Custom Redevelopment Model - Built from scratch for Mixed Use Retail, Office, Multifamily.

8/12/2019 Custom Redevelopment Model - Built from scratch for Mixed Use Retail, Office, Multifamily.

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edevelopmentSummary

tions Return Summary Equity Cash Flow Summary

Assumptions Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15

Mixed Use Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26

ate 6.0% Project IRR 17.7% Project (1,574,247) (3,902,190) (21,304,589) - 15,041,541 1,850,147 1,854,097 1,863,076 2,017,310 2,373,913 1,912,105 2,036,088 2,161,513 2,306,387 23,769,613 6

d Return 8.0% Project NPV 44,826,111

plit 30%/70% Avg Current Yield 7.93% - - - 19.1% 6.6% 6.6% 6.6% 7.2% 8.5% 6.8% 7.3% 7.7% 8.3% 8.8%

Promote 52.5% Partner IRR 24.0% Partner (472,274) (1,170,657) (6,391,377) - 4,512,464 555,044 556,229 558,923 605,193 712,174 573,632 610,827 648,454 691,916 13,735,155 5

ent Third Party Inv IR R 12.1 % Third Party Inv (1,101,973) (2,731,533) (14,913,212) - 10,529,078 1,295,103 1,297,868 1,304,153 1,412,117 1,661,739 1,338,473 1,425,262 1,513,059 1,614,471 10,034,458 1

ate 5% Apartment check - - - - - - - - - - - - - - -

d Return 8% Project IRR 14.2% Project (716,571) (3,133,596) (20,349,832) - 10,707,001 1,267,427 1,269,464 1,276,474 1,412,308 1,550,070 1,081,614 1,203,380 1,326,522 1,451,035 1,576,914 6

plit 30%/70% Project NPV 27,080,301

Promote 20% Avg Current Yield 6.20% - - - - 17.3% 5.2% 5.2% 5.3% 5.8% 6.4% 4.5% 5.0% 5.5% 6.0% 6.5%

Partner IRR 16.6% Partner (214,971) (940,079) (6,104,950) - 3,212,100 380,228 380,839 382,942 423,692 465,021 324,484 361,014 397,957 435,311 473,074 2

e Assumptions Third Party Inv IRR 12.9% Third Party Inv (501,600) (2,193,518) (14,244,883) - 7,494,900 887,199 888,625 893,532 988,615 1,085,049 757,129 842,366 928,566 1,015,725 1,103,840 3

Retail check - - - - - - - - - - - - - - -

n LTC: 90.7% Project IRR 37.5% Project (857,676) (768,594) (954,756) - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699

3.0% Project NPV 17,745,810

an LTV: 65% Avg Current Yield 26.30% - - - - 35.9% 19.4% 19.5% 19.5% 20.2% 28.4% 28.7% 28.7% 28.8% 29.6% 30.5%

5.50% Partner IRR 54.2% Partner (257,303) (230,578) (286,427) - 1,806,848 480,744 482,322 483,947 499,127 679,670 685,155 686,984 688,868 705,665 18,308,977

1.25x Third Party Inv IRR 23.4% Third Party Inv (600,373) (538,016) (668,329) - 2,527,693 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722

nst. 7.4% check - - - - - - 0 (0) (0) - - - - - (0)

ent Development Costs Mixed-Use Apartment Retail Stabilized Cash Flow Summary

n LTC: 80.30% Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10

0.03 Uses of Funds Year Ending: Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26

an LTV: 64.68% Land & Acquisition Costs 17,584,000 15,600,000 1,984,000 Mixed-Use PGI 14,201,614 14,426,064 14,655,003 14,888,521 15,363,751 15,613,673 15,861,484 16,114,251 16,372,073 16,802,817

0.05 Land Purchase Deposit Penalty 234,000 117,000 117,000 V+RC+C+ER (717,102) (842,935) (1,002,310) (1,019,377) (1,048,638) (1,066,743) (1,084,854) (1,103,328) (1,122,172) (1,149,780) 1.20x Total Hard Costs 113,828,929 89,995,263 23,833,666 EGI 13,484,512 13,583,130 13,652,693 13,869,144 14,315,114 14,546,930 14,776,629 15,010,923 15,249,902 15,653,036

nst. 6.4% Base Building Hard Costs 112,907,574 89,395,958 23,511,616 O&M+ReT+CapR (2,578,546) (2,671,182) (2,747,665) (2,826,420) (2,909,887) (3,549,430) (3,705,810) (3,814,800) (3,927,036) (4,155,757)

