Property Name Address Lot Area (sf) ZFA (sf) Total GSF Incubator & Community Multifamily Market Rate Afforfable Housing Acquisition Lot
%
21.8% 78.2% 80% 20%
Greenpoint Incubator for Living 27 West Street, Brooklyn, NY 407,441 1,466,788 95% 1,393,448 Efficiency GSF NSF 80% 304,445 243,556 80% 1,162,343 929,874 929,874 743,899 232,469 185,975
Lot Area PSF 213,100 $450 45,242 $450 21,575 $450 19,963 $450 52,138 $450 16,473 $450 38,950 $450 407,441 4%
1 10 20 30 40 45 50
Total Closing Cost Total Land Cost
$550,045,350 $22,001,814 $572,047,164
Construction Cost $/GSF $380 $114 $494
Hard Cost Soft Cost Total Cost
$557,379,288 $167,213,786 $724,593,074
Financing Assumption Acquisition Loan Acquisition Equity Construction Loan Construction Equity Interest Rate Discounted Rate Waterfall Assumptions Ownership GP LP
50% 50% 60% 40%
$286,023,582 $286,023,582 $434,755,845 $289,837,230 5.10% L + 500bps 8%
10% 90%
Multifamily Unit Mix Studio 1BR 2BR 3BR
10% 30% 30% 30%
SF
500 650 800 1000
Total/Avg.
# Units
785
149 343 279 223
Rent / Unit Rent $ 2,400 $ 357,072 $ 3,000 $ 1,030,014 $ 4,800 $ 1,339,019 $ 7,200 $ 1,606,822
994
$
$ 4,332,927
Other Revenue Incubator Rent PSF
$4
Avg. Rental Growth Rate
5%
Operating Expense Vacancy Residential Incubator Operating Expense Ratio
5% 5% 30%
Sale Exit Cap Rate Residential Incubator Closing Cost Hold Period Annual Growth Rate Hold Period Exit Date Value at Stabilization/Exit
4.50% 4.50% 4% 5 years 3% 9/30/2025 ############
Tax Capital Gains Tax Property Tax Assessment % Property Tax Rate
0.15 0.45 0.10514
Schedule
Hurdle Promote % LP 10% 0% 15% 25% 50%
Sources Acquisition Loan Construction Loan GP Equity LP Equity Total
%
Uses Land Acquisition Construction Hard Costs Soft Costs Total
%
22% 34% 4% 40%
GP 90% 67.5% 45.0%
10% 32.5% 55.0%
PSF $ $ 205.26 $286,023,582 $ 312.00 $434,755,845 $ 41.33 $57,586,081 $ 371.94 $518,274,731 ##############
PSF $ 44% $ 468 $572,047,164 43% $380 $557,379,288 13% $114 $167,213,786 ##############
Rental Growth Rate
Incubator Cap Rate
Duration Tier I Tier II Tier III
4,350
Afforfable Housing Unit Mix Income Tier # Units Mix % Gross Rent Total NSF 60% of AMI 81 39% $ 110,854 62,900 70% of AMI 80 38% $ 130,130 62,250 80% of AMI 48 23% $ 91,672 38,000 Total / Avg. 209 $ 332,656 163,150
Sensitivity of Project Leveled IRR on Numerous Variables Land Price 19.00% $250 $300 $350 Hard Cost $ 300 26.09% 24.53% 23.13% $ 350 24.54% 23.13% 21.85% $ 380 23.68% 22.34% 21.13% $ 450 21.83% 20.65% 19.56% $ 550 19.51% 18.50% 17.56%
Land Acquisition Predevelopment (ULURP Proces Construction Lease-Up Holding Total Pre/Construction Period Total Time to Stabilization Total Project Time Exit Date
12 months 24 months 12 months 60 months
Start 8/30/2021 8/31/2022 2/29/2024 8/31/2024
Finish 8/30/2021 8/31/2022 8/31/2024 2/28/2025 8/31/2029
36 months 42 months 96 months 8/31/2029
Residential Cap Rate
Hard Cost 19.00% $ 300.00 $ 350.00 $ 380.00 $ 2.00% 18.71% 17.62% 17.00% 2.50% 19.04% 17.95% 17.34% 3.00% 19.37% 18.29% 17.67% 4.00% 20.04% 18.95% 18.33% 5.00% 20.71% 19.62% 19.00%
19.00% 3.75% 4.00% 4.50% 5.25% 6%
$0.50 16.68% 16.66% 16.62% 16.58% 16.57%
$1.00 17.09% 17.05% 16.98% 16.90% 16.88%
19.00% $2,000.00 $2,250.00 4.00% 19.03% 19.85% 4.25% 18.36% 19.16% 4.50% 17.74% 18.53% 4.75% 17.16% 17.95% 5% 16.62% 17.40%
$400 21.87% 20.69% 20.02% 18.56% 16.69%
$500 19.64% 18.63% 18.05% 16.77% 15.11%
450.00 $ 550.00 15.65% 13.90% 15.98% 14.23% 16.31% 14.56% 16.97% 15.22% 17.63% 15.87%
Incubator Rental Rate $2.00 $3.00 17.89% 18.66% 17.81% 18.54% 17.68% 18.35% 17.52% 18.12% 17.48% 18.06%
$4.00 19.39% 19.24% 19.00% 18.71% 18.63%
Residential Rental Rate $2,400.00 $2,750.00 $3,000.00 20.32% 21.38% 22.11% 19.63% 20.68% 21.40% 19.00% 20.04% 20.75% 18.41% 19.44% 20.14% 17.86% 18.88% 19.58%
Scenario 1
M thl P F D t Year M th Multifamily Cash Flow M k t R t R t lI Other Income V Operating Expense NOI G S l P d S l C t Net Sales Proceeds Total Multifamily Cash Flow Affordable Housing Cash Flow Affordable Housing Rental Income Other Income Vacancy Operating Expense NOI
8/30/2021 0 0 8 33% 5% 20% 5% 20%
1%
8.33% 2% 10% 5% 30%
Gross Sales Proceeds Sales Costs Net Sales Proceeds Total Affordable Housing Cash Flow Incubator Cash Flow Incubator Rental Income Other Income Vacancy Operating Expense NOI Cap Ex Reserve Leasing Commisions Gross Sales Proceeds Sales Costs Net Sales Proceeds Total Coworking Cash Flow
8.33% 5% 10% 5% 25%
3% 2% 1%
Total Cash Flow
$ $ $ $ $
3/31/2022 1 7 $ $ $ $ $
4/30/2022 1 8 $ $ $ $ $
5/31/2022 1 9 $ $ $ $ $
6/30/2022 1 10 $ $ $ $ $
7/31/2022 1 11 $ $ $ $ $
8/31/2022 1 12 $ $ $ $ $
9/30/2022 2 13 $ $ $ $ $
10/31/2022 2 14
11/30/2022 2 15
12/31/2022 2 16
$ $ $ $ $
$ $ $ $ $
$ $ $ $ $
1/31/2023 2 17 $ $ $ $ $
2/28/2023 2 18 $ $ $ $ $
3/31/2023 2 19 $ $ $ $ $
4/30/2023 2 20 $ $ $ $ $
5/31/2023 2 21 $ $ $ $ $
6/30/2023 2 22 $ $ $ $ $
7/31/2023 2 23 $ $ $ $ $
8/31/2023 2 24 $ $ $ $ $
9/30/2023 3 25 $ $ $ $ $
10/31/2023 3 26
11/30/2023 3 27
12/31/2023 3 28
$ $ $ $ $
$ $ $ $ $
$ $ $ $ $
1/31/2024 3 29 $ $ $ $ $
2/29/2024 3 30 $ $ $ $ $
3/31/2024 3 31 $ $ $ $ $
4/30/2024 3 32 $ $ $ $ $
5/31/2024 3 33 $ $ $ $ $
6/30/2024 3 34 $ $ $ $ $
7/31/2024 3 35 $ $ $ $ $
8/31/2024 3 36
9/30/2024 4 37 1 $ 361 077 $ 72 215 $ 18 054 $ 72 215 $ 343 023
$ $ $ $ $
10/31/2024 4 38
11/30/2024 4 39
12/31/2024 4 40
2 $ 722 155 $ 144 431 $ 36 108 $ 144 431 $ 686 047
3 $1 083 232 $ 216 646 $ 54 162 $ 216 646 $1 029 070
4 $1 444 309 $ 288 862 $ 72 215 $ 288 862 $1 372 094
2/28/2025 4 42 6 $2 166 464 $ 433 293 $ 108 323 $ 433 293 $2 058 140
3/31/2025 4 43 7 $2 527 541 $ 505 508 $ 126 377 $ 505 508 $2 401 164
4/30/2025 4 44 8 $2 888 618 $ 577 724 $ 144 431 $ 577 724 $2 744 187
5/31/2025 4 45 9 $3 249 695 $ 649 939 $ 162 485 $ 649 939 $3 087 211
6/30/2025 4 46 10 $3 610 773 $ 722 155 $ 180 539 $ 722 155 $3 430 234
7/31/2025 4 47 11 $3 971 850 $ 794 370 $ 198 592 $ 794 370 $3 773 257
8/31/2025 4 48 12 $4 332 927 $ 866 585 $ 216 646 $ 866 585 $4 116 281
9/30/2025 5 49 1 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
10/31/2025 5 50
11/30/2025 5 51
12/31/2025 5 52
2 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
3 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
4 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
1/31/2026 5 53 5 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
2/28/2026 5 54 6 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
3/31/2026 5 55 7 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
4/30/2026 5 56 8 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
5/31/2026 5 57 9 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
6/30/2026 5 58 10 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
7/31/2026 5 59 11 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
8/31/2026 5 60 12 $4 549 573 $ 909 915 $ 227 479 $ 909 915 $4 322 095
9/30/2026 6 61 1 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
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$ $ $ $
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$ $ $ $
-
$ $ $ $
-
$ $ $ $
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$ $ $ $
-
$ $ $ $
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$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
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-
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-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $ 343,023
$ $ $ $1,029,070
$ $ $ $1,372,094
$ $ $ $1,715,117
$ $ $ $2,058,140
$ $ $ $2,401,164
$ $ $ $2,744,187
$ $ $ $3,087,211
$ $ $ $3,430,234
$ $ $ $3,773,257
$ $ $ $4,116,281
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,322,095
$ $ $ $4,538,200
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
1 27,721 2,772 1,386 8,316 20,791
$ $ $ $ $
2 55,443 5,544 2,772 16,633 41,582
$ $ $ $ $
3 83,164 8,316 4,158 24,949 62,373
4 $ 110,885 $ 11,089 $ 5,544 $ 33,266 $ 83,164
5 $ 138,607 $ 13,861 $ 6,930 $ 41,582 $ 103,955
6 $ 166,328 $ 16,633 $ 8,316 $ 49,898 $ 124,746
7 $ 194,049 $ 19,405 $ 9,702 $ 58,215 $ 145,537
8 $ 221,771 $ 22,177 $ 11,089 $ 66,531 $ 166,328
9 $ 249,492 $ 24,949 $ 12,475 $ 74,848 $ 187,119
10 $ 277,213 $ 27,721 $ 13,861 $ 83,164 $ 207,910
11 $ 304,935 $ 30,493 $ 15,247 $ 91,480 $ 228,701
12 $ 332,656 $ 33,266 $ 16,633 $ 99,797 $ 249,492
1 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
2 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
3 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
4 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
5 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
6 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
7 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
8 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
9 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
10 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
11 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
12 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
1 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
20,791
$ $ $ $
41,582
$ $ $ $
62,373
$ $ $ $
83,164
$ $ $ $ 103,955
$ $ $ $ 124,746
$ $ $ $ 145,537
$ $ $ $ 166,328
$ $ $ $ 187,119
$ $ $ $ 207,910
$ $ $ $ 228,701
$ $ $ $ 249,492
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 259,571
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
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$ $ $ $ $
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$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
