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<br />Project Overview <br />Hamline Commons <br /> <br />Marketing Assumptions <br /> <br />Dev Assump <br /> <br />Development Assumptions <br /> <br />% Stabilized Occupancy 95% Land cost $ 1,900,000 <br />Garage utilization 95% Financing Fees 3.50% $ 900,000 <br />Monthly Fill-up Rate 15.17 Architect Fees 3.00% $ 628,800 <br />Pre/eased units 36.8 Site Costs $ <br />% Preleased 29.68% Development Fees 3.50% $ 983,875 <br />Marketing Cost/ unit $ 3,548 Total Dev. CostJUnit $ <br /> <br />Trending <br /> <br />Expense Trend Rate <br />Revenue Trend 2nd Year <br />Revenue Trend Yr 3+ <br /> <br />3.25% <br />0.00% <br />3.00% <br /> <br />Operational Assumptions <br /> <br />Management Fee <br />Operational Reserves / Unit <br />Replacement Reserves <br /> <br />5.0% <br />o <br />2% <br /> <br />Utilities per Sq. Fl <br /> <br />Building Assumptions <br /> <br />Housing Sq. Ft <br />Retail Commercial Sq. Ft <br />Total Residential <br /> <br />261,800 <br />70,000 <br />331,800 <br /> <br />Office Sq. Ft <br /> <br />Unused <br />Total Building (all in) <br />Building Efficiency Quotient <br /> <br />331,800 <br />78.90% <br /> <br />Construction Assumptions <br /> <br />GaslHeat $ 0.30 Canst Months <br />Electric $ 0.43 Construction Interest 5.25% <br />Water/Sewer $ 0.15 Canst cost/ft $ <br /> Total Canst Cost $ <br /> Development contingency 4% $ <br /> <br />Taxes & TlF <br /> <br />1st Year Taxes <br />Retail Taxes <br />Independent Taxes <br />Unused <br />TIF Percent (indep only) <br />Tax After TIF <br />TIF Rebate <br /> <br />$ 30,000 <br />$ 210,000 <br />$ 216,000 <br />$ <br /> 90% <br />$ 42,600 <br />$ 383,400 <br /> 6.50% <br /> 35 <br />$ 4,000,000 <br />$ 1.800,000 <br />$ <br />$ 25,694.575 <br /> 0 <br />$ 2,000,000 <br />$ 1.862,819 <br />$ 155,235 <br /> <br />Financing Assumptions <br /> <br />Interest Rate <br />Term in Years <br />Equity (cash) <br />Resident Equity <br />Unused <br />Loan Proceeds <br /> <br />Other Debt <br />Debt Service Reserve <br />Annual Principal & Interest <br />Monthly Principal <br /> <br />13 <br />550,200 <br />63.17 <br />20,960.000 <br />838,400 <br /> <br />Other Capital Assumptions <br /> <br />City Costs <br />Net Cap. Interest after earnings <br />Funded Interest <br />FFE Schedule <br />Survey. Fees & Organizational <br />M&E Engineering <br />Land Control <br />Pre-Open Salary & Fees <br />Property Tax During Construction <br />Site Costs <br />unused <br /> <br />400,000 <br />1.300,000 <br />400,000 <br />500,000 <br />25,000 <br />3,500 <br /> <br />$ <br />$ <br />$ <br />$ <br />$ <br />$ <br />$ <br />$ <br />$ <br />$ <br />$ <br /> <br />5,000 <br />30,000 <br />180,000 <br /> <br />I Debt Service Coverage <br /> <br />1,151 <br /> <br />Page 5 <br />