Project Facts & Cost Summary
Project Facts
Project and Unit Data Timeline
Total Number of
Land Area (Acres)
Land Area (Acres)
Density - Units/Acre 234.21
Gross Building Area (Incl. Corridors) 167,737
Net Rentable Square Feet 44,046
Efficiency Ratio (NRSF/Gross SF) 26.3%
Construction Loan (LTC) 70.0%
Construction Loan Amount 16,724,545 $ Month 120 IRR
Project Equity Requirement 7,167,662 $ Yield on Debt 10.0%
Total Project Cost 23,892,208 $ Unlevered (Return on Cost) 7.0%
Residential Exit Cap 4.25% Levered (Cash on Cash) 15.0% Exit Year Year 10 Equity Multiple 3.77x
Project Cost Summary
Cost Item
Acquisition Cost 2,250,000 $ 25,281 $ 51.08 $
Construction Hard Costs 15,575,000 175,000 353.61 Escalation 311,500 3,500 7.07
GC Fee 635,460 7,140 14.43
Capitalized Real Estate Taxes 100,000 1,124 2.27
Legal 100,000 1,124 2.27
Closing Costs 50,000 562 1.14
Financing 167,245 1,879 3.80
Municipal Fees 667,500 7,500 15.15
Deposits--City, Utility, Other 250,000 2,809 5.68
Deposits--City, Utility, Other (Reimb.) (250,000) (2,809) (5.68)
Architect & Consultants
Engineering & Consultants
Marketing and FF&E 150,000 1,685 3.41 Preleasing & Capitalized TI's 50,000 562 1.14
Capitalized Operating Losses
Additional Interest Reserve 1,291,000 14,506 29.31
Insurance and Reimbursables 150,000 1,685 3.41
Development Fee 1,149,892 12,920 26.11
Project Contingency 1,244,610 13,984 28.26
Total Project Cost 23,892,208 $ 268,452 $ 542.44 $
CONFIDENTIAL
(10-Year
900 Lofts
Hold)
Units: 89 Construction First Unit Last Unit
Gross
0.38 Project Close Start Date Delivered Delivered Stabilized Net
0.36 Jan - 23 Feb - 23 Dec - 24 Apr - 25 Apr - 25
* Dates are subject to change based on actual start date, count number of months from previous milestone.
Return Benchmarks
Stabilization
Sale Year Month 120 Sale
Total Per Unit Per SF
Gross Income Summary
Description
Total Rent
Studio 404 70 78.7% 28,280 1,300 $ 3.22 $ 91,000 $ 1,092,000 $
TH Studio 826 1,425 1.73
Flat 1 Bed A 746 1,325 1.78
1BR/1B 622 5 5.6% 3,110 1,550 2.49 7,750 93,000
TH 1 Bed 1,209 1,750 1.45
2BR/2BA - Plan A 904 14 15.7% 12,656 1,750 1.94 24,500 294,000
2BR/2BA - Plan B 1,181 3,200 2.71
2BR/2BA - Plan C 1,365 3,600 2.64
Amenity Income and Other Income
Pool View 50 $ $ $
Ocean View 100
Penthouse Unit City View
1,479,000 $
Mountain View 20 75 1,500 18,000
Upgraded Flooring
Total Unit Premium Income 1,500 $ 18,000 $
Other Income
Cable Internet, Etc. 89 150 $ 13,350 $ 160,200 $ Misc. Fees (Pet Rent, App, Late Fees, etc.) 89 65 5,785 69,420
RUBS Income (Gross) 89 55 4,895 58,740 Parking 89 100 8,900 106,800 Storage Fee 20 100 2,000 24,000 Retail Income
CONFIDENTIAL 900 Lofts (10-Year Hold)
Unit Mix and Rent Information Number Total
Type NRSF of Units Unit Mix Sq. Ft. Rent/Month $/NRSF/Mo Monthly Annual
Unit Rent Totals / Averages 495 89 100.0% 44,046 1,385 $ 2.80 $ 123,250 $
Total Rent
Income
Unit & Other
Units Rent/Month Monthly Annual
Unit Premium
Gross Income
Gross Income
Total Other Income 34,930 $ 419,160 $ Total Unit & Other Income 36,430 $ 437,160 $ Potential
159,680 $ 1,916,160 $ Less: Vacancy Factor (9,217) (110,598) Effective
150,464 $ 1,805,562 $
Operating Expense Summary
Controllable Expenses
Category Total Per Unit Per NRSF
