Comprehensive financial package
lamlam
FinalProject-Accounting-Fall2019Template.xlsxAssumptions & Inputs
| Name: | CONSTRUCTION LOAN INPUTS | PROPERTY & RENT ROLL | PROFORMA INPUTS & ASSUMPTIONS | |||||||||||
| Course: | RE Accounting & Taxation | LTC | of Dev Cost | Property Type: | Multifamily | Leasing Commissions (Lease-up) | ||||||||
| Semester: | Fall 2019 | Interest Rate | Property Sub Type: | Retail | Leasing Commissions (Stable) | |||||||||
| Professor: | Term (Yrs) | Square Feet | Rental Growth Rate (Annual) | after stabilized year | ||||||||||
| Interest Only Period (Yrs) | Retail Space | of GRA | ||||||||||||
| Denotes Hard Coded Number | Amortization Period (Yrs) | Depreciation (Multifamily) | Years | Vacancy & Credit Loss (Retail) | ||||||||||
| Denotes Formula or Link to Assumptions, or Dev Budget | Retainage | Vacancy & Credit Loss (Residential) | ||||||||||||
| Multifamily (Total) | Total Units | Wt Avg Rent/Unit | ||||||||||||
| Construction Loan Closing Fees | 1 BR | Operating Expenses (Lease-up) | of EGI | |||||||||||
| ACQUISITION METRICS | Upfront Fee | 2 BR | Operating Expenses (Stable) | of EGI | ||||||||||
| Purchase Price | Lender Legal Fee | Total | ||||||||||||
| Deposit | of PP | Engineering Review Fee | Expense Growth Rate (Annual) | after stabilized year | ||||||||||
| Deposit Amount | Borrower Legal Fee | Multifamily (Market Rate) | Market Units | Monthly Rent/Unit | ||||||||||
| Closing Costs | of PP | 1 BR Market Rate | $3,000 | REAL ESTATE TAXES | ||||||||||
| Closing Costs Amount | PERMANENT LOAN INPUTS | 2 BR Market Rate | $5,000 | |||||||||||
| Value | of Total Costs | Total Market Rate | Taxes (Construction & Lease-up) | |||||||||||
| DISPOSITION METRICS | Value | |||||||||||||
| Holding Period (after construction) | Years | LTV | Multifamily (Affordable) | Affordable Units | Monthly Rent/Unit | Assessment Rate (Total Costs Less Land) | ||||||||
| Holding Period End Date | Loan Amount | 1 BR Affordable | $600 | |||||||||||
| Investor Required Rate of Return | 2 BR Affordable | $1,000 | Tax/Millage Rate | |||||||||||
| Exit Cap Rate | Interest Rate | Total | ||||||||||||
| Cost of Sales | Term (Yrs) | Tax Abatement/Exemption | ||||||||||||
| Marginal Tax Rate | Interest Only Period (Yrs) | Retail | Total SF | Monthly Rent/Space | Year Following Lease Year | Percent of Exemption | ||||||||
| Capital Gains Rate | Amortization Period (Yrs) | Retail Space 1 | $15,000 | 1 & 2 | ||||||||||
| Depreciation Recapture Rate | Retail Space 2 | $15,000 | 3 & 4 | |||||||||||
| Permanent Loan Commitment Fees | Total | $30,000 | 5 & 6 | |||||||||||
| DEVELOPMENT METRICS | Commitment Fee | of Loan | 7 & 8 | |||||||||||
| Land and Shell | Commitment Fee | 9 & 10 | ||||||||||||
| Land Closing Costs | Legal Fee | |||||||||||||
| Demolition Costs | Other Costs | |||||||||||||
| Borrower Legal Fee | ||||||||||||||
| Hard Costs | PSF | Permanent Loan Closing Fees | ||||||||||||
| Soft Costs | of HC | Closing Fee | of Loan | |||||||||||
| Closing Fee | ||||||||||||||
| Fees | Borrower Legal Fee | |||||||||||||
| Engineering | Lender Legal Fee | |||||||||||||
| Utilities (Plumbing, Water) | Other Lender Fees | |||||||||||||
| Environmental | ||||||||||||||
| Exit Cap Rate | 8.00% | |||||||||||||
| Cost of Sales | 5.00% | |||||||||||||
Project Costs Budget
| DEVELOPMENT BUDGET | |||||||
| Line Item | Total Amount | Amount/SF | |||||
| Land: | |||||||
| Land and Shell | $0 | ERROR:#DIV/0! | |||||
| Land Closing Costs | $0 | ERROR:#DIV/0! | |||||
| Demolition Costs | $0 | ERROR:#DIV/0! | |||||
| Total Land Costs | $0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||
| Construction: | |||||||
| Hard Costs | $0 | ERROR:#DIV/0! | |||||
| Soft Costs | $0 | ERROR:#DIV/0! | |||||
| Total Hard and Soft Costs | $0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||
| Development Fees: | |||||||
| Engineering | $0 | ERROR:#DIV/0! | |||||
| Utilities (Plumbing, Water) | $0 | ERROR:#DIV/0! | |||||
| Environmental | $0 | ERROR:#DIV/0! | |||||
| Total Development Fees | $0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||
| Construction Loan Fees: | |||||||
| Upfront fee | $0 | ERROR:#DIV/0! | |||||
| Lender Legal Fee | $0 | ERROR:#DIV/0! | |||||
| Engineering Review Fee | $0 | ERROR:#DIV/0! | |||||
| Borrower Legal Fee | $0 | ERROR:#DIV/0! | |||||
| Total Construction Loan Fees | $0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||
| Real Estate Taxes: | |||||||
| Taxes | $0 | ERROR:#DIV/0! | |||||
| Total Real Estate Taxes | $0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||
| Total Development Cost | $0 | ERROR:#DIV/0! | |||||
| Construction Loan Interest | $0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||
| Total Costs | $0 | ERROR:#DIV/0! |
Construction Loan Amortization
| Amortization Table: Construction Loan | |||||||||||
| Loan Type: | Construction Loan | ||||||||||
| Development Cost | $0 | ||||||||||
| LTC | 0.00% | ||||||||||
| Construction Loan Amount | $0 | ||||||||||
| Retainage | 0.00% | ||||||||||
| Term: | 0 | (12/31/2019-12/31/2020) | |||||||||
| IO Period: | 0 | ||||||||||
| Amort Period: | 0 | ||||||||||
| Interest Rate: | 0.00% | ||||||||||
| Constant: | ERROR:#NUM! | ||||||||||
| Upfront Closing Costs: | $0 | ||||||||||
| Month | Year | Beginning Balance | Retainage (Cumulative) | Balance (after Retainage) | Total DS | Interest | Principal | Outstanding Loan Balance | |||
| 1 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 1 through 4 | ||
| 2 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 1 through 4 | ||
