|
Page 1: Summary Project Name: San Leandro Cornerstone
<br />San Leandro Cornerstone
<br />Assumptions
<br />Site Area (Acres)
<br />2.20
<br />Number of Units
<br />200
<br />Parking Spaces I Ratio I Type
<br />200
<br />Density (DUAC)
<br />91
<br />A. DEVELOPMENT BUDGET SUMMARY
<br />B. UNIT MIX AND RENTS
<br />D. FINANCING ASSUMPTIONS
<br />Total
<br />% Median
<br />Description
<br />Amount
<br />Unit Type
<br />Income
<br />Qty. Units
<br />Rent
<br />1 Permanent Mortgage
<br />Total Perm Mortgage $
<br />- - - - - --
<br />-- - - - - --
<br />-- - - - - --
<br />-- - - - - --
<br />-- - - - - --
<br />Secured by Cash Flow $
<br />Acquisition & Related
<br />$2,064,000
<br />Rate
<br />Construction: Offsites
<br />$5,458,812
<br />Term
<br />Construction: Building
<br />$27,731,834
<br />DCR
<br />Construction: Parking
<br />$9,657,900
<br />1 Bedroom
<br />20%
<br />0
<br />$0
<br />Constant
<br />Construction: General Conditions, Profit
<br />$4,622,510
<br />30%
<br />5
<br />$510
<br />Debt Service
<br />Hard Cost Contingency
<br />$4,201,224
<br />35%
<br />0
<br />$0
<br />Architecture /Engineering
<br />$2,775,000
<br />40%
<br />13
<br />$685
<br />2 Construction Loan
<br />Total $3
<br />Legal
<br />$195,000
<br />45%
<br />0
<br />$0
<br />Rate
<br />Appraisal /Market Study
<br />$25,000
<br />50%
<br />20
<br />$860
<br />Term (Months)
<br />Marketing /Lease -up
<br />$520,000
<br />60%
<br />44
<br />$1,036
<br />Draw Down
<br />Audit /Cost Certification
<br />$30,000
<br />80%
<br />0
<br />$0
<br />LTV
<br />Title
<br />$100,000
<br />0%
<br />0
<br />$0
<br />50% TEST 3
<br />Furnishings and Equipment
<br />$200,000
<br />0%
<br />0
<br />$0
<br />Permits and Fees
<br />$4,905,756
<br />3 NA
<br />Award
<br />Soft Cost Contingency and Reserves
<br />$739,093
<br />2 Bedroom
<br />20%
<br />0
<br />$0
<br />Rate
<br />Insurance
<br />$438,375
<br />30%
<br />5
<br />$609
<br />Term
<br />Property Taxes
<br />$15,959
<br />35%
<br />0
<br />$0
<br />Loan Limit
<br />Construction Loan Interest /Fees
<br />$3,662,878
<br />40%
<br />9
<br />$820
<br />Leveraging Limit
<br />Bridge Loan Interest/Fees
<br />$108,000
<br />45%
<br />0
<br />$0
<br />Permanent Loan Fees /Costs
<br />$25,000
<br />50%
<br />15
<br />$1,030
<br />4 Investor Pay In
<br />Total Equity $2
<br />Syndication /Org Fees /Developer Fee
<br />$3,010,205
<br />60%
<br />29
<br />$1,241
<br />4% Tax Credits
<br />Federal Rate
<br />80%
<br />0
<br />$0
<br />State & Federal
<br />Federal Gross Pay -in $2
<br />-- - - - - --
<br />0%
<br />0
<br />$0
<br />Federal Credits $
<br />TOTAL DEVELOPMENT COSTS
<br />$70,486,545
<br />0%
<br />0
<br />$0
<br />Initial Pay -in $
<br />--- - - - - --
<br />Federal Credit Rate
<br />3 Bedroom
<br />20%
<br />0
<br />$0
<br />State Gross Rate
<br />30%
<br />10
<br />$702
<br />State Gross Pay -in
<br />35%
<br />0
<br />$0
<br />State Credit Rate
<br />40%
<br />8
<br />$945
<br />45%
<br />0
<br />$0
<br />5 AHP Funds
<br />Total AHP $
<br />50%
<br />25
<br />$1,188
<br />AHP per unit
<br />60%
<br />17
<br />$1,431
<br />6/8/2012
<br />5:58 PM
<br />14, 058, 675
<br />14, 058, 675
<br />5.20%
<br />30
<br />1.20
<br />6.59%
<br />($926,373)
<br />6,554,450
<br />3.75%
<br />36
<br />60%
<br />52%
<br />0,442,489
<br />0%
<br />0
<br />6,380,912
<br />$1.10
<br />0,573,521
<br />1,870,507
<br />2,638,091
<br />3.18%
<br />$0.76
<br />$5,810,931
<br />13.00%
<br />1,000,000
<br />$5,000
<br />County
<br />City
<br />Total City Funds
<br />City Subs l Unit
<br />E. SOURCES OF FUNDS
<br />Description
<br />Perm. Mortgage
<br />Construction Loan
<br />Deferred Fee
<br />I nvestor Pay In
<br />AHP Funds
<br />City of San Leandro
<br />GP Pay In
<br />HCD IIG
<br />HCD TOD
<br />Total Sources
<br />USES OF FUNDS
<br />Acquisition
<br />Construction
<br />Indirect Expenses
<br />Financing and Carry Costs
<br />Contingency & Reserve
<br />Subtotal
<br />Org Expenses and Fees
<br />Alameda
<br />San Leandro
<br />$7,650,000
<br />$38,250
<br />Construction Permanent
<br />Period Period
<br />- 14,058,675
<br />36,554,450 -
<br />2,638,091 26,380,912
<br />1,000,000 1,000,000
<br />7,650,000 7,650,000
<br />- 2,638
<br />11,424,320 11,424,320
<br />9,970,000 9,970,000
<br />$69,236,862 $70,486,545
<br />7,522,812 7,522,812
<br />46,213,468 46,213,468
<br />8,730,756 8,750,756
<br />4,250,211 4,250,211
<br />200,000 739,093
<br />-- - - - - -- -- - - - - --
<br />66,917,247 67,476,340
<br />2,319,615 3,010,205
<br />Total Uses $69,236,862 $70,486,545
<br />-- - - - - -- -- - - - - --
<br />NET SURPLUS(SHORTFALL) $0 $0
<br />-- - - - - -- -- - - - - -- -- - - - - -- -- - - - - --
<br />Totals 200 6 City Contribution Amount $7,650,000
<br />City + HOME $38,250
<br />7 GP Contribution Amount $2,638
<br />8 HCD IIG IIG Max Available' $11,424,320 With 210 units, max becomes: $11,754,160
<br />9 HCD TOD TOD Max Available' $9,970,000 With 210 units, max becomes: $10,320,000
<br />Comerstone profonna for City OPA 051712
<br />
|