Owner Directed Hard Costs - - - NOI 10,905,966 10,911,947 10,905,029 11,042,724 11,405,227 10,997,500 11,070,819 11,196,123 11,322,865 11,497,280

ment Assumptions FF&E 350,000 350,000 - DS+Fin Fees (8,963,076) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (9,135,894) (9,135,894)

SF 82,285 Contingency 249,305 249,305 - Cap Events - - - - - - - - - - 22

SF 74,335 Retail Tenant Improvements 322,050 - 322,050 F in P ro ce ed s 1 0,1 47 ,6 60 - - - - - - - - - (13

Spots 44 Total Soft Costs and Fees 15,087,270 11,500,039 3,587,231 CF 12,173,029 1,858,533 1,851,614 1,989,309 2,358,685 1,952,333 2,025,652 2,150,956 2,277,699 2,335,297 8

Soft Costs 8,192,710 5,850,000 2,342,710

ent GSF 390,213 Initial Leasing C osts 808,097 - 808,097 Apartment PGI 11,222,497 11,446,947 11,675,886 11,909,403 12,147,591 12,390,543 12,638,354 12,891,121 13,148,944 13,411,922

ent RSF 247,082 Sponsor/Developer Fee 2,411,000 2,411,000 - V+RC+C+ER (568,146) (693,979) (853,354) (870,421) (887,830) (905,586) (923,698) (942,172) (961,015) (980,236)

Spots 271 Developer Contingency 2,000,000 2,000,000 $ 0 EGI 10,654,350 10,752,968 10,822,532 11,038,982 11,259,762 11,484,957 11,714,656 11,948,949 12,187,928 12,431,687

Op. & Fin. Deficit Allowance 1,675,463 1,239,039 436,424 OM+RET+Ca pRe (2,610,859) (2,705,403) (2,783,850) (2,864,629) (2,947,809) (3,589,429) (3,748,021) (3,859,288) (3,973,870) (4,091,865)

Project Oversight Fee - - - NOI 8,043,491 8,047,565 8,038,682 8,174,354 8,311,953 7,895,528 7,966,635 8,089,661 8,214,059 8,339,822

F in. Cost s Inc l. Cash & Cap. Int ./Fees 7,437,814 5,623,460 1,814,354 DS+Fin Fees (6,209,043) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (6,773,501) (6,773,501)

Tot al Dev'mt Cost (Uses of Funds) 154,172,012 122,835,762 31,336,250 Net Cap Events - - - - - - - - - - 16

Operating Deficit - - - Fin Proceeds 6,512,472 - - - - - - - - - (10

Lease Assumpti ons Total Dev'mt Cost In cl/ Op Def 154,172,012 122,835,762 31,336,250 CF 8,346,920 1,274,064 1,265,180 1,400,852 1,538,451 1,122,026 1,193,134 1,316,160 1,440,557 1,566,320 6

Rent PSF $43.87

ent PSF $34.29 Retail PGI 2,979,118 2,979,118 2,979,118 2,979,118 3,216,160 3,223,130 3,223,130 3,223,130 3,223,130 3,390,894

F $1.00 Sources of Funds V+RC+C+ER (148,956) (148,956) (148,956) (148,956) (160,808) (161,156) (161,156) (161,156) (161,156) (169,545)

RSF $0.36 Sponsor - - - EGI 2,830,162 2,830,162 2,830,162 2,830,162 3,055,352 3,061,973 3,061,973 3,061,973 3,061,973 3,221,350

$30.00 Partner 8,034,308 7,260,000 774,308 OM+RET+CapRe 32,313 34,221 36,185 38,209 37,922 39,999 42,210 44,488 46,834 (63,891)

om/RSF $14.81 Third Party Inv 18,746,718 16,940,000 1,806,718 NOI 2,862,475 2,864,382 2,866,347 2,868,370 3,093,274 3,101,973 3,104,184 3,106,461 3,108,807 3,157,458

Rent/RSF $38.68 Equity Total 26,781,026 24,200,000 2,581,026 DS+Fin Fees (2,754,033) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (2,362,392) (2,362,392)

