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(this report was created 11/18/14 22:25)

Tower Point Apartments (detail)

Rent Roll

UNITMIX Bedrooms /Unit Number of Units Square Feet /Unit Rent /Month Tenant Utilities Estimate
2 Bedroom Units 2.2 14 997 249.96 64
3 Bedroom Units 3.2 12 1211 285.16 78
4 Bedroom Units 4.2 3 1338 306.04 100
2 Bedroom Units 2.2 82 997 596.84 64
3 Bedroom Units 3.2 68 1211 577.78 78
4 Bedroom Units 4.2 13 1338 632.93 100
Total   192      

(this report was created 11/18/14 22:25)

Tower Point Apartments (detail)

Financing

  Amount Interest Rate Term (years) Balloon (months) Entity
Mortgage # 1 5,567,000 0.0704 30 216 2
Mortgage # 2 349500 0.03 31.057 360 4
Equity contribution 7,430,348        
Developer's equity contribution 539310        
Total 13,886,158        

(this report was created 11/18/14 22:25)

Tower Point Apartments (detail)

Ratios

Developer's equity contribution 539310
Total equity contributions (A87AMT) 7,430,348
Financing where debt service coverage applies (mVO[61]) 5,567,000
Soft financing (escapes debt service coverage) (mVO[62]) 349500
Total development cost per unit © C/Un 72324
1st mortgage as % of dev cost © Mtge 40.09
2nd mortgage as % of dev cost © Mtge 2.52
Land financing as % dev cost © Land  
Equity as % of dev cost (TDC) © Eqty 53.51
Equity 2 as % of dev cost 3.88
Return on cost 5.29
Operating expense % 44.03
Average monthly rent 543.22
Actual debt service coverage 1.64

(this report was created 11/18/14 22:25)

Tower Point Apartments (detail)

Development

  $ Amount or Rate Basis Code TOTAL NON-DED
Actual Construction Cost        
General Conditions        
Land Development        
Off-Site Improv'ts        
Building Cost 8,151,702   8,151,702  
Build/Rehab Residential        
Parking Structure        
Comm.Facilities & Amenities        
General Contractor Overhead 1,141,238   1,141,238  
Construction Contingency 407585   407585  
Subtotal: Actual Construction Cost 9,700,525   9,700,525  
General Development Costs        
Accounting 17000   17000  
Appraisal 8000   8000  
Architecture & Engineering 80000   80000  
Lender's Inspecting Arch/Engineer 20000   20000  
Builder's Risk Insurance 4500   4500  
Permits 81300   81300  
Other- 39600   39600 39600
LOC Fee (2.5% of const loan amt)        
Perm.Fin.Closing Fees        
Engineering Fee 72609   72609  
Environmental Report & Monitoring 3500   3500  
Tax Credit Reservation Fees (B) 74311   74311  
Tax Credit Application Fee (B) 1000   1000  
Tax Credit Monitoring Fee (~B) 87381   87381  
Credit Enh.(Gtd.Inv.Cntrct) 9000   9000  
Impact & Dev. Fees        
Construction Inspection 18500   18500  
Insurance -20000   -20000  
Legal/Organizational/Audit 108000   108000  
Feasibility/Market Study 5000   5000  
Marketing & Pre-Opening Exp. 15000   15000  
Appr'l/Market/Impact Studies        
Real Estate Taxes - Construction 8000   8000 8000
Soils Report 5000   5000  
Survey Costs 9000   9000  
Legal Fees, Title Review & Closing Cost (~B) 73200   73200  
Utilities 15000   15000  
Furniture & Equipment 135000   135000  
Misc. Administration        
General & Administrative        
Contingency 25000   25000  
Start-up Oper. Losses (cap.)        
Subtotal: General Development Costs 894901   894901 47600
Financial Costs        
Const. Assurance        
Const.Interest 428234   428234  
Construction Fin.Fees 83505   83505  
Bridge Loan Interest        
Internal Interest        
Bridge Loan Comm Fee (1%) 4995   4995  
Credit Enhancement        
Permanent Placement Fee 27895   27895  
Subtotal: Financial Costs 544629   544629  
Non-Land Acquisition Costs        
Permanent Loan Closing Expense        
Depr. assets acquired        
Subtotal: Non-Land Acquisition Costs        
Other Development Costs        
Acq. Title & Recording        
Acquisition Fee        
Development Fee 1,756,103   1,756,103  
Financial Advisors Fee (bonds)        
Other Admin.        
Subtotal: Other Development Costs 1,756,103   1,756,103  
Acquisition Costs        
Land 990000   990000 990000
Land Title & Recording        
Land Carrying Cost        
Subtotal: Acquisition Costs 990000   990000 990000
Total 13,886,158   13,886,158 1,037,600

(this report was created 11/18/14 22:25)

Tower Point Apartments (detail)