| 3 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 1 through 4 | ||
| 4 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 1 through 4 | ||
| 5 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 5 through 11 | ||
| 6 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 5 through 11 | ||
| 7 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 5 through 11 | ||
| 8 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 5 through 11 | ||
| 9 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 5 through 11 | ||
| 10 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 5 through 11 | ||
| 11 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 50% months 5 through 11 | ||
| 12 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | 10% retainage month 12 | ||
| Total DS/Interest Due | $0 | $0 | |||||||||
Permanent Loan Amortization
| Amortization Table: Permanent Loan | |||||||||||||||||
| Loan Type: | Permanent Loan | ||||||||||||||||
| Year Ended | 12/31/21 | 12/31/22 | 12/31/23 | 12/31/24 | 12/31/25 | 12/31/26 | |||||||||||
| Value | $0 | Loan Year | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | |||||||||
| Debt: | $0 | Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | |||||||||
| LTV: | 0% | Principal | $0 | $0 | $0 | $0 | $0 | $0 | |||||||||
| Holding Period: | 0 | (12/31/20 to 12/31/25) | Year End Balance | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||
| Holding Period End Date: | 12/31/99 | ||||||||||||||||
| Loan Term: | 0 | Loan to Value (Year End) | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||||||
| IO Period: | 0 | *LTV calculated above assumes no change to value (assumed 120% of construction costs for value) during the term of the loan | |||||||||||||||
| Amort Period: | 0 | ||||||||||||||||
| Interest Rate: | 0.00% | ||||||||||||||||
| Constant: | ERROR:#NUM! | ||||||||||||||||
| Annual DS (I/O): | $0 | ||||||||||||||||
| Annual DS (25 Yr): | ERROR:#NUM! | ||||||||||||||||
| Total Fees/Costs | $0 | ||||||||||||||||
| ERROR:#NUM! | Effective Yield on Mortgage | ||||||||||||||||
| Total Payments | |||||||||||||||||
| Month | Year | Beginning Balance | Total DS | Interest | Principal | New Loan Balance | $0 | ||||||||||
| 1 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 2 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 3 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 4 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 5 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 6 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 7 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 8 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 9 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 10 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 11 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 12 | 1 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 13 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 14 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 15 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 16 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 17 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 18 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 19 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 20 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 21 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 22 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 23 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 24 | 2 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 25 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 26 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 27 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 28 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 29 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 30 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 31 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 32 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 33 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 34 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 35 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 36 | 3 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 37 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 38 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 39 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 40 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 41 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 42 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 43 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 44 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 45 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 46 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 47 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 48 | 4 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 49 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 50 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 51 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 52 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 53 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 54 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 55 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 56 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 57 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 58 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 59 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 60 | 5 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 