1 81,185 8,119 4,059 20,296 64,948
2 $ 162,371 $ 16,237 $ 8,119 $ 40,593 $ 129,897
$ $ $ $ $
3 243,556 24,356 12,178 60,889 194,845
4 $ 324,741 $ 32,474 $ 16,237 $ 81,185 $ 259,793
5 $ 405,927 $ 40,593 $ 20,296 $ 101,482 $ 324,741
6 $ 487,112 $ 48,711 $ 24,356 $ 121,778 $ 389,690
7 $ 568,297 $ 56,830 $ 28,415 $ 142,074 $ 454,638
8 $ 649,483 $ 64,948 $ 32,474 $ 162,371 $ 519,586
9 $ 730,668 $ 73,067 $ 36,533 $ 182,667 $ 584,534
10 $ 811,853 $ 81,185 $ 40,593 $ 202,963 $ 649,483
11 $ 893,039 $ 89,304 $ 44,652 $ 223,260 $ 714,431
12 $ 974,224 $ 97,422 $ 48,711 $ 243,556 $ 779,379
1 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
2 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
3 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
4 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
5 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
6 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
7 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
8 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
9 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
10 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
11 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
12 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
1 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
2 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
3 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
4 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
1,948 1,299 61,701
$ 3,897 $ 2,598 $ $ $ $ 123,402
$ $ $ $ $ $
5,845 3,897 185,103
$ 7,794 $ 5,196 $ $ $ $ 246,803
$ 9,742 $ 6,495 $ $ $ $ 308,504
$ 11,691 $ 7,794 $ $ $ $ 370,205
$ 13,639 $ 9,093 $ $ $ $ 431,906
$ 15,588 $ 10,392 $ $ $ $ 493,607
$ 17,536 $ 11,691 $ $ $ $ 555,308
$ 19,484 $ 12,990 $ $ $ $ 617,009
$ 21,433 $ 14,289 $ $ $ $ 678,709
$ 23,381 $ 15,588 $ $ $ $ 740,410
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$
-
$
$ 123,402
$
185,103
$ 610,618
$1,036,133
$1,461,648
$1,887,164
$2,312,679
$2,738,194
$3,163,709
$3,589,225
$4,014,740
$4,415,575
$4,779,389
$5,143,203
$5,354,007
$5,354,007
$5,354,007
$5,354,007
$5,354,007
$5,354,007
$5,354,007
$5,354,007
$5,354,007
$5,392,879
$5,392,879
$5,392,879
$5,614,073
$
######### #########
$ $ 23,224,137 $ 23,224,137
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
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$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
#########
$ (23,039,034)
$ 610,618
Unleveled IRR Unleveled Equity Multiple Profit Development Return
6.88% 1.57 ########### 57%
0.43%
$
-
######### ######### #########
$
$
-
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$
$
-
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-
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-
######### #########
$
$
#########
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
$ $ 572,047,164
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$ 286,023,582 $ 286,023,582
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$ $ $ 286,023,582 $ $ -
######### $1,215,600 $ ######### $ -
######### $1,215,600 $ ######### $ -
######### $1,215,600 $ ######### $ -
######### $1,215,600 $ ######### $ -
######### $1,215,600 $ ######### $ -
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######### $1,215,600 $ ######### $ -
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-
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0.43%
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0.43%
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$
61,701
$
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0.43%
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0.43%
0.43%
0.43%
0.43%
$1,379,915 #########
$1,484,483 #########
$1,589,494 #########
$1,694,952 #########
$1,800,858 #########
$1,907,214 #########
$2,014,023 #########
$2,121,285 #########
$2,229,003 #########
$2,337,179 #########
$2,445,814 #########
$2,554,912 #########
$2,664,473 #########
$2,774,499 #########
$2,884,993 #########
$2,995,957 #########
$3,107,130 #########
$ 3,218,514 $ 26,442,651
$ $
$
$
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$ $ 575,860,812
$
######### $3,107,130 $ ######### $ (123,402)
$ 757,297,366 $ 3,218,514 $ $ 23,224,137 $(783,740,017)
$ $ $ $ $
######### $1,275,791 $ ######### $ -
#########
######### $1,379,915 $ ######### $ -
#########
######### $1,484,483 $ ######### $ -
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######### $1,589,494 $ ######### $ -
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######### $1,694,952 $ ######### $ -
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######### $1,800,858 $ ######### $ -
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######### $1,907,214 $ ######### $ -
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######### $2,014,023 $ ######### $ -
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######### $2,121,285 $ ######### $ -
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######### $2,229,003 $ ######### $ -
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######### $2,337,179 $ ######### $ -
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######### $2,445,814 $ ######### $ -
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######### $2,554,912 $ ######### $ -
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######### $2,664,473 $ ######### $ -
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######### $2,774,499 $ ######### $ -
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######### $2,884,993 $ ######### $ -
#########
######### $2,995,957 $ ######### $ (61,701)
#########
-
-
$1,036,133
0.43%
$1,275,791 ######### $
#########
-
$ $ $ $ 686,047
1/31/2025 4 41 5 $1 805 386 $ 361 077 $ 90 269 $ 361 077 $1 715 117
$ $ $ $
$ (572,047,164)
$286,023,582
2/28/2022 1 6 $ $ $ $ $
$ $ $ $ $
$ 572,047,164 $ $ 572,047,164
###########
1/31/2022 1 5 $ $ $ $ $
-
###########
Interest Rate
12/31/2021 1 4 $ $ $ $ $
-
###########
Interest Total Levered Cost
11/30/2021 1 3 $ $ $ $ $
$ $ $ $
Total Unlevered Cash Flow
Equity Cumulative Drawn
10/31/2021 1 2 $ $ $ $ $
$ $ $ $ $
Capital Costs Acquisition Costs Construction Costs Total Capital Costs
Construction loan Beginning Balance Construction Loan Interest Acquisition Loan Draw Construction Loan Draw Paydown
9/30/2021 1 1 $ $ $ $ $
0.43% $ $ $
$ $ $ $ $
#########
-
-
$1,461,648
0.43% $ $ $
$ $ $ $ $
#########
-
-
$1,887,164
0.43% $ $ $
$ $ $ $ $
#########
-
-
$2,312,679
0.43% $ $ $
$ $ $ $ $
#########
-
-
$2,738,194
0.43% $ $ $
$ $ $ $ $
#########
-
-
$3,163,709
0.43% $ $ $
$ $ $ $
#########
-
-
$3,589,225
0.43% $ $ $
$ $ $ $
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-
-
$4,014,740
0.43% $ $ $
$ $ $ $
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-
-
$4,415,575
0.43% $ $ $
$ $ $ $
#########
-
-
$4,779,389
0.43% $ $ $
$ $ $ $
#########
-
-
$5,143,203
0.43% $ $ $
$ $ $ $
#########
-
-
$5,354,007
0.43% $ $ $
$ $ $ $
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-
-
$5,354,007
0.43% $ $ $
$ $ $ $
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-
-
$5,354,007
0.43% $ $ $
$ $ $ $
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-
-
$5,354,007
0.43% $ $ $
$ $ $ $
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-
-
$5,354,007
0.43% $ $ $
$ $ $ $
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-
-
$5,354,007
0.43% $ $ $
$ $ $ $
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-
-
$5,354,007
0.43% $ $ $
$ $ $ $
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-
-
$5,354,007
0.43% $ $ $
$ $ $ $
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-
-
$5,354,007
0.43% $ $ $
$ $ $ $
#########
-
-
$5,392,879
0.43% $ $ $
$ $ $ $
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-
-
$5,392,879
0.43% $ $ $
$ $ $ $
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-
-
$5,392,879
0.43% $ $ $
$ $ $ $
#########
-
-
$5,614,073
0.43% $ $ $
$ $ $ $
#########
-
x
10/31/2026 6 62
11/30/2026 6 63
12/31/2026 6 64
10/31/2027 7 74
11/30/2027 7 75
12/31/2027 7 76
10/31/2028 8 86
11/30/2028 8 87
12/31/2028 8 88
2 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
3 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
4 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
1/31/2027 6 65 5 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
2/28/2027 6 66 6 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
3/31/2027 6 67 7 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
4/30/2027 6 68 8 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
5/31/2027 6 69 9 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
6/30/2027 6 70 10 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
7/31/2027 6 71 11 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
8/31/2027 6 72 12 $4 777 052 $ 955 410 $ 238 853 $ 955 410 $4 538 200
9/30/2027 7 73 1 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
2 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
3 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
4 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
5 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
6 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
7 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
8 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
9 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
10 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