Payroll and Related 151,300 $ 1,700 $ 3.44 $ Utilities (Before Reimbursements) 22,250 250 0.51
Redecorating / Make-Ready 14,240 160 0.32 Landscaping / Contracted Services 31,150 350 0.71
Repairs & Maintenance 15,575 175 0.35
Leasing & Marketing 26,700 300 0.61 General & Administrative 24,475 275 0.56
Total Controllable 285,690 $ 3,210 $ 6.49 $
Non-Controllable Expenses
Management Fee 45,139 $ 507 $ 1.02 $ Insurance 60,075 675 1.36 Real Estate Taxes 129,050 1,450 2.93
Total Non-Controllable 234,264 $ 2,632 $ 5.32 $
ADD: Capital Reserves 11,125 125 0.25
Total Including Capital Reserves 531,079 $ 5,967 $ 12.06 $
CONFIDENTIAL
900 Lofts (10-Year Hold)
Return on Cost Analysis
Residential Revenue
Monthly Annual Annual Per Unit Per Unit Total
1,385 $ 16,618 $ 1,479,000 $ Less: Market Rate Economic Vacancy (6.0%) (83) (997) (88,740) Effective Base Rent 1,302 $ 15,621 $ 1,390,260 $ Economic Occupancy 94.0%
Potential Base Rent
Unit Premiums Number Occupancy
Pool View 0 95.0% 50 $ 600 $ - $ Ocean View 0 95.0% 100 1,200Penthouse Unit 0 95.0% - -City View 0 95.0% - -Mountain View 20 95.0% 75 900 17,100 Upgraded Flooring 0 95.0% - - -
Total Unit Premiums 16 $ 192 $ 17,100 $
Other Number Occupancy
Cable Internet, Etc. 89 95.0% 150 $ 1,800 $ 152,190 $ Misc. Fees (Pet Rent, App, Late Fees, etc.) 89 95.0% 65 780 65,949 RUBS Income (Gross) 89 95.0% 55 660 55,803 Parking Revenue (Prime Locations) 89 95.0% 100 1,200 101,460 Storage Revenue 20 95.0% 100 1,200 22,800 Retail (NNN) 90.0% - - -
Total Other Revenue 373 $ 4,474 $ 398,202 $
Effective Gross Income 1,691 $ 20,287 $ 1,805,562 $
Expenses
Payroll and Related 142 $ 1,700 $ 151,300 $ Utilities (Before Reimbursements) 21 250 22,250 Redecorating / Make-Ready 13 160 14,240 Landscaping / Contracted Services 29 350 31,150 Repairs & Maintenance 15 175 15,575 Leasing & Marketing 25 300 26,700 General & Administrative 23 275 24,475 Management Fee 2.5% 42 507 45,139 Insurance 56 675 60,075 Real Estate Taxes 121 1,450 129,050
ADD: Capital Reserves 10 125 11,125 Total Expenses 497 $ 5,967 $ 531,079 $ NOI (at Today's Rents) 1,193 $ 14,320 $ 1,274,483 $ NOI (at Disposition) 1,571 $ 18,855 $ 1,678,113 $
CONFIDENTIAL
Gross Development Costs 23,892,208 $ Less: Tax Credits / Grants / SubsidiesNet Development Costs 23,892,208 $ Return on Cost at Today's Rents 5.33% Return on Cost at Disposition 7.02%
10-Year Cash Flow Summary
Summary of Operations
Net Rental Revenue 4,424,466 $ - $ 12,730 $ 1,331,434 $ 1,519,115 $ 1,561,186 $ 1,600,216 $ 1,640,221 $ 1,681,227 $ 1,723,257 $ 1,766,339 $
Unit Premiums 56,080 - 358 17,221 18,988 19,514 20,002 20,502 21,014 21,540 22,078
Parking / Storage Revenue 407,518 - 2,599 125,141 137,979 141,800 145,345 148,979 152,703 156,521 160,434 Retail Revenue - - - - - - - - - -Other 898,409 - 5,729 275,884 304,186 312,610 320,426 328,436 336,647 345,063 353,690 Effective Gross Income 5,786,474 $ - $ 21,415 $ 1,749,680 $ 1,980,268 $ 2,035,110 $ 2,085,988 $ 2,138,137 $ 2,191,591 $ 2,246,381 $ 2,302,540 $
Expenses
Payroll and Related 493,496 $ - $ 10,494 $ 155,167 $ 162,295 $ 165,541 $ 168,852 $ 172,229 $ 175,673 $ 179,187 $ 182,770 $
Utilities (Before Reimbursements) 72,573 - 1,543 22,819 23,867 24,344 24,831 25,328 25,834 26,351 26,878