61 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 62 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 63 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 64 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 65 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 66 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 67 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 68 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 69 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 70 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 71 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 72 | 6 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 73 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 74 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 75 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 76 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 77 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 78 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 79 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 80 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 81 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 82 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 83 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 84 | 7 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 85 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 86 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 87 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 88 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 89 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 90 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 91 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 92 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 93 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 94 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 95 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 96 | 8 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 97 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 98 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 99 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 100 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 101 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 102 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 103 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 104 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 105 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 106 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 107 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 108 | 9 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 109 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 110 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 111 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 112 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 113 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 114 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 115 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 116 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 117 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 118 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 119 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 120 | 10 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 121 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 122 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 123 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 124 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 125 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 126 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 127 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 128 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 129 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 130 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 131 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 132 | 11 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 133 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 134 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 135 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 136 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 137 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 138 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 139 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 140 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 141 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 142 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 143 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 144 | 12 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 145 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 146 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 147 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 148 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 149 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 150 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 151 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 152 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 153 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 154 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 155 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 156 | 13 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 157 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 158 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 159 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 160 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 161 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 162 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 163 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 164 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 165 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 166 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 167 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 168 | 14 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 169 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 170 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 171 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 172 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 173 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 174 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 175 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 176 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 177 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 178 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 179 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 180 | 15 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 181 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 182 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 183 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 184 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 185 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 186 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 187 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 188 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 189 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 190 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 191 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 192 | 16 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 193 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 194 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 195 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 196 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 197 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 198 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 199 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 200 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 201 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 202 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 203 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 204 | 17 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 205 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 206 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 207 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 208 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 209 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 210 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 211 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 212 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 213 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 214 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 215 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 216 | 18 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 217 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 218 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 219 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 220 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 221 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 222 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 223 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 224 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 225 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 226 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 227 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 228 | 19 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 229 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 230 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 231 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 232 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 233 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 234 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 235 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 236 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 237 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 238 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 239 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 240 | 20 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 241 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 242 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 243 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 244 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 245 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 246 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 247 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 248 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 249 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 250 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 251 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 252 | 21 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 253 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 