11 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
12 $5 015 905 $1 003 181 $ 250 795 $1 003 181 $4 765 109
1 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
2 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
3 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
4 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
5 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
6 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
7 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
8 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
9 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
10 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
11 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
12 $5 266 700 $1 053 340 $ 263 335 $1 053 340 $5 003 365
$ $ $ $4,538,200
$ $ $ $4,538,200
$ $ $ $4,538,200
$ $ $ $4,538,200
$ $ $ $4,538,200
$ $ $ $4,538,200
$ $ $ $4,538,200
$ $ $ $4,538,200
$ $ $ $4,538,200
$ $ $ $4,538,200
$ $ $ $4,538,200
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $4,765,109
$ $ $ $5,003,365
$ $ $ $5,003,365
$ $ $ $5,003,365
$ $ $ $5,003,365
$ $ $ $5,003,365
$ $ $ $5,003,365
$ $ $ $5,003,365
$ $ $ $5,003,365
$ $ $ $5,003,365
$ $ $ $5,003,365
$ $ $ $5,003,365
$ $ $ $5,003,365
2 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
3 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
4 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
5 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
6 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
7 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
8 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
9 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
10 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
11 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
12 $ 346,095 $ 34,610 $ 17,305 $ 103,829 $ 259,571
1 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
2 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
3 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
4 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
5 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
6 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
7 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
8 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
9 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
10 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
11 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
12 $ 353,017 $ 35,302 $ 17,651 $ 105,905 $ 264,763
1 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
2 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
3 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
4 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
5 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
6 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
7 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
8 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
9 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
10 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
11 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
12 $ 360,078 $ 36,008 $ 18,004 $ 108,023 $ 270,058
1/31/2028 7 77
2/29/2028 7 78
3/31/2028 7 79
4/30/2028 7 80
5/31/2028 7 81
6/30/2028 7 82
7/31/2028 7 83
8/31/2028 7 84
9/30/2028 8 85
1/31/2029 8 89
2/28/2029 8 90
3/31/2029 8 91
4/30/2029 8 92
5/31/2029 8 93
6/30/2029 8 94
7/31/2029 8 95
8/31/2029 8 96
9/30/2029 9 97 1 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533 ########### ########### ########### ###########
$ $ $ $ $
1 367,279 36,728 18,364 110,184 275,459
10/31/2029 9 98
11/30/2029 9 99
12/31/2029 9 100
1/31/2030 9 101
2/28/2030 9 102
3/31/2030 9 103
4/30/2030 9 104
5/31/2030 9 105
6/30/2030 9 106
7/31/2030 9 107
8/31/2030 9 108
2 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
3 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
4 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
5 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
6 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
7 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
8 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
9 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
10 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
11 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
12 $ 5 530 035 $ 1 106 007 $ 276 502 $ 1 106 007 $ 5 253 533
$ $ $ $ 5,253,533
$ $ $ $ 5,253,533
$ $ $ $ 5,253,533
$ $ $ $ 5,253,533
$ $ $ $ 5,253,533
$ $ $ $ 5,253,533
$ $ $ $ 5,253,533
$ $ $ $ 5,253,533
$ $ $ $ 5,253,533
$ $ $ $ 5,253,533
$ $ $ $ 5,253,533
$ $ $ $ $
2 367,279 36,728 18,364 110,184 275,459 275,459
$ $ $ $ $
3 367,279 36,728 18,364 110,184 275,459
$ $ $ $
275,459
$ $ $ $ $
4 367,279 36,728 18,364 110,184 275,459
$ $ $ $
275,459
$ $ $ $ $
5 367,279 36,728 18,364 110,184 275,459
$ $ $ $
275,459
$ $ $ $ $
6 367,279 36,728 18,364 110,184 275,459
$ $ $ $
275,459
$ $ $ $ $
7 367,279 36,728 18,364 110,184 275,459
$ $ $ $
275,459
$ $ $ $ $
8 367,279 36,728 18,364 110,184 275,459
$ $ $ $
275,459
$ $ $ $ $
9 367,279 36,728 18,364 110,184 275,459
$ $ $ $
275,459
$ $ $ $ $
10 367,279 36,728 18,364 110,184 275,459
$ $ $ $
275,459
$ $ $ $ $
11 367,279 36,728 18,364 110,184 275,459
$ $ $ $
275,459
$ $ $ $ $
12 367,279 36,728 18,364 110,184 275,459
$ $ $ $
275,459
$ $ $ $ 259,571
$ $ $ $ 259,571
$ $ $ $ 259,571
$ $ $ $ 259,571
$ $ $ $ 259,571
$ $ $ $ 259,571
$ $ $ $ 259,571
$ $ $ $ 259,571
$ $ $ $ 259,571
$ $ $ $ 259,571
$ $ $ $ 259,571
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 264,763
$ $ $ $ 270,058
$ $ $ $ 270,058
$ $ $ $ 270,058
$ $ $ $ 270,058
$ $ $ $ 270,058
$ $ $ $ 270,058
$ $ $ $ 270,058
$ $ $ $ 270,058
$ $ $ $ 270,058
$ $ $ $ 270,058
$ $ $ $ 270,058
$ $ $ $ 270,058
$ 73,455,821 $ $ 73,455,821 $ 73,455,821
$ $ $ $
5 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
6 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
7 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
8 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
9 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
10 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
11 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
12 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
1 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
2 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
3 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
4 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
5 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
6 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
7 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
8 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
9 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
10 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
11 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
12 $1,127,786 $ 112,779 $ 56,389 $ 281,947 $ 902,229
1 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
2 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
3 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
4 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
5 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
6 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
7 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
8 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
9 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
10 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
11 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
12 $1,184,175 $ 118,418 $ 59,209 $ 296,044 $ 947,340
1 $1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
2 $1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
3 $1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
4 $ 1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
5 $ 1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
6 $ 1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
7 $ 1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
8 $ 1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
9 $ 1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
10 $ 1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
11 $ 1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
12 $ 1,243,384 $ 124,338 $ 62,169 $ 310,846 $ 994,707
1 $ 1,305,553 $ 130,555 $ 65,278 $ 326,388 $ 1,044,443
2 $ 1,305,553 $ 130,555 $ 65,278 $ 326,388 $ 1,044,443
3 $ 1,305,553 $ 130,555 $ 65,278 $ 326,388 $ 1,044,443
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 27,067 $ 18,045 $ $ $ $ 857,117
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 28,420 $ 18,947 $ $ $ $ 899,973
$ 29,841 $ 19,894 $ $ $ $ 944,972
$ 29,841 $ 19,894 $ $ $ $ 944,972
$ 29,841 $ 19,894 $ $ $ $ 944,972
$ 29,841 $ 19,894 ########### ########### ########### ###########
$ $ $ $ $ $
$ $ $ $ $ $
$ $ $ $ $ $
$ $ $ $ $ $
$ $ $ $ $ $
$ $ $ $ $ $
$ $ $ $ $ $
$ $ $ $ $ $
$ $ $ $ $ $
$ $ $ $ $ $
$ $ $ $ $ $
$5,614,073
$5,614,073
$5,614,073
$5,614,073
$5,614,073
$5,614,073
$5,614,073
$5,614,073
$5,654,888
$5,654,888
$5,654,888
$5,886,990
$5,886,990
$5,886,990
$5,886,990
$5,886,990
$5,886,990
$5,886,990
$5,886,990
$5,886,990
$5,929,846
$5,929,846
$5,929,846
$6,173,396
$6,173,396
$6,173,396
$6,173,396
$6,173,396
$6,173,396
$6,173,396
$6,173,396
$6,173,396
$6,218,395
$6,218,395
$6,218,395
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