Projection

Annual FROM OPENING

(Data ID 8000100 123001 13 14 0 40)
  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Gross Income                              
Rental Income (40) 1 411 1,251,570 1,289,117 1,327,790 1,367,624 1,408,653 1,450,913 1,494,440 1,539,273 1,585,451 1,633,015 1,682,005 1,732,465 1,784,439 1,837,973 1,893,112
Other Income (41) 1 412 128568 132425 136398 140490 144704 149046 153517 158122 162866 167752 172785 177968 183307 188806 194471
Subtotal: Gross Income 1,380,138 1,421,542 1,464,188 1,508,114 1,553,357 1,599,958 1,647,957 1,697,396 1,748,317 1,800,767 1,854,790 1,910,434 1,967,747 2,026,779 2,087,582
Vacancy                              
Vacancy 2 480 -69007 -71077 -73209 -75406 -77668 -79998 -82398 -84870 -87416 -90038 -92739 -95522 -98387 -101339 -104379
Expenses                              
Operating Expenses 3 510 -115200 -119684 -124343 -129183 -134212 -139436 -144863 -150502 -156361 -162447 -168771 -175340 -182165 -189256 -196623
Operating Expenses 3 510 -43200 -44882 -46629 -48444 -50329 -52288 -54324 -56438 -58635 -60918 -63289 -65752 -68312 -70971 -73734
Operating Expenses 3 510 -65555 -68107 -70758 -73512 -76374 -79347 -82435 -85644 -88978 -92441 -96039 -99778 -103662 -107697 -111889
Operating Expenses 3 510 -48000 -49868 -51810 -53826 -55922 -58098 -60360 -62709 -65150 -67686 -70321 -73058 -75902 -78857 -81926
Operating Expenses 3 510 -153600 -159579 -165791 -172244 -178949 -185914 -193151 -200670 -208481 -216596 -225027 -233787 -242887 -252341 -262164
Operating Expenses 3 510 -52800 -54855 -56991 -59209 -61514 -63908 -66396 -68980 -71665 -74455 -77353 -80364 -83492 -86742 -90119
Operating Expenses 3 510 -9600 -9974 -10362 -10765 -11184 -11620 -12072 -12542 -13030 -13537 -14064 -14612 -15180 -15771 -16385
Operating Expenses 3 510 -67200 -69816 -72533 -75357 -78290 -81338 -84504 -87793 -91210 -94761 -98449 -102282 -106263 -110399 -114697
Operating Expenses 3 510 -22080 -22939 -23832 -24760 -25724 -26725 -27766 -28846 -29969 -31136 -32348 -33607 -34915 -36274 -37686
Subtotal: Expenses -577235 -599704 -623048 -647300 -672497 -698674 -725870 -754125 -783480 -813977 -845662 -878580 -912779 -948309 -985223
Capital Improvements                              
Reserve for Capital Repl. 9 175 -48000 -49868 -51810 -53826 -55922 -58098 -60360 -62709 -65150 -67686 -70321 -73058 -75902 -78857 -81926
Capital Replacement Variance 9 176   1868 3810 5826 7922 10098 12360 14709 17150 19686 22321 25058 27902 30857 33926
Subtotal: Capital Improvements -48000 -48000 -48000 -48000 -48000 -48000 -48000 -48000 -48000 -48000 -48000 -48000 -48000 -48000 -48000
1st Mortgage                              
2 661 1st Mortgage Interest -390129 -386049 -381671 -376976 -371939 -366535 -360739 -354522 -347852 -340697 -333022 -324789 -315957 -306483 -296320
2 671 1st Mortgage Amortization -56116 -60196 -64573 -69269 -74306 -79709 -85505 -91723 -98393 -105548 -113223 -121456 -130288 -139762 -149925
Subtotal: 1st Mortgage -446245 -446245 -446245 -446245 -446245 -446245 -446245 -446245 -446245 -446245 -446245 -446245 -446245 -446245 -446245
2nd Mortgage                              
4 662 2cd Mortgage Interest -10390 -10180 -9964 -9740 -9510 -9273 -9029 -8777 -8518 -8251 -7976 -7692 -7400 -7098 -6788
4 672 2cd Mortgage Amortization -6921 -7131 -7348 -7571 -7801 -8038 -8283 -8534 -8793 -9061 -9336 -9620 -9912 -10213 -10524
Subtotal: 2nd Mortgage -17312 -17312 -17312 -17312 -17312 -17312 -17312 -17312 -17312 -17312 -17312 -17312 -17312 -17312 -17312
Other Debt Service                              
4 641 Credit Enhancement                              
669 Interest (Mtge) Variance -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309
Subtotal: Other Debt Service -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309 -17309
Total 205031 221895 239066 256542 274328 292420 310823 329535 348556 367886 387523 407467 427715 448266 469115

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