254 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 255 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 256 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 257 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 258 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 259 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 260 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 261 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 262 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 263 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 264 | 22 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 265 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 266 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 267 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 268 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 269 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 270 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 271 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 272 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 273 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 274 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 275 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 276 | 23 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 277 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 278 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 279 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 280 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 281 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 282 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 283 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 284 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 285 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 286 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 287 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 288 | 24 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 289 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 290 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 291 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 292 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 293 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 294 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 295 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 296 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 297 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 298 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 299 | 25 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||
| 300 | 25 | $0 | $0 | $0 | $0 | $0 | $0 |
Real Estate Taxes
| Assessor's Tax Information | Tax Abatement/Exemption Schedule | Schedule of Taxes Due | |||||||||||||||
| Land & Associated Costs | $0 | Holding Period Year | Percent of Exemption | Taxes Due | Note | Acquisition | Construction | Lease-up | Stabilization | Operational | Operational | Operational | Disposition | ||||
| Total Construction Costs | $0 | Year 0 | $0 | Acquisition | Year Ended | December, 2019 | December, 2020 | December, 2021 | December, 2022 | December, 2023 | December, 2024 | December, 2025 | December, 2026 | ||||
| Assessment Rate (45%)* | 0.00% | Year 1 | $0 | Taxes (Construction) | Holding Period Year | Year 0 | Year 1* | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | ||||
| Assessed Value | $0 | Year 2 | $0 | Taxes (Lease-Up) | |||||||||||||
| Tax Rate | 0.000% | Year 3 | 0.00% | $0 | Abatement/Exemption Year | Real Estate Taxes | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||
| Total Taxes | $0 | Year 4 | 0.00% | $0 | Abatement/Exemption Year | *Year 1 is included as a cost in the construction budget | |||||||||||
| Total Taxes per SF | ERROR:#DIV/0! | Year 5 | 0.00% | $0 | Abatement/Exemption Year | ||||||||||||
| *Assessment rate used on the total construction costs not inclusive of land and associated costs only | Year 6 | 0.00% | $0 | Abatement/Exemption Year | |||||||||||||
| Year 7 | 0.00% | $0 | Abatement/Exemption Year | ||||||||||||||
| Year 8 | 0.00% | $0 | Abatement/Exemption Year | ||||||||||||||
| Year 9 | 0.00% | $0 | Abatement/Exemption Year | ||||||||||||||
| Year 10 | 0.00% | $0 | Abatement/Exemption Year | ||||||||||||||
| Year 11 | 0.00% | $0 | Abatement/Exemption Year | ||||||||||||||
| Year 12 | 0.00% | $0 | Abatement/Exemption Year | ||||||||||||||
Depreciation & Amortization
| Annual Depreciation Calculation | Schedule of Depreciation | ||||||||||
| Total Development Cost | $0 | ||||||||||
| Construction Loan Interest | $0 | Acquisition | Construction | Lease-up | Stabilization | Operational | Operational | Operational | Disposition | ||
| Total Cost | $0 | Year Ended | December, 2019 | December, 2020 | December, 2021 | December, 2022 | December, 2023 | December, 2024 | December, 2025 | December, 2026 | |
| Holding Period Year | Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | |||
| Less: Cost of Land | $0 | ||||||||||
| Depreciation | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||
| Depreciable Basis | $0 | ||||||||||
| Cumulative Depreciation | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||
| Recovery Period Years | 0.0 | ||||||||||
| Depreciation Per Year | ERROR:#DIV/0! | ||||||||||
| Annual Amortization | Schedule of Amortization | ||||||||||
| Permanent Loan Closing Fees | $0 | ||||||||||
| Amortization Period | 0 | Acquisition | Construction | Lease-up | Stabilization | Operational | Operational | Operational | Disposition | ||