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$ $ $
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$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
-
$5,614,073
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,614,073
-
$5,614,073
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,614,073
-
$5,614,073
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,614,073
-
$5,614,073
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,614,073
-
$5,614,073
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,614,073
-
$5,614,073
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,614,073
-
$5,614,073
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,614,073
-
$5,614,073
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,614,073
-
$5,654,888
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,654,888
-
$5,654,888
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,654,888
-
$5,654,888
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,654,888
-
$5,886,990
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,886,990
-
$5,886,990
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,886,990
-
$5,886,990
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,886,990
-
$5,886,990
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,886,990
-
$5,886,990
0.43% $ $ $
$ $ $ $ $ $
#########
-
$5,886,990
-
$5,886,990
0.43% $ $ $
$ $ $ $ $ $
#########
-
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-
$5,886,990
0.43% $ $ $
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-
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-
$5,886,990
0.43% $ $ $
$ $ $ $ $ $
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-
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-
$5,886,990
0.43% $ $ $
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-
$5,886,990
-
$5,929,846
0.43% $ $ $
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-
$5,929,846
-
$5,929,846
0.43% $ $ $
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-
$5,929,846
-
$5,929,846
0.43% $ $ $
$ $ $ $ $ $
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-
$5,929,846
-
$6,173,396
0.43% $ $ $
$ $ $ $ $ $
#########
-
$6,173,396
-
$6,173,396
0.43% $ $ $
$ $ $ $ $ $
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-
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-
$6,173,396
0.43% $ $ $
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-
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-
$6,173,396
0.43% $ $ $
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-
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-
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0.43% $ $ $
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-
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-
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-
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-
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-
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-
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0.43% $ $ $
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-
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-
$6,173,396
0.43% $ $ $
$ $ $ $ $ $
#########
-
$6,173,396
-
$6,218,395
0.43% $ $ $
$ $ $ $ $ $
#########
-
$6,218,395
-
$6,218,395
0.43% $ $ $
$ $ $ $ $ $
#########
-
$6,218,395
-
###########
$ $ $
$6,218,395
0.43% $ $ $
$ $ $ $ $ $
#########
-
$6,218,395
###########
0.43% $ $
-
$ ###########
$ $ $ $ $ $
###########
29,841 19,894 944,972
29,841 19,894 944,972
29,841 19,894 944,972
29,841 19,894 944,972
29,841 19,894 944,972
29,841 19,894 944,972
29,841 19,894 944,972
29,841 19,894 944,972
31,333 20,889 992,221
31,333 20,889 992,221
31,333 20,889 992,221
$ 6,473,964
$ 6,473,964
$ 6,473,964
$ 6,473,964
$ 6,473,964
$ 6,473,964
$ 6,473,964
$ 6,473,964
$ 6,521,213
$ 6,521,213
$ 6,521,213
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
-
$ 6,473,964
-
$ 6,473,964
-
$ 6,473,964
-
$ 6,473,964
-
$ 6,473,964
-
$ 6,473,964
-
$ 6,473,964
-
$ 6,473,964
-
$ 6,521,213
-
$ 6,521,213
-
$ 6,521,213
x x x x x x x x
x x x x x x x x x x x x x x x x x x x x x x x x x x
x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x
Scenario 1 Refinance upon construction completion @ end of yr 3, hold for 5 years and sell
x
Annualy Pro Forma
x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x
Date Year Multifamily Cash Flow Market Rate Rental Income Other Income Vacancy Operating Expense NOI Gross Sales Proceeds Sales Costs Net Sales Proceeds Total Multifamily Cash Flow Affordable Housing Cash Flow Affordable Housing Rental Income Other Income Vacancy Operating Expense NOI Gross Sales Proceeds Sales Costs Net Sales Proceeds Total Affordable Housing Cash Flow Coworking Cash Flow Coworking Rental Income Other Income Vacancy Operating Expense NOI Cap Ex Reserve Leasing Commisions Gross Sales Proceeds Sales Costs Net Sales Proceeds Total Coworking Cash Flow
Total Cash Flow
8/31/2022 2022
3% 20% 5% 20%
8/31/2023 2023
8/31/2024 2024
8/31/2025 2025
8/31/2026 2026
8/31/2027 2027
8/31/2028 2028
8/31/2029 2029
8/31/2030 2030
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
28,164,026 5,632,805 1,408,201 5,632,805 26,755,825
$ $ $ $ $
54,594,881 10,918,976 2,729,744 10,918,976 51,865,137
$ $ $ $ $
57,324,626 11,464,925 2,866,231 11,464,925 54,458,394
$ $ $ $ $
60,190,857 12,038,171 3,009,543 12,038,171 57,181,314
$ $ $ $ $
63,200,400 12,640,080 3,160,020 12,640,080 60,040,380
$ $ $ $ $
$ 1% $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
26,755,825
$ $ $ $
51,865,137
$ $ $ $
54,458,394
$ $ $ $
57,181,314
$ $ $ $
60,040,380
$ 1,400,942,192 $ 14,009,422 $ 1,386,932,770 $ 1,444,721,635
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
2,162,264 216,226 108,113 648,679 1,621,698
$ $ $ $ $
4,071,709 407,171 203,585 1,221,513 3,053,782
$ $ $ $ $
4,153,144 415,314 207,657 1,245,943 3,114,858
$ $ $ $ $
4,236,207 423,621 211,810 1,270,862 3,177,155
$ $ $ $ $
4,320,931 432,093 216,047 1,296,279 3,240,698
$ $ $ $ $
4,407,349 440,735 220,367 1,322,205 3,305,512
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
1,621,698
$ $ $ $
3,053,782
$ $ $ $
3,114,858
$ $ $ $
3,177,155
$ $ $ $
3,240,698
$ $ $ $
73,455,821 73,455,821 76,485,873
5% $ 10% $ #REF! $ 25% $ $
-
$ $ $ $ $
-
$ $ $ $ $
487,112 48,711 24,356 121,778 389,690
$ $ $ $ $
8,914,150 891,415 445,707 2,228,537 7,131,320
$ $ $ $ $
12,428,663 1,242,866 621,433 3,107,166 9,942,930
$ $ $ $ $
13,050,096 1,305,010 652,505 3,262,524 10,440,077
$ $ $ $ $
13,702,601 1,370,260 685,130 3,425,650 10,962,080
$ $ $ $ $
14,387,731 1,438,773 719,387 3,596,933 11,510,185
$ $ $ $ $
15,107,117 1,510,712 755,356 3,776,779 12,085,694
3% $ 2% $ $ 1% $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
11,691 7,794 370,205
$ $ $ $ $ $
213,940 142,626 6,774,754
$ $ $ $ $ $
298,288 198,859 9,445,784
$ $ $ $ $ $
313,202 208,802 9,918,073
$ $ $ $ $ $
328,862 219,242 10,413,976
$ $ $ $ $ $
345,306 230,204 10,934,675
$ 362,571 $ 241,714 $ 268,570,972 $ 2,685,710 $ 265,885,262 $ 276,421,699
$
-
$
-
$
370,205
$
35,152,277
$
64,364,703
$
67,491,325
$
70,772,445
$
74,215,753
$ 1,797,629,208
2% 10% 5% 30%
66,360,420 13,272,084 3,318,021 13,272,084 63,042,399
Capital Costs Acquisition Costs Construction Costs Total Capital Costs
$ 1,296,640,238
$ $ 572,047,164 $ 167,213,786 $ 739,260,950
Total Unlevered Cash Flow
$ 813,355,677
$ (739,260,950) $ (278,689,644) $ (278,319,439) $
Unleveled IRR Unleveled Equity Multiple Profit Development Return XNPV
7.28% 1.63 $ 813,355,677 0.63 $ (56,088,345)
Interest Rate
5.53%
Interest Total Levered Cost Equity Cumulative Drawn Construction loan Beginning Balance Construction Loan Interest Acquisition Loan Draw Construction Loan Draw Paydown Ending Balance Levered CF Levered IRR Multiple Profit Development Return XNPV
$ 14,587,203 $ 753,848,153 $ 575,860,812
$286,023,582 $ 434,755,845
$ 1,462,409,543
$ 467,824,571 $ 4,900,012,995 $ $ 3,432,282,984 $ 14,587,203 $ 286,023,582 $ (14,587,203) $ $ 3,718,306,566 $ (467,824,571) 18.95% 2.13 $ 1,462,409,543 2.54 $ 573,389,373
$ $ $ 278,689,644 $ 278,689,644
$ $ $ 278,689,644 $ 278,689,644
$ $ $ $
35,152,277
$ $ $ $ $
64,364,703
$ $ $ $ $
67,491,325
$ $ $ $ $
70,772,445
$ $ $ $ $
74,215,753
$ $ $ $
-
x x x x x $ 1,797,629,208 x x x x x
x x x 5.10% 5.10% 5.10% 5.10% 5.10% 5.10% 5.10% 0.43% x x $ 17,210,709 $ 31,347,782 $ $ $ $ $ $ x $ 295,900,353 $ 310,037,426 $ $ $ $ $ $ x x $ 108,036,241 $ $ $ $ $ $ $ x $ 6,722,582,151 $ 6,910,329,741 $ 6,910,329,741 $ 6,910,329,741 $ 6,910,329,741 $ 6,910,329,741 $ 6,910,329,741 $ 575,860,812 x x $ $ $ $ $ $ $ $ x $ 4,049,578,474 $ 7,375,948,675 $ $ $ $ $ $ x $ 17,210,709 $ 31,347,782 $ $ $ $ $ $ x $ $ $ $ $ $ $ $ x $ 170,653,403 $ 278,689,644 $ $ $ $ $ $ x $ $ (783,925,120) $ $ $ $ $ $ x $ 4,237,442,586 $ 6,902,060,981 $ $ $ $ $ $ x x $ (108,036,241) $ $ 35,152,277 $ 64,364,703 $ 67,491,325 $ 70,772,445 $ 74,215,753 $ 1,726,273,852 x x x x x x
Scenario 2
x
x
M thl P F D t Year Month Multifamily Cash Flow M k t R t R t lI Other Income V Operating Expense NOI Gross Sales Proceeds S l C t Net Sales Proceeds Total Multifamily Cash Flow Affordable Housing Cash Flow Aff d bl H i R t l I Other Income Vacancy Operating Expense NOI
8/30/2021 0 0 8 33% 3% 20% 5% 20%
1%
8.33% 2% 10% 5% 30%
Gross Sales Proceeds Sales Costs Net Sales Proceeds Total Affordable Housing Cash Flow Coworking Cash Flow Coworking Rental Income Other Income Vacancy Operating Expense NOI Cap Ex Reserve Leasing Commisions Gross Sales Proceeds Sales Costs Net Sales Proceeds Total Coworking Cash Flow