Redecorating / Make-Ready 46,447 - 988 14,604 15,275 15,580 15,892 16,210 16,534 16,865 17,202
Landscaping / Contracted Services 101,602 - 2,161 31,946 33,414 34,082 34,764 35,459 36,168 36,891 37,629
Repairs & Maintenance 50,801 - 1,080 15,973 16,707 17,041 17,382 17,729 18,084 18,446 18,815
Leasing & Marketing 87,088 - 1,852 27,382 28,640 29,213 29,797 30,393 31,001 31,621 32,254
General & Administrative 79,830 - 1,698 25,100 26,254 26,779 27,314 27,861 28,418 28,986 29,566
Management Fee 148,873 - 2,800 45,688 49,507 50,878 52,150 53,453 54,790 56,160 57,564
Insurance 195,947 - 4,167 61,610 64,441 65,729 67,044 68,385 69,753 71,148 72,571
Real Estate Taxes 420,923 - 8,951 132,348 138,428 141,197 144,021 146,901 149,839 152,836 155,892
ADD: Capital Reserves 36,287 - 772 11,409 11,933 12,172 12,416 12,664 12,917 13,175 13,439 Total Expenses 1,733,867 $ - $ 36,505 $ 544,046 $ 570,760 $ 582,556 $ 594,461 $ 606,611 $ 619,011 $ 631,665 $ 644,579 $
1,491,526 $ 1,531,526 $ 1,572,580 $ 1,614,716 $ 1,657,961 $
Cash Flow Summary
Net Operating Income - $ - $ (15,089) $ 1,205,634 $ 1,409,508 $ 1,452,554 $ 1,491,526 $ 1,531,526 $ 1,572,580 $ 1,614,716 $ 1,657,961 $ Gross Sales Proceeds - - - - - - - - - - 39,485,011 Cost of Sale - - - - - - - - - - (789,700) Net Sales Proceeds - - - - - - - - - - 38,695,311
Asset Management Fee - - (21,000) (36,000) (36,000) (36,000) (36,000) (36,000) (36,000) (36,000) (36,000) Development Costs (100,000) (11,027,933) (11,154,151) (91,879) - - - - - - -
Unlevered Cash Flows (100,000) $ (11,027,933) $ (11,190,240) $ 1,077,755 $ 1,373,508 $ 1,416,554 $ 1,455,526 $ 1,495,526 $ 1,536,580 $ 1,578,716 $ 40,317,272 $
Cumulative (100,000) (11,127,933) (22,318,173) (21,240,418) (19,866,910) (18,450,356) (16,994,829) (15,499,303) (13,962,723) (12,384,008) 27,933,264
Levered Cash Flows
Acquisition Loan Draws - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $
Construction Loan Draws - 3,960,271 11,190,240 377,343 3,000 - - - - - -
Construction Loan Interest Paid - - - (1,455,097) (256) - - - - - -
Construction Loan Repayments - - - (17,180,271) - - - - - - -
Permanent Loan Draws - - - 16,674,237 - - - - - - -
Permanent Financing Fees - - - (166,742) - - - - - - -
Permanent Loan Debt Service Payment - - - - (1,112,170) (1,112,170) (1,112,170) (1,112,170) (1,112,170) (1,112,170) (1,112,170)
Permanent Loan Repayments - - - - - - - - - - (13,703,601)
Levered Cash Flows (100,000) $ (7,067,662) $ - $ (672,776) $ 264,082 $ 304,384 $ 343,356 $ 383,356 $ 424,410 $ 466,546 $ 25,501,501 $
Cumulative (100,000) (7,167,662) (7,167,662) (7,840,438) (7,576,356) (7,271,972) (6,928,615) (6,545,259) (6,120,849) (5,654,303) 19,847,198 Cash Flow Available w/o Sale (100,000) (7,067,662) - 16,507,494 264,082 304,384 343,356 383,356 424,410 466,546 (13,193,810) Profit 19,847,198 $ Contribution (7,840,438) IRR 15.0%
CONFIDENTIAL 900 Lofts (10-Year Hold)
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Total
Income
$
$
$
$
$
Net Operating Income 4,052,607
- $ (15,089)
1,205,634
1,409,508
1,452,554
Year
Year
Year 2 Year 3 Year 4 Year 5 Year
Year 7 Year
Year
Year 10
Cash
Year
0
1
6
8
9
Unlevered
Flows
CFx 3.53x