| Annual Amortization | ERROR:#DIV/0! | Year Ended | December, 2019 | December, 2020 | December, 2021 | December, 2022 | December, 2023 | December, 2024 | December, 2025 | December, 2026 | |
| Holding Period Year | Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | |||
| Amortization | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||
| Cumulative Amortization | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||
| Schedule of Adjusted Basis | |||||||||||
| Land | Building | Total | |||||||||
| Original Cost Basis | $0 | $0 | $0 | ||||||||
| Less: Cumulative Depreciation | 0 | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||
| Adjusted Basis | $0 | ERROR:#DIV/0! | ERROR:#DIV/0! |
Lease-up Schedule
| Leases Signed Per Month | Calculation of Lease-Up Year Gross Annual Rent | ||||||||||||||||||
| Leases Signed Per Month | January | February | March | April | May | June | July | August | September | October | November | December | Totals | Units | Monthly Rent/Unit | Gross Monthly Rent | Gross Annual Rent | ||
| 1BR Market Rate (Units) | 4 | 4 | 3 | 4 | 4 | 3 | 4 | 4 | 3 | 4 | 4 | 4 | 45 | 1BR Market Rate (Units) | 45 | $3,000 | $135,000 | $1,620,000 | |
| 2BR Market Rate (Units) | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 36 | 2BR Market Rate (Units) | 36 | $5,000 | $180,000 | $2,160,000 | |
| 1BR Affordable (Units) | 1 | 0 | 1 | 0 | 1 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 5 | 1BR Affordable (Units) | 5 | $600 | $3,000 | $36,000 | |
| 2BR Affordable (Units) | 1 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 4 | 2BR Affordable (Units) | 4 | $1,000 | $4,000 | $48,000 | |
| Retail (Square Feet) | 0 | 0 | 0 | Retail | 2 | $15,000 | $30,000 | $360,000 | |||||||||||
| Total | 92 | $24,600 | $352,000 | $4,224,000 | |||||||||||||||
| Rent Per Each New Lease Signed | *Above demonstrates what a full year of rent would be if all leased on day 1. "92" units represents 90 apartments and 2 retail spaces | ||||||||||||||||||
| Rent Per Lease Signed | January | February | March | April | May | June | July | August | September | October | November | December | Totals | ||||||
| 1BR Market Rate | $12,000 | $12,000 | $9,000 | $12,000 | $12,000 | $9,000 | $12,000 | $12,000 | $9,000 | $12,000 | $12,000 | $12,000 | $135,000 | ||||||
| 2BR Market Rate | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $180,000 | ||||||
| 1BR Affordable | $600 | $0 | $600 | $0 | $600 | $0 | $600 | $0 | $600 | $0 | $0 | $0 | $3,000 | ||||||
| 2BR Affordable | $1,000 | $0 | $0 | $1,000 | $0 | $0 | $1,000 | $0 | $0 | $1,000 | $0 | $0 | $4,000 | ||||||
| Retail | $15,000 | $15,000 | $30,000 | ||||||||||||||||
| Total | $43,600 | $27,000 | $24,600 | $28,000 | $27,600 | $24,000 | $43,600 | $27,000 | $24,600 | $28,000 | $27,000 | $27,000 | $352,000 | ||||||
| Leasing Commissions on New Leases | |||||||||||||||||||
| Leasing Commissions on New Leases | January | February | March | April | May | June | July | August | September | October | November | December | Totals | ||||||
| 1BR Market Rate | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||
| 2BR Market Rate | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||
| 1BR Affordable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||
| 2BR Affordable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||
| Retail | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||
| Total | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||||
| Cumulative Rental Income During Lease-Up Period | |||||||||||||||||||
| Cumulative Rental Income | January | February | March | April | May | June | July | August | September | October | November | December | Totals | ||||||
| 1BR Market Rate | $12,000 | $24,000 | $33,000 | $45,000 | $57,000 | $66,000 | $78,000 | $90,000 | $99,000 | $111,000 | $123,000 | $135,000 | $873,000 | ||||||
| 2BR Market Rate | $15,000 | $30,000 | $45,000 | $60,000 | $75,000 | $90,000 | $105,000 | $120,000 | $135,000 | $150,000 | $165,000 | $180,000 | $1,170,000 | ||||||
| 1BR Affordable | $600 | $600 | $1,200 | $1,200 | $1,800 | $1,800 | $2,400 | $2,400 | $3,000 | $3,000 | $3,000 | $3,000 | $24,000 | ||||||
| 2BR Affordable | $1,000 | $1,000 | $1,000 | $2,000 | $2,000 | $2,000 | $3,000 | $3,000 | $3,000 | $4,000 | $4,000 | $4,000 | $30,000 | ||||||
| Retail | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $270,000 | ||||||
| Total | $43,600 | $70,600 | $95,200 | $123,200 | $150,800 | $174,800 | $218,400 | $245,400 | $270,000 | $298,000 | $325,000 | $352,000 | $2,367,000 | ||||||
| Cumulative Rental Income Less Leasing Commissions During Lease-Up Period | |||||||||||||||||||
| Cumulative Rental Income Less L.C. | January | February | March | April | May | June | July | August | September | October | November | December | Totals | ||||||
| 1BR Market Rate | $12,000 | $24,000 | $33,000 | $45,000 | $57,000 | $66,000 | $78,000 | $90,000 | $99,000 | $111,000 | $123,000 | $135,000 | $873,000 | ||||||
| 2BR Market Rate | $15,000 | $30,000 | $45,000 | $60,000 | $75,000 | $90,000 | $105,000 | $120,000 | $135,000 | $150,000 | $165,000 | $180,000 | $1,170,000 | ||||||
| 1BR Affordable | $600 | $600 | $1,200 | $1,200 | $1,800 | $1,800 | $2,400 | $2,400 | $3,000 | $3,000 | $3,000 | $3,000 | $24,000 | ||||||
| 2BR Affordable | $1,000 | $1,000 | $1,000 | $2,000 | $2,000 | $2,000 | $3,000 | $3,000 | $3,000 | $4,000 | $4,000 | $4,000 | $30,000 | ||||||
| Retail | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $270,000 | ||||||
| Total | $43,600 | $70,600 | $95,200 | $123,200 | $150,800 | $174,800 | $218,400 | $245,400 | $270,000 | $298,000 | $325,000 | $352,000 | $2,367,000 |