M/GSF $5.47 Net Revenue 332,653 0 332,653 Net Cap Events - - - - - - - - - - 5

ax/GSF $10.53 Debt 127,058,333 98,635,762 28,422,571 Fin Proceeds 3,635,189 - - - - - - - - - (3

Total Sources of Funds 154,172,012 122,835,762 31,336,250 CF 3,826,110 584,469 586,434 588,457 820,234 830,307 832,518 834,796 837,142 768,977 2


2/37

ABC RedevelopmentM i xe d -U se Ann u a l Sum m a r y - So u r c es a n d Uses o f Fu n d s

Year: 2012 2013 2014 2015 2016 2017 2018 2019

SES OF FUNDS Total

nd & Acq. Costs 17,818,000 401,082 - 17,416,918 - - - - -

ard Costs w/Cont., excl. TIs 112,907,574 - - 14,460,091 73,132,168 25,315,315 - - -eta TIs 322,050 - - - - 322,050 - - -

otal Hard Costs $113,983,529 - - 14,530,010 73,518,862 25,934,656 - - -tail Tenant Leasing Costs $2,047,136 - - - 697,815 110,282 1,239,039 - -

perations Reserve $1,675,463 - - - 72,451 363,974 1,239,039 - -

l Other Soft Costs $8,629,134 911,919 2,769,294 3,973,201 200,692 774,028 - - -

ig. Dev Costs for Funding $146,888,799 1,549,795 3,027,615 36,697,571 76,456,087 27,918,691 1,239,039 - -

nancing Costsp. (funded) Loan Int. Res. $4,953,415 - - 104,548 1,504,568 3,101,414 242,885 - -

an Interest - paid in Cash $355,172 - - - - 355,172 0 - -

otal F nanc ng Costs 7,437,814 - - 2,213,774 1,516,568 3,464,587 242,885 - -

D.C before Op. Deficit $154,326,612 1,549,795 3,027,615 38,911,345 77,972,656 31,383,277 1,481,924 - -perating Deficit $0 - - - - - - - -otal Development Costs (TDC) $154,326,612 1,549,795 3,027,615 38,911,345 77,972,656 31,383,277 1,481,924 - -

OURCES OF FUNDS Total

ponsor Equity Par i Passurect Project Costs Draw $8,034,308 464,939 908,285 6,661,085 - - - - -

ps. & Fin. Deficit Draw $0 - - - - - - - -

st-Refi Dev Cost Draw $0 - - - - - - - -

fin.Shortfall Draw $0 - - - - - - - -

pon so r E qu i t y T o t a l F und i n g $8,034,308 464,939 908,285 6,661,085 - - - - -

hird Party Inv Equit Par i Passurect Project Costs Draw $18,746,718 1,084,857 2,119,331 15,542,531 - - - - -

ps. & Fin. Deficit Draw $0 - - - - - - - -

st-Refi Dev. Costs Draw $0 - - - - - - - -

fi Shortfall Draw 0 - - - - - - - -

h i r d P a r t y I n v E q u i t y T o t a l F u n d i n g $18,746,718 1,084,857 2,119,331 15,542,531 - - - - -

onstruct on Loan

rect Project Costs Draw $119,976,235 - - 14,493,956 76,456,087 27,787,153 1,239,039 - -

an Fees - Front End $1,763,762 - - 1,763,762 - - - - -

an Fees - At Loan Draws $29,000 - - 9,000 12,000 8,000 - - -

nded Interest Reserve $4,953,415 - - 104,548 1,504,568 3,101,414 242,885 - -

sh Interest Payments, if any $355,172 - - - - 355,172 0 - -

an Repayment From Refi ($127,058,876) - - - - (28,423,114) (98,635,762) - -

an Repay Dispose of Apt & Retail $0 - - - - - - - -

pay from Shortfall Equity Draw $0 - - - - - - - -

ources of Funds after Shortfalls $154,172,555 1,549,795 3,027,615 38,911,345 77,972,656 31,229,220 1,481,924 - -


3/37

BC Redevelopmentx ed -U se An n u a l Summ a r y - Ca sh F l ow

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Total

ket Rate Units Leased 293 - - - - 292 1 - - - - - - - - -

oss Potential Income 172,437,608 - - - 174,169 7,635,429 14,201,614 14,426,064 14,655,003 14,905,938 15,366,669 15,613,673 15,861,484 16,114,251 16,391,232 13,411,922

