.00 $0.00
76,300 MISCELLANEOUS EQUIPMENT Sf $76,300 $0.93 $0.47
- RESIDENTIAL EQUIPMENT Sf $0 $0.00 $0.00
- SOLIDWASTE HANDLING EQUIPMENT Sf $0 $0.00 $0.00
- FURNISHINGS - MISCELLANEOUS Sf $0 $0.00 $0.00
- WINDOWTREATMENTS Sf $0 $0.00 $0.00
- KITCHEN CABINETS Sf $0 $0.00 $0.00
- SITE FURNISHING Sf $0 $0.00 $0.00
- SPECIAL CONSTRUCTION - SWIMMINGPOOL Sf $0 $0.00 $0.00
845,000 CONVEYING SYSTEMS Sf $845,000 $10.27 $5.16
386,675 SPRINKLERS Sf $386,675 $4.70 $2.36
493,850 PLUMBING Sf $493,850 $6.00 $3.01
1,769,668 H.V.A.C. Sf $1,769,668 $21.51 $10.80
1,168,691 ELECTRIC Sf $1,168,691 $14.20 $7.13
5,968 TELEPHONE / DATA / CATV Sf $5,968 $0.07 $0.04
35,027 SECURITY Sf $35,027 $0.43 $0.21
269,690 SITE PREPARATION & LOGISITICS Sf $269,690 $3.28 $1.65
1,418,415 EARTHWORK Sf $1,418,415 $17.24 $8.66
797,392 FOUNDATION SYSTEMS Sf $797,392 $9.69 $4.87
58,913 ASPHALT PAVING Sf $58,913 $0.72 $0.36
91,690 HARDSCAPES Sf $91,690 $1.11 $0.56
14,620 FENCES & GATES Sf $14,620 $0.18 $0.09
49,000 LANDSCAPING Sf $49,000 $0.60 $0.30
373,778 SITE UTILITIES Sf $373,778 $4.54 $2.28
- TRAFFIC SIGNALIZATION Sf $0 $0.00 $0.00
258,539 HOISTING ANDELEVATOR OPERATORS Sf $258,539 $3.14 $1.58
- TEMPORARY CONDITIONING Sf $0 $0.00 $0.00
- TESTINGANDINSPECTIONS Sf $0 $0.00 $0.00
- RESIDENTIAL PUNCHLIST CREWCART Sf $0 $0.00 $0.00
- ALLOWANCE Sf $0 $0.00 $0.00
SUBTOTAL $19,553,921 $237.64 $119.33
657,952 GENERAL CONDITIONS - STAFFING: Sf $657,952 $8.00 $4.02
- PERMIT ALLOWANCE: Sf $0 $0.00 $0.00
244,424 SUBGUARDINSURANCE: Sf $244,424 $2.97 $1.49
205,254 INSURANCES: Sf $205,254 $2.49 $1.25
- BUILDERS RISK: Sf $0 $0.00 $0.00
- SUBTOTAL $1,238,818 $15.06 $7.56
- PRE-CONSTRUCTION SERVICES: Sf $0 $0.00 $0.00
415,855 DESIGN COMPLETION CONTINGENCY: (2%) Sf $415,855 $5.05 $2.54
623,782 CONTRACTOR'S CONTINGENCY ( 3% ): Sf $623,782 $7.58 $3.81
709,552 CONSTRUCTION FEE: Sf $709,552 $8.62 $4.33
- PAYMENT & PERFORMANCE BOND: Sf $0 $0.00 $0.00
969,688 PARKING GARAGE SPREADVALUES $969,688 $11.78 $5.92
Total Retail $23,511,616 $285.73 $143.48
Total Commercial
GRAND TOTAL $122,279,506 $597.53 $455.27 24,110,134 $ Retail Hard Co
The total fr om thi s tab i s li nked to the sour ces and uses tab
33.69
-
$219.85
$357.06
-
-
2.95
54.16
-
19.75
29.62
28.04
1.76
-
11.66
9.75
18
1
-
0
-
-
-
1
0
1
-
BY OWNER
13
3
-
-
3
0
-
N.I.C.
0
1
0
0
-
5
-
-
-
-
11
7
0
0
-
-
-
-
-
5
2
0
-
0
-
-
-
-
-
-
1
0
-
0
-
4
0
-
-
1
-
123
-
-
8
-
-
1
1
0
0
-
0
6
-
3

Custom Redevelopment Model - Built From Scratch For Mixed Use Retail, Office, Multifamily.

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