Proforma
| CASH FLOW PROJECTIONS | |||||||||
| Acquisition | Construction | Lease-up | Stabilization | Operational | Operational | Operational | Disposition | ||
| December, 2019 | December, 2020 | December, 2021 | December, 2022 | December, 2023 | December, 2024 | December, 2025 | December, 2026 | ||
| Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | ||
| Income: | |||||||||
| Gross Potential Rent (Residential) | |||||||||
| Gross Potential Rent (Retail) | |||||||||
| Vacancy & Credit Loss (Residential) | |||||||||
| Vacancy & Credit Loss (Retail) | |||||||||
| Effective Gross Income | $0 | $0 | $0 | $0 | $0 | $0 | |||
| Expenses: | |||||||||
| Operating Expenses | |||||||||
| Real Estate Taxes | |||||||||
| Leasing Commissions | |||||||||
| Total Expenses | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||
| Net Operating Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||
| Less: | |||||||||
| Depreciation | |||||||||
| Amortization | |||||||||
| Mortgage Interest | |||||||||
| Taxable Income (Loss) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||
| Cashflow Available for Debt Service | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||
| Financing Costs (Debt Service): | |||||||||
| Principal | $0 | $0 | $0 | $0 | $0 | ||||
| Interest | $0 | $0 | $0 | $0 | $0 | $0 | |||
| Total Debt Service | $0 | $0 | $0 | $0 | $0 | $0 | |||
| Cash Available for Distribution | $0 | $0 | $0 | $0 | $0 | $0 | |||
| Before Tax Cash Flow | $0 | $0 | $0 | $0 | $0 | $0 | |||
| Less: Income Taxes | $0 | $0 | $0 | $0 | $0 | $0 | |||
| After Tax Cash Flow | $0 | $0 | $0 | $0 | $0 | $0 | |||
| Cash on Cash Return (Pre Tax) | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||
| Cash on Cash Return (After Tax) | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! |
Sources and Uses
| Sources and Uses | |||||
| Sources | Uses | ||||
| Construction Loan | $0 | Total Costs Less Land | $0 | ||
| Land Costs (Equity Contribution) | $0 | Land Cost | $0 | ||
| Construction Period Interest (Equity Contribution) | $0 | Construction Period Interest | $0 | ||
| Other Working Capital (Equity Contribution) | $0 | Total Costs to Develop | $0 | ||
| Permanent Loan Upfront Fees (Equity Contribution) | $0 | Permanent Loan Fees | $0 | ||
| Total Sources | $0 | Total Uses | $0 | ||
| Total Equity Required | $0 | ||||
Disposition Analysis
| Disposition Analysis | Calculation of Taxes | |||||||
| Year 6 Net Operating Income | $0 | Net Sales Price | ERROR:#DIV/0! | |||||
| Exit Cap Rate | 0.00% | Less: Adjusted Basis | ERROR:#DIV/0! | |||||
| Sales Price | ERROR:#DIV/0! | Gain On Sale | ERROR:#DIV/0! | |||||
| Less: Cost of Sales | 0.00% | ERROR:#DIV/0! | ||||||
| Depreciation Recapture Tax | 0.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||
| Net Sales Price | ERROR:#DIV/0! | |||||||
| Capital Gain Tax | 0.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | |||||
| Less: Mortgage Balance on Date of Sale | $0 | |||||||
| Total Tax | ERROR:#DIV/0! | |||||||
| Net Sales Proceeds (Pre-Tax) | ERROR:#DIV/0! | |||||||
| Less Taxes on Sale | ERROR:#DIV/0! | |||||||
| After Tax Sales Proceeds | ERROR:#DIV/0! | |||||||
Return Analysis
| Investment Return Analysis | |||||||||
| Acquisition | Construction | Lease-up | Stabilization | Operational | Operational | Operational | Disposition | ||
| December, 2019 | December, 2020 | December, 2021 | December, 2022 | December, 2023 | December, 2024 | December, 2025 | December, 2026 | ||
| Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | ||
| After Tax Cash Flow | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||
| After Tax Sales Proceeds | ERROR:#DIV/0! | ||||||||
| Total After Tax Cash Flow | $0 | $0 | $0 | $0 | $0 | $0 | ERROR:#DIV/0! | ||
| Cash on Cash Return (Pre Tax) | 0.00% | 0.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||
| Cash on Cash Return (After Tax) | 0.00% | 0.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||
| IRR | ERROR:#VALUE! | ||||||||
| NPV | ERROR:#DIV/0! | ||||||||
| Equity Multiple | ERROR:#DIV/0! |
Proposed Org Chart
Market Data
| Astoria, NY Multifamily Market | Astoria, NY Retail Market | ||||||||||||||||||||||
| Period | Total Buildings | Total Units | Total Vacant % | Total Unit Net Absorption | Units Delivered | Average Rent Per Unit | YOY Rent Growth | Period | Total Buildings | Total SF | Total Vacant % | Total SF Net Absorption | SF Delivered | Average Rent Per SF | YOY Rent Growth | ||||||||
| 2006 | 640 | 10,382 | 2006 | 52 | 458,331 | ||||||||||||||||||
| 2007 | 650 | 10,552 | 2007 | 52 | 458,331 | ||||||||||||||||||
| 2008 | 655 | 10,623 | 2008 | 52 | 458,331 | ||||||||||||||||||
| 2009 | 665 | 10,745 | 2009 | 52 | 458,331 | ||||||||||||||||||
| 2010 | 670 | 10,933 | 2010 | 52 | 458,331 | ||||||||||||||||||
| 2011 | 676 | 11,270 | 2011 | 52 | 458,331 | ||||||||||||||||||
| 2012 | 681 | 11,386 | 2012 | 53 | 461,076 | ||||||||||||||||||
| 2013 | 682 | 11,401 | 2013 | 53 | 461,076 | ||||||||||||||||||
| 2014 | 683 | 11,421 | 2014 | 53 | 461,076 | ||||||||||||||||||
| 2015 | 694 | 11,684 | 2015 | 53 | 461,076 | ||||||||||||||||||
| 2016 | 700 | 11,765 | 2016 | 54 | 468,576 | ||||||||||||||||||
| 2017 | 714 | 12,145 | 2017 | 55 | 484,855 | ||||||||||||||||||
| 2018 | 717 | 12,234 | 2018 | 56 | 499,855 | ||||||||||||||||||
| YTD | 718 | 12,246 | CAGR: | ERROR:#DIV/0! | ERROR:#DIV/0! | YTD | 57 | 519,367 | CAGR: | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||||
| Source: CoStar (greater than 5 unit, market rate apartments) | Source: CoStar |