Vacancy ($8,113,287) - - - (8,708) (362,046) (669,907) (680,326) (690,953) (702,664) (724,848) (736,328) (747,832) (759,565) (772,491) (622,584)

Lease Comm. & Other L.C. ($1,428,020) - - - (174,169) (1,253,851) - - - - - - - - - -

fective Gross Income $159,649,325 - - - (8,708) 6,019,532 13,484,512 13,583,130 13,652,693 13,885,690 14,317,885 14,546,930 14,776,629 15,010,923 15,268,102 12,431,687

Exp. Reimb. $8,316,348 - - - 43,819 687,174 733,171 754,362 776,189 798,671 821,827 845,678 870,244 905,647 1,079,566 -

Credit Loss ($1,622,657) - - - (1,742) (72,409) (133,981) (136,065) (138,191) (140,533) (144,970) (147,266) (149,566) (151,913) (154,498) (124,517)

O&M & RE Taxes $28,484,149 - - - (105,820) 360,135 1,765,359 1,836,428 1,890,716 1,946,633 2,004,228 2,619,517 2,751,009 2,824,288 2,762,311 3,856,820

Operating Income $122,779,250 - - - (72,451) 5,017,678 11,005,144 11,014,101 11,010,247 11,167,470 11,519,595 11,112,475 11,189,243 11,318,099 11,466,510 8,450,350

CapEx Reserve ($1,248,692) - - - - (18,371) (99,019) (101,990) (105,050) (108,201) (111,447) (114,791) (118,234) (121,781) (125,435) (110,528)

after CapEx Res. $121,530,558 - - - (72,451) 4,999,307 10,906,125 10,912,111 10,905,197 11,059,269 11,408,148 10,997,684 11,071,009 11,196,318 11,341,076 8,339,822

tal Cash D.S. Exp.* $91,241,959 - - - - 552,038 8,571,435 9,135,894 9,135,894 9,135,894 9,135,894 9,135,894 9,135,894 9,135,894 9,135,894 6,773,501

p. Events Rev., Net $168,821,449 - - - - - - - - - - - - - - -

Rev. After D.S. $193,966,577 - - - (72,451) 4,199,503 2,417,168 1,858,696 1,851,782 2,005,854 2,362,294 1,952,517 2,025,842 2,151,151 2,295,909 1,566,320

nancing Cash Flows

ev Int Equity Draw ($8,034,308) (464,939) (908,285) (6,661,085) - - - - - - - - - - - -

v L.L. Costs & OpDef Draw $0 - - - - - - - - - - - - - - -

d Prty Intl Draw ( $1 8, 74 6, 71 8) ( 1, 08 4, 85 7) (2,119,331) (15,542,531) - - - - - - - - - - - -

d Prty L.L. Costs & OpDef Draw $0 - - - - - - - - - - - - - - -

v Paid To Late Dev Costs $0 - - - - - - - - - - - - - - -

nst Loan Draw $119,976,235 - - 14,493,956 76,456,087 27,787,153 1,239,039 - - - - - - - - -

nst Loan Repay't ($127,058,876) - - - - (28,423,114) (98,635,762) - - - - - - - - -

rm Loan Proc'ds $137,206,537 - - - - 32,058,303 105,148,234 - - - - - - - - -

rm Loan Repay't - Retail Sale $0 - - - - - - - - - - - - - - -

rm Loan Repay't - Apt Sale ($104,937,537) - - - - - - - - - - - - - - -

ect Levered Cash Flow $ 64 ,19 9, 14 0 ( 1, 54 9, 79 5) (3,027,615) (22,203,615) - 7,855,563 8,929,640 1,858,696 1,851,782 2,005,854 2,362,294 1,952,517 2,025,842 2,151,151 2,295,909 1,566,320


4/37

BC Redevelopmenti x ed -U s e Pa r t n e r sh i p St r u c t u r e

a l Re qu i r ed Eq u i t y (Pu r c h a se + Ope r a t i o n )

$26,781,026 (Includes Operating Deficit Funding)

nsor 30.00% $8,034,310

d Party Inv 70.00% $18,746,716

100.00% $26,781,026

f i t Sh a r i n g

Preferred Return Residual Spli t

erfall #1 8.00%

tnership Structure % Total Equity Sponsor Promote

onsor 30.00% Profit >> Sponsor 30.00% 82.50% 52.50%

hird Party Inv 70.00% Sharing >> Third Party Inv 70.00% 17.50%

otal 100.00% Splits >> 100.00% 100.00%

: By its nature, the Preferred Return includes the Return of Capital.