8.33% 5% 10% 5% 25%
3% 2% 1%
Total Cash Flow
$ $ $ $ $
$ $ $ $ $
$ $ $ $ $
$ $ $ $ $
$ $ $ $ $
5/31/2022 1 9 $ $ $ $ $
6/30/2022 1 10 $ $ $ $ $
7/31/2022 1 11 $ $ $ $ $
8/31/2022 1 12 $ $ $ $ $
9/30/2022 2 13 $ $ $ $ $
10/31/2022 2 14
11/30/2022 2 15
12/31/2022 2 16
$ $ $ $ $
$ $ $ $ $
$ $ $ $ $
1/31/2023 2 17 $ $ $ $ $
2/28/2023 2 18 $ $ $ $ $
3/31/2023 2 19 $ $ $ $ $
4/30/2023 2 20 $ $ $ $ $
5/31/2023 2 21 $ $ $ $ $
6/30/2023 2 22 $ $ $ $ $
7/31/2023 2 23 $ $ $ $ $
8/31/2023 2 24 $ $ $ $ $
9/30/2023 3 25 $ $ $ $ $
10/31/2023 3 26
11/30/2023 3 27
12/31/2023 3 28
$ $ $ $ $
$ $ $ $ $
$ $ $ $ $
1/31/2024 3 29 $ $ $ $ $
2/29/2024 3 30 $ $ $ $ $
3/31/2024 3 31 $ $ $ $ $
4/30/2024 3 32 $ $ $ $ $
5/31/2024 3 33 $ $ $ $ $
6/30/2024 3 34 $ $ $ $ $
7/31/2024 3 35 $ $ $ $ $
8/31/2024 3 36 $ $ $ $ $
10/31/2024 4 38
11/30/2024 4 39
12/31/2024 4 40
10/31/2025 5 50
11/30/2025 5 51
12/31/2025 5 52
1 $ 361 077 $ 72 215 $ 18 054 $ 72 215 $ 343 023
9/30/2024 4 37
2 $ 722 155 $ 144 431 $ 36 108 $ 144 431 $ 686 047
3 $1 083 232 $ 216 646 $ 54 162 $ 216 646 $1 029 070
4 $1 444 309 $ 288 862 $ 72 215 $ 288 862 $1 372 094
5 $1 805 386 $ 361 077 $ 90 269 $ 361 077 $1 715 117
1/31/2025 4 41
6 $2 166 464 $ 433 293 $ 108 323 $ 433 293 $2 058 140
2/28/2025 4 42
7 $2 527 541 $ 505 508 $ 126 377 $ 505 508 $2 401 164
3/31/2025 4 43
8 $2 888 618 $ 577 724 $ 144 431 $ 577 724 $2 744 187
4/30/2025 4 44
9 $3 249 695 $ 649 939 $ 162 485 $ 649 939 $3 087 211
10 $3 610 773 $ 722 155 $ 180 539 $ 722 155 $3 430 234
11 $3 971 850 $ 794 370 $ 198 592 $ 794 370 $3 773 257
12 $4 332 927 $ 866 585 $ 216 646 $ 866 585 $4 116 281
1 $ 4 462 915 $ 892 583 $ 223 146 $ 892 583 $ 4 239 769
2 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
3 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
4 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
5 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
6 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
7 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
8 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
9 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
10 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
11 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
12 $4 462 915 $ 892 583 $ 223 146 $ 892 583 $4 239 769
$ $ $ $ 686,047
$ $ $ $1,029,070
$ $ $ $1,372,094
$ $ $ $1,715,117
$ $ $ $2,058,140
$ $ $ $2,401,164
$ $ $ $2,744,187
$ $ $ $3,087,211
$ $ $ $3,430,234
$ $ $ $3,773,257
$ $ $ $4,116,281
########### $ $11 306 051 $ ########### $ ########### $4,239,769
$ $ $ $4,239,769
$ $ $ $4,239,769
$ $ $ $4,239,769
$ $ $ $4,239,769
$ $ $ $4,239,769
$ $ $ $4,239,769
$ $ $ $4,239,769
$ $ $ $4,239,769
$ $ $ $4,239,769
$ $ $ $4,239,769
5/31/2025 4 45
6/30/2025 4 46
7/31/2025 4 47
8/31/2025 4 48
9/30/2025 5 49
1/31/2026 5 53
2/28/2026 5 54
3/31/2026 5 55
4/30/2026 5 56
5/31/2026 5 57
6/30/2026 5 58
7/31/2026 5 59
8/31/2026 5 60
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $ 343,023
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
1 27,721 2,772 1,386 8,316 20,791
$ $ $ $ $
2 55,443 5,544 2,772 16,633 41,582
$ $ $ $ $
3 83,164 8,316 4,158 24,949 62,373
4 $ 110,885 $ 11,089 $ 5,544 $ 33,266 $ 83,164
5 $ 138,607 $ 13,861 $ 6,930 $ 41,582 $ 103,955
6 $ 166,328 $ 16,633 $ 8,316 $ 49,898 $ 124,746
7 $ 194,049 $ 19,405 $ 9,702 $ 58,215 $ 145,537
8 $ 221,771 $ 22,177 $ 11,089 $ 66,531 $ 166,328
9 $ 249,492 $ 24,949 $ 12,475 $ 74,848 $ 187,119
10 $ 277,213 $ 27,721 $ 13,861 $ 83,164 $ 207,910
11 $ 304,935 $ 30,493 $ 15,247 $ 91,480 $ 228,701
12 $ 332,656 $ 33,266 $ 16,633 $ 99,797 $ 249,492
$ $ $ $ $
1 339,309 33,931 16,965 101,793 254,482
2 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
3 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
4 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
5 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
6 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
7 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
8 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
9 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
10 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
11 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
12 $ 339,309 $ 33,931 $ 16,965 $ 101,793 $ 254,482
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
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-
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-
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-
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-
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-
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-
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-
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-
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-
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-
$ $ $ $
-
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-
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-
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-
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-
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-
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-
$ $ $ $
-
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-
$ $ $ $
-
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-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
20,791
$ $ $ $
41,582
$ $ $ $
62,373
$ $ $ $
83,164
$ $ $ $ 103,955
$ $ $ $ 124,746
$ $ $ $ 145,537
$ $ $ $ 166,328
$ $ $ $ 187,119
$ $ $ $ 207,910
$ $ $ $ 228,701
$ $ $ $ 249,492
$29,044,912 $ $29,044,912 $29,044,912
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ 254,482
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
1 81,185 8,119 4,059 20,296 64,948
2 $ 162,371 $ 16,237 $ 8,119 $ 40,593 $ 129,897
$ $ $ $ $
3 243,556 24,356 12,178 60,889 194,845
4 $ 324,741 $ 32,474 $ 16,237 $ 81,185 $ 259,793
5 $ 405,927 $ 40,593 $ 20,296 $ 101,482 $ 324,741
6 $ 487,112 $ 48,711 $ 24,356 $ 121,778 $ 389,690
7 $ 568,297 $ 56,830 $ 28,415 $ 142,074 $ 454,638
8 $ 649,483 $ 64,948 $ 32,474 $ 162,371 $ 519,586
9 $ 730,668 $ 73,067 $ 36,533 $ 182,667 $ 584,534
10 $ 811,853 $ 81,185 $ 40,593 $ 202,963 $ 649,483
11 $ 893,039 $ 89,304 $ 44,652 $ 223,260 $ 714,431
12 $ 974,224 $ 97,422 $ 48,711 $ 243,556 $ 779,379
1 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
2 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
3 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
4 $ 1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
5 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
6 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
7 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
8 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
9 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
10 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
11 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
12 $1,022,935 $ 102,294 $ 51,147 $ 255,734 $ 818,348
1 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
2 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266
3 $1,074,082 $ 107,408 $ 53,704 $ 268,520 $ 859,266 $ 25,778 $ 17,185 $ $ $ $ 816,302
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
1,948 1,299 61,701
$ 3,897 $ 2,598 $ $ $ $ 123,402
$ $ $ $ $ $
5,845 3,897 185,103
$ 7,794 $ 5,196 $ $ $ $ 246,803
$ 9,742 $ 6,495 $ $ $ $ 308,504
$ 11,691 $ 7,794 $ $ $ $ 370,205
$ 13,639 $ 9,093 $ $ $ $ 431,906
$ 15,588 $ 10,392 $ $ $ $ 493,607
$ 17,536 $ 11,691 $ $ $ $ 555,308
$ 19,484 $ 12,990 $ $ $ $ 617,009
$ 21,433 $ 14,289 $ $ $ $ 678,709
$ 23,381 $ 15,588 $ $ $ $ 740,410
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 ########### $ 2,209,540 ########### ###########
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 24,550 $ 16,367 $ $ $ $ 777,431
$ 25,778 $ 17,185 $ $ $ $ 816,302
$ 25,778 $ 17,185 $ $ $ $ 816,302
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
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-
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-
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-
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-
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-
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-
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-
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-
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-
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-
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-
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-
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-
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-
$
-
$
-
$
61,701
$ 123,402
$
185,103
$ 610,618
$1,036,133
$1,461,648
$1,887,164
$2,312,679
$2,738,194
$3,163,709
$3,589,225
$4,014,740
$4,415,575
$4,779,389
$5,143,203
###########
$5,271,682
$5,271,682
$5,271,682
$5,271,682
$5,271,682
$5,271,682
$5,271,682
$5,271,682
$5,310,553
$5,310,553
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
3.83% 1.13 ########### 13%
0.43%
###########
$ $ $ $ $
4/30/2022 1 8
$ $ $ $
Unleveled IRR Unleveled Equity Multiple Profit Development Return
$286,023,582
$ $ $ $ $
3/31/2022 1 7
-
$ 572,047,164 $ $ 572,047,164
Levered CF
$ $ $ $ $
2/28/2022 1 6
$ $ $ $
