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Page 1: Summary for the OPLA
<br />Assumptions
<br />Site Area (Acres) 1,45
<br />Number of Units 100
<br />Parking Spaces ~ Ratio ~ Type 102
<br />Density (DUAC) 69
<br />A. DEVELOPMENT BUDGET SUMMARY B. UNIT MIX AND RENTS C. FINANCING ASSUMPTIONS
<br /> Total % Median
<br />Description Amount Unit Description Income Oty. Units Rent 1 Permanent Mortgage Total Perm Mortgage
<br />- Rata
<br />Acquisition 8 Related $37,500 1 Bedroom 20 % 0 $307 Term
<br />Construction:OffSiteCosts SO 35% 12 $549 DCR
<br />Construction: Building $20,404,088 40% 9 $630
<br />Construction: Parking $2,972,260 SD% 4 $791 Z Construction Loan Total
<br />Construction: General Conditions, Profit $2,188,783 100% 0 $0 Rate
<br />Hard Cost Contingency $2,556,515 Tenn (Months)
<br />ArchitecturelEngineering $2,127,300 2 Bedroom, 1 Batf 20% 0 $365 Draw Down
<br />Legal $55,000 35% 16 $656 LTV
<br />AppraisalMlarketStudy $25,000 40% 12 $752 50% TEST
<br />Merketing/Lease~p $150,000 50% 6 $946
<br />AudiVCost Certification $28,000 100 % 0 $0 3 MHP Funds Award
<br />Title 560,000 State oT Califomie Rate
<br />Furnishings and Equipment $125,000 3 Bedroom 20°/ 0 $421 Term
<br />Permits and Fees $2,240,299 35 % 19 $756 Loan Limit
<br />Soft Cost Contingency and Reserves $342,595 40% 14 $868
<br />Insurance $261,217 50 % 8 $1,D92 4 Investor Pay In - Total Credits
<br />Property Taxes $65,000 100 % 0 30 4 % Tax Credlls Federal Rate
<br />Construction Loan InteresUFees $2,177,751 State Gross Rate
<br />Bridge Loan InteresUFees $15,000 Totals 100 State Gross Pay-in
<br />Permanent Loan FeeslCosts $0 State Credit Rate
<br />SyndicatioNOrg FeeslDeveloper Fee $1,565,567
<br /> 5 City Contribution Amount
<br />TOTAL DEVELOPMENT COSTS $37,416,895 6 GP Contributton Amount
<br /> 7 State TOD Funds Amount
<br /> Garage Contribution
<br /> Impact Fee Contribution
<br />3rzsnoos
<br />4.11 PM
<br /> County Alameda
<br /> City San Leandro
<br /> Total Clty Funds S9,100,000
<br /> Aggregate Subsidy /Unit E91,000
<br /> F. SOURCES OF FUNDS
<br /> Consruction Permanent
<br />$2,597,332 Description Period Period
<br />6.00 % -
<br />25 Perm. Mortgage $0 $2,597,332
<br />1.20 Construction Loan $22,672,685 $0
<br /> Investor Pay In $1,000,000 $12,288,815
<br />$22,672,685 GP Pay In $0 $200,000
<br />5.00% Slate TOD Funds 4,406,210 4,406,210
<br />26 City of San Leandro 9,100,000 9,100,000
<br />55 % State MHP Funds $0 $8,824,538
<br />61% -
<br />17,944,709
<br />8,824,538 Total Sources 537,178,896 537,416,896
<br />3%
<br />55 USES OF FUNDS
<br />8,824,538 Acquisition $37,500 $37,500
<br /> Construction $28,121,666 $28,121,666
<br />$12,266,815 Indirect Expenses $4,80Q,599 $4,810.599
<br />50.79 Financing and Carry Costs $2,538,966 $2,538,968
<br />20.60 Contingency 8 Reserve $342,595 $342,595
<br />$2,796,450 -
<br />13.00% Subtotal $35,841,327 $35,851,327
<br /> Orgarnzational Expenses an $1,337,567 $1,565,567
<br />$9,100, 000
<br />$200,000 Total Uses 317,178,895 537,416,895
<br />4,406,210 NET SURPLUS(SHORTFAL $0 $D
<br />53,392,000 =________ _________
<br />$1.014.210
<br />The Alameda Pretorma MHP 4%032509
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