5/37

C Redevelopmented -U s e J o i n t V en t u r e Ret u r n De t a i l

Sponsor Third Party Inv Total Project

Investment $8,034,308 $18,746,718 $26,781,026

e of Equity Investment 30.00% 70.00% 100.00%

Return $76,788,479 $44,674,242 $121,462,722

fit (Return on Equity) $68,754,171 $25,927,524 $94,681,696

e on Equity 9.56x 2.38x 4.54x

l Rate of Return 23.44% 11.56% 17.17%

om Equity Investment to

eturn (mnths) 183 months 183 months 183 months

Sharing Summary - Sponsor/Developer and Third Party Investor Profit Sharing Structure - Sponsor/Developer and Third Party Investor

Tier Sponsor Sponsor Third Party Inv Third Party Inv Total Sponsor Sponsor Third Party Inv

Cashflow Share Investor Cashflow Investor Share Cashflow Promote Pro-Rata Share Profit (

IRR Hurdle Ranges Share

nd Pref Return $13,381,872 52% $12,477,638 48% $25,859,510 Preferred Return 0% through 8.0% 0.0% 30.0% 70%

$63,406,608 83% $13,449,886 18% $76,856,494 Residual Split Above 8.0% 52.5% 82.5% 17.5%

$76,788,479 75% $25,927,524 25% $102,716,004

quity Investment (8,034,308) 30% (18,746,718) 70% (26,781,026)

ofit (Return on Equity)$68,754,171 91% $7,180,806 9% $75,934,978

30.00%

70.00%

Share of Equity InvestmentSponsor Third Pa rty Inv

Share of Total ProfitSponsor Third Party Inv

$7,180,806

$68,754,171

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000Net Profits

Third Party Inv Sponsor


6/37

ABC Redevelopmentetail Investment Summary

ssumptions Return Summary

evelopment Assumptions Return Assumptions Retail

etail GSF 82,285 Preferred Return 8.0% Project IRR 37.5%

etail RSF 74,335 Equity Split 30%/70% Equity Multiple 10.81x

arking Spots 44 Rodin LP Promote 52.5% Avg Current Yield 26.3%

Retail Terminal Cap 6% Rodin LP IRR 54.2%

everage Assumptions Market Cash Flow Assumptions BCC LP IRR 23.4%on Loan LTC: 90.7% Anchor Rent PSF $43.87

PR 3.0% In-Line Rent PSF $34.29 Development Summary

erm Loan LTV: 65.0% CAM/RSF $1.00 Uses of Funds

PR 5.5% RE TAX/RSF $0.36 Land & Acquisition Costs 1,984,000

SCR 1.25x TI/RSF $30.00 Closing Costs

ort Const. 7.4% Lease Com/RSF $14.81 Total Hard Costs 23,833,666

Building Permits

ent Roll Broker Fees 808,097

enant Annual Rent PSF Lease Comm. Term Retail Tenant Improvements 322,050

Whole Foods $38.00 1/1/2016 20 Years Sponsor/Developer Fee -

VS $49.00 4/1/2016 30 Years Soft Costs 2,342,710

Wells Fargo $60.00 5/1/2016 10 Years Op. & Fin. Deficit Allowance 436,424

et Value $35.00 3/1/2016 10 Years Project Oversight Fee -

orner Bakery $42.50 3/1/2016 10 Years Fin. Costs Incl. Cash & Cap. Int./Fees 1,814,354

Total Dev'mt Cost (Uses of Funds) 31,336,250

Operating Deficit -

Total Dev'mt Cost Incl/ Op Def 31,336,250

Sources of Funds

Sponsor -

Partner 774,308

Third Party Inv 1,806,718

Equity Total 2,581,026Net Revenue 332,653

Debt 28,422,571

Total Sources of Funds 31,336,250


7/37

RedevelopmentCash Flow Summary

y Cash Flow Summary

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15

Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26

t Cash Flow (857,676) (768,594) (954,756) - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699

ent Yield - - - - 35.9% 19.4% 19.5% 19.5% 20.2% 28.4% 28.7% 28.7% 28.8% 29.6% 30.5%

r Equity Investment (257,303) (230,578) (286,427) - - - - - - - - - - - -

er Capital and Preferred CF - - - - 1,300,363 174,816 175,390 175,981 181,501 247,153 249,147 249,812 250,497 256,606 6,657,812

er Promote And Residual CF - - - - 506,485 305,928 306,932 307,966 317,626 432,517 436,008 437,172 438,370 449,060 11,651,165

er (257,303) (230,578) (286,427) - 1,806,848 480,744 482,322 483,947 499,127 679,670 685,155 686,984 688,868 705,665 18,308,977