$ (572,047,164)
Construction loan Beginning Balance Construction Loan Interest Acquisition Loan Draw Construction Loan Draw Paydown Ending Balance
$ $ $ $ $
1/31/2022 1 5
-
###########
###########
12/31/2021 1 4
$ $ $ $
###########
Interest Rate
11/30/2021 1 3
-
Capital Costs Acquisition Costs Construction Costs Total Capital Costs
Interest Total Levered Cost
10/31/2021 1 2
$ $ $ $
Total Unlevered Cash Flow
Equity Cumulative Drawn
9/30/2021 1 1
$
######### ######### #########
$
######### ######### #########
$
######### ######### #########
$
######### ######### #########
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$
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0.43%
0.43%
0.43%
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0.43%
0.43%
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0.43%
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0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
0.43%
$ $ 572,047,164
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$1,215,600 #########
$ 286,023,582 $ 286,023,582
######### #########
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$ $ $ 286,023,582 $ $ $ 286,023,582
######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
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######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
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######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
######### $1,215,600 $ ######### $ #########
$ (286,023,582)
#########
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######
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######### #########
$ $ 23,224,137 $ 23,224,137
$ $ $
#########
$ (23,039,034)
$ 610,618
0.43%
0.43%
-
-
$1,036,133
0.43%
-
$1,461,648
0.43%
-
$1,887,164
0.43%
-
$2,312,679
0.43%
-
$2,738,194
0.43%
-
$3,163,709
0.43%
-
$3,589,225
0.43%
-
$4,014,740
0.43%
-
$4,415,575
0.43%
-
$4,779,389
0.43%
-
$5,143,203
0.43%
0.43%
$ $ $
###########
0.43%
$1,379,915 #########
$1,484,483 #########
$1,589,494 #########
$1,694,952 #########
$1,800,858 #########
$1,907,214 #########
$2,014,023 #########
$2,121,285 #########
$2,229,003 #########
$2,337,179 #########
$2,445,814 #########
$2,554,912 #########
$2,664,473 #########
$2,774,499 #########
$2,884,993 #########
$2,995,957 #########
$3,107,130 #########
$ 3,218,514 $ 26,442,651
$3,330,108 $3,330,108
$3,341,666 $3,341,666
$3,351,465 $3,351,465
$3,359,496 $3,359,496
$3,365,754 $3,365,754
$3,370,229 $3,370,229
$3,372,916 $3,372,916
$3,373,805 $3,373,805
$3,372,889 $3,372,889
$3,370,161 $3,370,161
$3,365,718 $3,365,718
$3,359,710 $3,359,710
$ 3,352,130 $ 3,352,130
$ $
$
$
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#########
$ $ 575,860,812
$
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$ ###########
$
######### $3,107,130 $ ######### $ (123,402) #########
$ 757,297,366 $ 3,218,514 $ $ 23,224,137 $ (185,103) $ 783,554,915
######### $3,330,108 $ $ $ (610,618) #########
######### $1,275,791 $ ######### $ #########
#########
######### $1,379,915 $ ######### $ #########
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######### $1,484,483 $ ######### $ #########
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######### $1,800,858 $ ######### $ #########
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######### $2,014,023 $ ######### $ #########
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######### $2,121,285 $ ######### $ #########
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######### $2,229,003 $ ######### $ #########
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######### $2,554,912 $ ######### $ #########
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######### $2,664,473 $ ######### $ #########
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######### $2,774,499 $ ######### $ #########
#########
######### $2,884,993 $ ######### $ #########
#########
######### $2,995,957 $ ######### $ (61,701) #########
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######### $3,341,666 $ $ ######### #########
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######### $3,359,710 $ $ ######### #########
########### $ $ 3,352,130 $ $ $ $ $ ########### $ $ $
#########
-
-
$5,271,682
0.43%
$1,275,791 ######### $
#########
-
$5,271,682
0.43% $ $ $
$ $ $ $ $ $
#########
-
-
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0.43% $ $ $
$ $ $ $ $ $
#########
-
-
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0.43% $ $ $
$ $ $ $ $ $
#########
-
-
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$ $ $ $ $ $
#########
-
-
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$ $ $ $ $ $
#########
-
-
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0.43% $ $ $
$ $ $ $ $ $
#########
-
-
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0.43% $ $ $
$ $ $ $ $ $
#########
-
-
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0.43% $ $ $
$ $ $ $ $ $
#########
-
-
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0.43% $ $ $
$ $ $ $ $ $
#########
-
x
x
x
x x x x x x x x x x x x x x x x x x x x x x x x x x x
$5,310,553 x x x x x x x x x x x x x x 0.43% x x $ x $ x x $ x ######### x x $ $ $
-
$5,310,553
$ $ $ $ $ $
-
x x x x x x x
Scenario 2 Sell upon stablization @ end of yr 5, refinance and hold Annualy Pro Forma Date Year Multifamily Cash Flow Market Rate Rental Income Other Income Vacancy Operating Expense NOI Gross Sales Proceeds Sales Costs Net Sales Proceeds Total Multifamily Cash Flow Affordable Housing Cash Flow Affordable Housing Rental Income Other Income Vacancy Operating Expense NOI Gross Sales Proceeds Sales Costs Net Sales Proceeds Total Affordable Housing Cash Flow Coworking Cash Flow
8/31/2022 2022
3% 20% 5% 20%
8/31/2023 2023
8/31/2024 2024
8/31/2025 2025
8/31/2026 2026
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
28,164,026 5,632,805 1,408,201 5,632,805 26,755,825
$ 1% $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
$ 1,130,605,111 $ 11,306,051 $ 1,119,299,060 26,755,825 $ 1,165,936,520
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
2,162,264 216,226 108,113 648,679 1,621,698
$ $ $ $ $
4,071,709 407,171 203,585 1,221,513 3,053,782
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
$ $ $ 1,621,698 $
29,044,912 29,044,912 31,844,213
2% 10% 5% 30%
$ $ $ $ $
53,554,979 10,710,996 2,677,749 10,710,996 50,877,230
x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x
Coworking Rental Income Other Income Vacancy Operating Expense NOI
5% 10% 5% 25%
Cap Ex Reserve Leasing Commisions Gross Sales Proceeds Sales Costs Net Sales Proceeds Total Coworking Cash Flow
$ $ $ $ $
-
$ $ $ $ $
-
$ $ $ $ $
487,112 48,711 24,356 121,778 389,690
$ $ $ $ $
8,914,150 891,415 445,707 2,228,537 7,131,320
$ $ $ $ $
3% $ 2% $ $ 1% $ $ $
-
$ $ $ $ $ $
-
$ $ $ $ $ $
11,691 7,794 370,205
$ $ $ $ $ $
213,940 142,626 6,774,754
$ 298,288 $ 198,859 $ 220,954,003 $ 2,209,540 $ 218,744,463 $ 227,412,816
$
-
$
-
$
370,205 $
Total Cash Flow
Capital Costs Acquisition Costs Construction Costs Total Capital Costs
$ $ $ $ $ 572,047,164 $ $ $ $ 167,213,786 $ 278,689,644 $ 278,689,644 $ $ 1,296,640,238 $ 739,260,950 $ 278,689,644 $ 278,689,644 $
Total Unlevered Cash Flow
$
Unleveled IRR Unleveled Equity Multiple Profit Development Return XNPV
164,075,792
$ (739,260,950) $ (278,689,644) $ (278,319,439) $
Interest
35,152,277 $ 1,425,193,549
35,152,277
$ $ $ $
5.53% $
14,587,203 $
5.10% 17,210,709 $
5.10% 31,347,782 $
-
$ 1,425,193,549
3.63% 1.13 $ 164,075,792 0.13 $ (160,632,595)
Interest Rate
12,428,663 1,242,866 621,433 3,107,166 9,942,930
5.10% 40,333,918 $
x x x x x x x x x x x x x x x x x x x x x x x x x x x
x x x 5.10% x x 3,352,130 x
Total Levered Cost Equity Cumulative Drawn
$ 753,848,153 $
Construction loan Beginning Balance Construction Loan Interest Acquisition Loan Draw Construction Loan Draw Paydown Ending Balance Levered CF Levered IRR Multiple Profit Development Return XNPV
$ 310,037,426
$
40,333,918
575,860,812 $ 467,824,571 $ 108,036,241 $ $ $ 4,900,012,995 $ 6,722,582,151 $ 6,910,329,741 $ 6,910,329,741 $ $ 3,432,282,984 $ 14,587,203 $286,023,582 $ 286,023,582 $ (14,587,203) $ $ 3,718,306,566
$
$ 295,900,353
884,485,014
$ $ 4,049,578,474 $ 17,210,709 $ $ 170,653,403 $ $ 4,237,442,586
$ $ 7,375,948,675 $ 31,347,782 $ $ 278,689,644 $ (370,205) $ 7,685,615,895
$ (467,824,571) $ (108,036,241) $
$ $
27.70% 1.68 884,485,014 1.54 507,379,948
-
$ $ 9,490,333,755 $ 40,333,918 $ $ $ (35,152,277) $ 9,495,515,397 $
35,152,277
$
3,352,130 x x $ x $ 6,910,329,741 x x $ x $ 788,736,557 x $ 3,352,130 x $ x $ x $ (792,088,687) x $ x x $ 1,425,193,549 x x x x x x
Zoning Analysis Program Typology Residential
Zoning R6 R6 (w/ IH) Incubator&Community C2-4
ZFA (sf)
Original Zoning Lot Number 1 10 20 30 40 45 50 R C
FAR
ZFA (sf) 3 1,222,323 3.6 1,466,788 814,882 2
1,466,788
Zoning R8 R8, C2-4 R8 R8 R8 R8 R8, C2-4
Rezoning Lot Number 1 10 20 30 40 45 50 R C
Lot Area 213,100 45,242 21,575 19,963 52,138 16,473 38,950 7.2 407,441 2,933,575 2 84,192 168,384
Building Information Program Type % Footage Count Residential 1,162,343 994 Studio 10% 116,234 149 1BR 30% 348,703 343 2BR 30% 348,703 279 3BR 30% 348,703 223 Coworking 184,902 Commercial 119,543
Floor 3-17
Height 65-196
2-8 1
32-98 16
Zoning R6 R6, C2-4 R6 R6 R6 R6 R6, C2-4
Lot Area 213,100 45,242 21,575 19,963 52,138 16,473 38,950 3.6 407,441 1,466,788 2 407,441 814,882
Floor
18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1
Use Rooftop | Mechanical Residential | Rooftop Residential | Rooftop Residential | Rooftop Residential | Rooftop Garden Residential | Rooftop Residential | Rooftop Residential | Rooftop Residential | Rooftop Garden Residential | Incubator | Rooftop Residential | Incubator | Rooftop Residential | Incubator | Rooftop Residential | Incubator | Rooftop Garden Residential | Incubator Residential | Incubator Residential | Incubator | Daycare | Amenity Incubator | Lounge | Gym Incubator | STEM Workshop | Café | Lobby
Height Floor Height GSF 10.0' 11.0' 11.0' 11.0' 11.0' 11.0' 11.0' 11.0' 11.0' 11.0' 11.0' 11.0' 11.0' 11.0' 11.0' 15.0' 15.0'
194.0' 184.0' 173.0' 162.0' 151.0' 140.0' 129.0' 118.0' 107.0' 96.0' 85.0' 74.0' 63.0' 52.0' 41.0' 30.0' 15.0'
750 1,828 2,491 3,155 3,818 3,859 6,174 6,658 7,143 7,506 10,406 13,510 12,782 14,807 12,782 14,807 11,106 11,106
Units and Affordability Affordable Housing Total GSF Efficiency Total NSF
232,469 75% 174,351
Afforfable Housing Unit Mix Income Tier # Units Mix % Gross Rent Total NSF 60% of AMI 81 38.8% $ 110,854 62,900 70% of AMI 80 38.3% $ 130,130 62,250 80% of AMI 48 23.0% $ 91,672 38,000 Total / Avg. 209 $ 332,656 163,150 HPD Rental Guide Rental Tier Studio 1BR 2BR 3BR Unit Distribution 60% of AMI Studio 1BR 2BR 3BR Total
Market Rate 60% of AMI $ 2,400 $ 956 $ 3,000 $ 1,204 $ 4,800 $ 1,437 $ 7,200 $ 1,653
70% of AMI $ 1,135 $ 1,427 $ 1,705 $ 1,963
# Units
500 650 800 1,000
Total SF Annual Gross Rent 7,500 $ 14,340 10,400 $ 19,264 20,000 $ 35,925 25,000 $ 41,325 62,900 $ 110,854
500 650 800 1,000
Total SF Annual Gross Rent 7,500 $ 17,025 9,750 $ 21,405 20,000 $ 42,625 25,000 $ 49,075 62,250 $ 130,130
500 650 800 1,000
Total SF Annual Gross Rent 4,000 $ 10,512 5,200 $ 13,208 12,800 $ 31,584 16,000 $ 36,368 38,000 $ 91,672
NSF 15 16 25 25 81
70% of AMI Studio 1BR 2BR 3BR Total
# Units
80% of AMI Studio 1BR 2BR 3BR Total
# Units
NSF 15 15 25 25 80 NSF 8 8 16 16 48
80% of AMI $ 1,314 $ 1,651 $ 1,974 $ 2,273
Waterfall Date Year
8/31/2022 2022
Levered Cash Flow
$
BOP Preferred Equity Balance Preferred Return Principal Repayment + Preferred Return End of Period Preferred Equity Balance Cash Flow Tier I GP Promote After First Hurdle
8/31/2023 2023
(467,824,571) $
($467,824,571)
BOP Hurdle Equity Balance Expected Return at 2nd Hurdle Principal Repayment + Hurdle Return EOP Hurdle Equity Balance Cash Flow Tier II GP Promote After Second Hurdle
($467,824,571)
45% 5% 50%
LP Distribution GP distribution GP promotion LP Net Cash Flow (NCF) GP Net Cash Flow (NCF)
$ $
Sensitivity Table 1 on GP Promote $50,446,286 13% 14% 15% 16% 17%
$ $ $ $ $
5% 114,587,477 59,663,476 1,057,948 (61,428,302) (128,003,215)
$ $ $ $ $
(421,042,114) $ (46,782,457) $
8% 146,027,794 92,838,235 36,083,409 (24,429,592) (88,902,139)
$ $ $ $ $
8/31/2024 2024
(108,036,241) $
80% 20.62% 20.92% 21.23% 21.56% 21.91%
85% 20.12% 20.41% 20.71% 21.03% 21.37%
8/31/2029 2029
8/31/2030 2030
###########
########### $ 70,772,445
$ 74,215,753
$1,726,273,852
############ $58,186,155 ############ ############ $0 $0
############ $565,759,978 $57,568,300 $56,575,998 ############ ($70,772,445) ############ $551,563,530 $0 $0 $0 $0
$551,563,530 $55,156,353 ($74,215,753) $532,504,130 $0 $0
$532,504,130 $53,250,413 ($585,754,543) $0 $1,140,519,309 $0
$467,824,571 $70,173,686 $0 $646,034,497 $0 $0
$646,034,497 $96,905,175 $0 $742,939,672 $0 $0
$742,939,672 $111,440,951 $0 $819,228,346 $0 $0
############ ############ $941,918,755 ############## $1,090,083,488 ############ ############ $141,287,813 $151,865,118 $163,512,523 $0 $0 $0 $0 ($1,253,596,011) ############ ############ ############## ############## $0 $0 $0 $0 $0 ($113,076,702) $0 $0 $0 $0 ($28,269,176)
$0 $0 $0
$0 $0 $0
$0 $0 $0
10% 166,988,005 114,954,741 59,433,715 236,215 (62,834,755)
$ $ $ $ $
15% 219,388,534 170,246,007 117,809,483 61,900,732 2,333,705
$ $ $ $ $
$0 $0 $0
35,152,277 $0
20% 271,789,063 225,537,273 176,185,250 123,565,249 67,502,165
Sensitivity Table 2 on LP IRR 20.34% 8% 9% 10% 11% 12%
8/31/2028 2028
$560,921,661 $56,092,166 ($35,152,277) $581,861,550 $0 $0
$
35,152,277
8/31/2027 2027
$509,928,782 $50,992,878 $0 $560,921,661 $0 $0
-
$
8/31/2026 2026
$467,824,571 $42,104,211 $0 $509,928,782 $0 $0
(97,232,617) $ $
-
8/31/2025 2025
90% 19.66% 19.94% 20.24% 20.55% 20.89%
95% 19.24% 19.52% 19.81% 20.12% 20.44%
100% 18.86% 19.13% 19.42% 19.72% 20.04%
########### $0
$0 $0 $0
$0 $0 $0
########### $ 70,772,445 $0 $0
$0 $0 $0 $ 74,215,753 $0
($38,163,387) ($4,240,376) ($42,403,763) $1,675,827,567 $50,446,286
x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x
Ownership GP LP
Tier I Tier II Tier III GP IRR LP IRR
10% 90%
Hurdle Promote % LP 10% 0% 15% 25% 50% 0.95% 20.34%
GP 90% 68% 45%
10% 33% 55%
Conditions Interest Rate Amortization Term LTV DSCR Debt Yield Cap Rate
4.50% 30 years 75% 1.2 7% 5%
LTV Direct Cap Value Max Loan Amount
$1,287,294,062 $965,470,546
DSCR NOI Max Debt Service Max Loan Amount
$64,364,703 $53,637,253 $882,159,194
Debt Yield NOI Debt Yield Max Loan Amount
$64,364,703 7% $919,495,758
Most Feasible Loan Amount
$882,159,194
Amortization Table Loan Interest Amortization PMT Year
1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 7 7 7 7 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 10 10 10 10 10 10 10 10 10 10 10 10 11 11 11 11 11 11 11 11
$882,159,194 4.50% 30 ($4,469,771) 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 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128
SUMIF - Adding Up Interest and Principal
Beg. Balance $882,159,194 $880,997,520 $879,831,490 $878,661,087 $877,486,295 $876,307,098 $875,123,478 $873,935,420 $872,742,907 $871,545,922 $870,344,448 $869,138,469 $867,927,967 $866,712,926 $865,493,328 $864,269,157 $863,040,395 $861,807,026 $860,569,031 $859,326,394 $858,079,097 $856,827,122 $855,570,453 $854,309,071 $853,042,959 $851,772,099 $850,496,473 $849,216,064 $847,930,853 $846,640,823 $845,345,955 $844,046,231 $842,741,634 $841,432,144 $840,117,743 $838,798,414 $837,474,137 $836,144,894 $834,810,666 $833,471,435 $832,127,182 $830,777,888 $829,423,534 $828,064,101 $826,699,570 $825,329,923 $823,955,139 $822,575,199 $821,190,085 $819,799,777 $818,404,255 $817,003,500 $815,597,492 $814,186,212 $812,769,639 $811,347,754 $809,920,537 $808,487,968 $807,050,027 $805,606,694 $804,157,948 $802,703,769 $801,244,137 $799,779,031 $798,308,432 $796,832,317 $795,350,667 $793,863,461 $792,370,678 $790,872,297 $789,368,297 $787,858,657 $786,343,356 $784,822,373 $783,295,686 $781,763,274 $780,225,115 $778,681,188 $777,131,471 $775,575,943 $774,014,582 $772,447,366 $770,874,272 $769,295,280 $767,710,366 $766,119,509 $764,522,686 $762,919,875 $761,311,053 $759,696,199 $758,075,289 $756,448,300 $754,815,210 $753,175,996 $751,530,635 $749,879,104 $748,221,379 $746,557,438 $744,887,258 $743,210,814 $741,528,083 $739,839,043 $738,143,668 $736,441,936 $734,733,822 $733,019,303 $731,298,354 $729,570,952 $727,837,072 $726,096,690 $724,349,781 $722,596,322 $720,836,287 $719,069,652 $717,296,392 $715,516,483 $713,729,899 $711,936,615 $710,136,606 $708,329,847 $706,516,313 $704,695,978 $702,868,817 $701,034,804 $699,193,913 $697,346,120 $695,491,396 $693,629,718
Interest ($3,308,097) ($3,303,741) ($3,299,368) ($3,294,979) ($3,290,574) ($3,286,152) ($3,281,713) ($3,277,258) ($3,272,786) ($3,268,297) ($3,263,792) ($3,259,269) ($3,254,730) ($3,250,173) ($3,245,600) ($3,241,009) ($3,236,401) ($3,231,776) ($3,227,134) ($3,222,474) ($3,217,797) ($3,213,102) ($3,208,389) ($3,203,659) ($3,198,911) ($3,194,145) ($3,189,362) ($3,184,560) ($3,179,741) ($3,174,903) ($3,170,047) ($3,165,173) ($3,160,281) ($3,155,371) ($3,150,442) ($3,145,494) ($3,140,528) ($3,135,543) ($3,130,540) ($3,125,518) ($3,120,477) ($3,115,417) ($3,110,338) ($3,105,240) ($3,100,123) ($3,094,987) ($3,089,832) ($3,084,657) ($3,079,463) ($3,074,249) ($3,069,016) ($3,063,763) ($3,058,491) ($3,053,198) ($3,047,886) ($3,042,554) ($3,037,202) ($3,031,830) ($3,026,438) ($3,021,025) ($3,015,592) ($3,010,139) ($3,004,666) ($2,999,171) ($2,993,657) ($2,988,121) ($2,982,565) ($2,976,988) ($2,971,390) ($2,965,771) ($2,960,131) ($2,954,470) ($2,948,788) ($2,943,084) ($2,937,359) ($2,931,612) ($2,925,844) ($2,920,054) ($2,914,243) ($2,908,410) ($2,902,555) ($2,896,678) ($2,890,779) ($2,884,857) ($2,878,914) ($2,872,948) ($2,866,960) ($2,860,950) ($2,854,916) ($2,848,861) ($2,842,782) ($2,836,681) ($2,830,557) ($2,824,410) ($2,818,240) ($2,812,047) ($2,805,830) ($2,799,590) ($2,793,327) ($2,787,041) ($2,780,730) ($2,774,396) ($2,768,039) ($2,761,657) ($2,755,252) ($2,748,822) ($2,742,369) ($2,735,891) ($2,729,389) ($2,722,863) ($2,716,312) ($2,709,736) ($2,703,136) ($2,696,511) ($2,689,861) ($2,683,187) ($2,676,487) ($2,669,762) ($2,663,012) ($2,656,237) ($2,649,436) ($2,642,610) ($2,635,758) ($2,628,881) ($2,621,977) ($2,615,048) ($2,608,093) ($2,601,111)
Principal ($1,161,674) ($1,166,030) ($1,170,403) ($1,174,792) ($1,179,197) ($1,183,619) ($1,188,058) ($1,192,513) ($1,196,985) ($1,201,474) ($1,205,979) ($1,210,502) ($1,215,041) ($1,219,598) ($1,224,171) ($1,228,762) ($1,233,370) ($1,237,995) ($1,242,637) ($1,247,297) ($1,251,974) ($1,256,669) ($1,261,382) ($1,266,112) ($1,270,860) ($1,275,626) ($1,280,409) ($1,285,211) ($1,290,030) ($1,294,868) ($1,299,724) ($1,304,598) ($1,309,490) ($1,314,401) ($1,319,330) ($1,324,277) ($1,329,243) ($1,334,228) ($1,339,231) ($1,344,253) ($1,349,294) ($1,354,354) ($1,359,433) ($1,364,531) ($1,369,648) ($1,374,784) ($1,379,939) ($1,385,114) ($1,390,308) ($1,395,522) ($1,400,755) ($1,406,008) ($1,411,280) ($1,416,573) ($1,421,885) ($1,427,217) ($1,432,569) ($1,437,941) ($1,443,333) ($1,448,746) ($1,454,179) ($1,459,632) ($1,465,106) ($1,470,600) ($1,476,114) ($1,481,650) ($1,487,206) ($1,492,783) ($1,498,381) ($1,504,000) ($1,509,640) ($1,515,301) ($1,520,983) ($1,526,687) ($1,532,412) ($1,538,159) ($1,543,927) ($1,549,717) ($1,555,528) ($1,561,361) ($1,567,216) ($1,573,093) ($1,578,993) ($1,584,914) ($1,590,857) ($1,596,823) ($1,602,811) ($1,608,822) ($1,614,855) ($1,620,910) ($1,626,989) ($1,633,090) ($1,639,214) ($1,645,361) ($1,651,531) ($1,657,724) ($1,663,941) ($1,670,181) ($1,676,444) ($1,682,730) ($1,689,041) ($1,695,375) ($1,701,732) ($1,708,114) ($1,714,519) ($1,720,949) ($1,727,402) ($1,733,880) ($1,740,382) ($1,746,908) ($1,753,459) ($1,760,035) ($1,766,635) ($1,773,260) ($1,779,910) ($1,786,584) ($1,793,284) ($1,800,009) ($1,806,759) ($1,813,534) ($1,820,335) ($1,827,161) ($1,834,013) ($1,840,891) ($1,847,794) ($1,854,723) ($1,861,678) ($1,868,660)
Payment ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771) ($4,469,771)
End Balance $880,997,520 $879,831,490 $878,661,087 $877,486,295 $876,307,098 $875,123,478 $873,935,420 $872,742,907 $871,545,922 $870,344,448 $869,138,469 $867,927,967 $866,712,926 $865,493,328 $864,269,157 $863,040,395 $861,807,026 $860,569,031 $859,326,394 $858,079,097 $856,827,122 $855,570,453 $854,309,071 $853,042,959 $851,772,099 $850,496,473 $849,216,064 $847,930,853 $846,640,823 $845,345,955 $844,046,231 $842,741,634 $841,432,144 $840,117,743 $838,798,414 $837,474,137 $836,144,894 $834,810,666 $833,471,435 $832,127,182 $830,777,888 $829,423,534 $828,064,101 $826,699,570 $825,329,923 $823,955,139 $822,575,199 $821,190,085 $819,799,777 $818,404,255 $817,003,500 $815,597,492 $814,186,212 $812,769,639 $811,347,754 $809,920,537 $808,487,968 $807,050,027 $805,606,694 $804,157,948 $802,703,769 $801,244,137 $799,779,031 $798,308,432 $796,832,317 $795,350,667 $793,863,461 $792,370,678 $790,872,297 $789,368,297 $787,858,657 $786,343,356 $784,822,373 $783,295,686 $781,763,274 $780,225,115 $778,681,188 $777,131,471 $775,575,943 $774,014,582 $772,447,366 $770,874,272 $769,295,280 $767,710,366 $766,119,509 $764,522,686 $762,919,875 $761,311,053 $759,696,199 $758,075,289 $756,448,300 $754,815,210 $753,175,996 $751,530,635 $749,879,104 $748,221,379 $746,557,438 $744,887,258 $743,210,814 $741,528,083 $739,839,043 $738,143,668 $736,441,936 $734,733,822 $733,019,303 $731,298,354 $729,570,952 $727,837,072 $726,096,690 $724,349,781 $722,596,322 $720,836,287 $719,069,652 $717,296,392 $715,516,483 $713,729,899 $711,936,615 $710,136,606 $708,329,847 $706,516,313 $704,695,978 $702,868,817 $701,034,804 $699,193,913 $697,346,120 $695,491,396 $693,629,718 $691,761,059
Year Interest Principal Total
1 2 3 4 5 6 7 8 9 10 ($39,406,025) ($38,752,245) ($38,068,430) ($37,353,201) ($36,605,115) ($35,822,661) ($35,004,262) ($34,148,266) ($33,252,945) ($32,316,494) ($14,231,228) ($14,885,008) ($15,568,822) ($16,284,051) ($17,032,138) ($17,814,591) ($18,632,990) ($19,488,987) ($20,384,307) ($21,320,759) ($53,637,253) ($53,637,253) ($53,637,253) ($53,637,253) ($53,637,253) ($53,637,253) ($53,637,253) ($53,637,253) ($53,637,253) ($53,637,253)
Efficiency Tip: You can highlight whole range with "Control+Shift+Arrow"
11 11 11 11 12 12 12 12 12 12 12 12 12 12 12 12 13 13 13 13 13 13 13 13 13 13 13 13 14 14 14 14 14 14 14 14 14 14 14 14 15 15 15 15 15 15 15 15 15 15 15 15 16 16 16 16 16 16 16 16 16 16 16 16 17 17 17 17 17 17 17 17 17 17 17 17 18 18 18 18 18 18 18 18 18 18 18 18 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 21 21 21 21 21 21 21 21 21 22 22 22 22 22 22 22 22 22 22 22 22
129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264
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23 23 23 23 23 23 23 23 23 23 23 23 24 24 24 24 24 24 24 24 24 24 24 24 25 25 25 25 25 25 25 25 25 25 25 25 26 26 26 26 26 26 26 26 26 26 26 26 27 27 27 27 27 27 27 27 27 27 27 27 28 28 28 28 28 28 28 28 28 28 28 28 29 29 29 29 29 29 29 29 29 29 29 29 30 30 30 30 30 30 30 30 30 30 30 30
265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360
$359,791,250 $356,670,697 $353,538,441 $350,394,439 $347,238,647 $344,071,021 $340,891,516 $337,700,088 $334,496,692 $331,281,284 $328,053,818 $324,814,248 $321,562,531 $318,298,619 $315,022,468 $311,734,031 $308,433,263 $305,120,117 $301,794,546 $298,456,504 $295,105,945 $291,742,822 $288,367,086 $284,978,692 $281,577,591 $278,163,736 $274,737,079 $271,297,572 $267,845,166 $264,379,815 $260,901,468 $257,410,077 $253,905,594 $250,387,969 $246,857,153 $243,313,096 $239,755,749 $236,185,062 $232,600,985 $229,003,468 $225,392,460 $221,767,911 $218,129,769 $214,477,985 $210,812,506 $207,133,282 $203,440,261 $199,733,391 $196,012,620 $192,277,896 $188,529,167 $184,766,380 $180,989,483 $177,198,423 $173,393,146 $169,573,599 $165,739,729 $161,891,482 $158,028,804 $154,151,641 $150,259,939 $146,353,642 $142,432,697 $138,497,049 $134,546,642 $130,581,421 $126,601,330 $122,606,314 $118,596,317 $114,571,282 $110,531,153 $106,475,874 $102,405,387 $98,319,636 $94,218,564 $90,102,113 $85,970,224 $81,822,842 $77,659,906 $73,481,360 $69,287,144 $65,077,200 $60,851,468 $56,609,890 $52,352,406 $48,078,957 $43,789,482 $39,483,921 $35,162,215 $30,824,302 $26,470,122 $22,099,614 $17,712,717 $13,309,368 $8,889,507 $4,453,072
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$356,670,697 $353,538,441 $350,394,439 $347,238,647 $344,071,021 $340,891,516 $337,700,088 $334,496,692 $331,281,284 $328,053,818 $324,814,248 $321,562,531 $318,298,619 $315,022,468 $311,734,031 $308,433,263 $305,120,117 $301,794,546 $298,456,504 $295,105,945 $291,742,822 $288,367,086 $284,978,692 $281,577,591 $278,163,736 $274,737,079 $271,297,572 $267,845,166 $264,379,815 $260,901,468 $257,410,077 $253,905,594 $250,387,969 $246,857,153 $243,313,096 $239,755,749 $236,185,062 $232,600,985 $229,003,468 $225,392,460 $221,767,911 $218,129,769 $214,477,985 $210,812,506 $207,133,282 $203,440,261 $199,733,391 $196,012,620 $192,277,896 $188,529,167 $184,766,380 $180,989,483 $177,198,423 $173,393,146 $169,573,599 $165,739,729 $161,891,482 $158,028,804 $154,151,641 $150,259,939 $146,353,642 $142,432,697 $138,497,049 $134,546,642 $130,581,421 $126,601,330 $122,606,314 $118,596,317 $114,571,282 $110,531,153 $106,475,874 $102,405,387 $98,319,636 $94,218,564 $90,102,113 $85,970,224 $81,822,842 $77,659,906 $73,481,360 $69,287,144 $65,077,200 $60,851,468 $56,609,890 $52,352,406 $48,078,957 $43,789,482 $39,483,921 $35,162,215 $30,824,302 $26,470,122 $22,099,614 $17,712,717 $13,309,368 $8,889,507 $4,453,072 $0
Land 1 73-75 McGuinness Blvd., Brooklyn, NY11222
2 47,49,51 Diamond Street, Brooklyn, NY 11222
Apartment Unit #34A - 21 India Street #T2512 - 21 India Street #502N - 21 India Street #T2002 - 21 India Street #T2111 - 21 India Street #T2309 - 21 India Street #T2210 - 21 India Street #504S - 21 India Street #404N - 21 India Street #203N - 21 India Street #T1107 - 21 India Street #35N - 2 Blue Slip #31E - 2 Blue Slip #29H - 2 Blue Slip #33G - 2 Blue Slip #PH2C - 2 Blue Slip #31J - 2 Blue Slip #31L - 2 Blue Slip #TH1D - 2 Blue Slip #26K - 1 Blue Slip #PHA - 1 Blue Slip #20H - 1 Blue Slip #18C - 1 Blue Slip #28H - 1 Blue Slip #23E - 1 Blue Slip #PHB - 1 Blue Slip #20B - 1 Blue Slip #27D - 1 Blue Slip #2A - 88 Guernsey Street #3A - 88 Guernsey Street #3C - 88 Guernsey Street #4A - 88 Guernsey Street #7M - 26 West Street #6U - 26 West Street #2A - 43 Franklin Street #2 - 43 Franklin Street #2B - 43 Franklin Street
Lot
24 25 47 49 51
Price $8,850 ↓NO FEE $6,800 NO FEE $6,120 NO FEE $6,080 NO FEE $5,550 ↓IN CONTRACT $5,490 NO FEE $5,350 NO FEE $4,520 NO FEE $4,190 IN CONTRACT $3,450 ↓IN CONTRACT $3,150 NO FEE $3,832 ↓NO FEE $5,270 ↓NO FEE $4,920 NO FEE $4,895 ↑NO FEE $15,640 ↑NO FEE $8,840 ↑NO FEE $7,975 ↓NO FEE $14,735 ↑NO FEE $3,325 ↑NO FEE $6,260 ↑NO FEE $5,670 ↑NO FEE $5,635 ↑NO FEE $5,310 ↑NO FEE $5,105 ↑NO FEE $8,215 ↓NO FEE $7,710 ↓NO FEE $6,775 ↑NO FEE $4,800 ↑NO FEE $4,800 ↑NO FEE $4,800 ↑NO FEE $6,000 NO FEE $2,650 NO FEE $2,704 $4,300 NO FEE $4,300 IN CONTRACT $4,300 IN CONTRACT
Lot Area
2,500 1,667 4,167 2,583 1,600 2,500 6,683
Beds 5 rooms, 3 beds 5 rooms, 2 beds 5 rooms, 2 beds 5 rooms, 2 beds 5 rooms, 2 beds 3 rooms, 1 bed 3 rooms, 1 bed 3 rooms, 1 bed 3 rooms, 1 bed 3 rooms, 1 bed 2 rooms, studio 1 room, studio 2 rooms, 1 bed 2 rooms, 1 bed 2 rooms, 1 bed 3 rooms, 2 beds 3 rooms, 2 beds 3 rooms, 2 beds 4 rooms, 3 beds 1 room, studio 2 rooms, 1 bed 2 rooms, 1 bed 2 rooms, 1 bed 2 rooms, 1 bed 2 rooms, 1 bed 3 rooms, 2 beds 3 rooms, 2 beds 3 rooms, 2 beds 3 rooms, 2 beds 3 rooms, 2 beds 3 rooms, 2 beds 5 rooms, 3 beds 1 room, studio 2 rooms, studio 3 rooms, 2 beds 4 rooms, 2 beds 5 rooms, 2 beds
Price
$ PSF
$ 4,475,000
$ 1,074
$ 5,800,000
$
868
Baths ft² 2 baths, 1 half bath 2 baths 2 baths 2 baths 2 baths 1 bath 1 bath 1 bath 1 bath 1 bath 1 bath 1 bath 469 ft² 1 bath 1 bath 1 bath 2 baths 1,258 ft² 2 baths 1,221 ft² 2 baths 1,029 ft² 3 baths 1,667 ft² 1 bath 437 ft² 1 bath 658 ft² 1 bath 673 ft² 1 bath 638 ft² 1 bath 534 ft² 1 bath 496 ft² 2 baths 1,057 ft² 2 baths 1,073 ft² 2 baths 895 ft² 1 bath 1 bath 1 bath 1 bath 1 bath 1 bath 2 baths 2 baths 2 baths