Party Inv Equit y Inves tment (600,373) (538,016) (668,329) - - - - - - - - - - - -

Party Inv Capital and Preferre - - - - 2,358,865 - - - - - - - - - -

Party Inv Promote And Residu - - - - 168,828 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722

Party Inv (600,373) (538,016) (668,329) - 2,527,693 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722

zed Cash Flow Summary

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15

Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25 Feb-26Parking & Other GPR - - - 174,169 2,848,760 2,979,118 2,979,118 2,979,118 2,996,534 3,219,077 3,223,130 3,223,130 3,223,130 3,242,288 3,394,827

ancy - - - (39,430) (148,956) (148,956) (148,956) (148,956) (157,758) (161,156) (161,156) (161,156) (162,114) (171,285) (175,771)

ail Rent Concessions - - - (174,169) (1,253,851) - - - - - - - - - -

p. Reimb. - - - 43,819 687,174 733,171 754,362 776,189 798,671 821,827 845,678 870,244 905,647 1,079,566 1,003,290

edit Loss - - - (1,742) (28,488) (29,791) (29,791) (29,791) (29,965) (32,191) (32,231) (32,231) (32,231) (32,423) (33,948)

Operating Income - - - 171,863 3,081,629 3,542,342 3,565,614 3,589,640 3,779,919 3,869,418 3,895,850 3,923,136 4,127,317 4,215,711 4,328,438

M & RE Taxes - - - 33,369 2,111,157 3,533,542 3,554,733 3,576,560 3,615,413 3,847,760 3,875,420 3,899,986 3,935,389 4,127,317 4,194,427

ail CapEx Reserve - - - (105,820) (628,242) (656,599) (675,449) (694,864) (714,862) (735,460) (756,675) (778,528) (811,134) (982,175) (1,024,899)

NOI after CapEx Res. - - - (72,451) 1,478,285 2,862,634 2,864,546 2,866,515 2,884,916 3,096,195 3,102,157 3,104,373 3,106,656 3,127,017 3,150,859

Cash D.S. Exp.* - - - - 1,339,502 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,165,526 -

& Parking Sale, Net - - - - - - - - - - - - - - 53,500,306

ev. After D.S. - - - (392,331) 1,170,831 583,514 585,614 587,781 760,307 829,949 832,334 834,796 855,352 54,190,116 -

or Equity Draw (257,303) (230,578) (286,427) - - - - - - - - - - - -

Party InvEquity Draw - - - - 33,730 37,770 38,862 39,986 41,144 42,336 43,564 44,829 46,133 47,864 4,001

Loan Draw - - 5,647,451 16,348,998 4,967,484 - - - - - - - - - -

nent Loan Proceeds - - - - 32,058,303 - - - - - - - - - -

Loan Repay Retail Sale - - - - - - - - - - - - - (32,058,303) -

t Levered Cash Flow (857,676) (807,594) (748,657) 21,574 4,485,437 583,514 585,614 587,781 760,307 829,949 832,334 834,796 855,352 22,131,813 -


8/37

ABC RedevelopmentRe ta i l & Of f i ce Space M i x De t a i l s

Re ta i l Space Componen t

Retail Rentable Rent Lease Lease Number Length of PSF Tenant TI

Space Tenant Square Annual Commence Term Expiration of Option Option Leasing Improvement Duration

Type Name Feet Rent PSF Date (Months) Date Terms Terms Costs Allowance

Anchor Whole Foods 55,000 $38.00 1/1/2016 240 1/1/2036 6 60 $8.18 $0.00 7

Anchor CVS 11,000 $49.00 4/1/2016 359 3/1/2046 5 60 $22.54 $0.00 1

In-Line Wells Fargo 1,135 $60.00 5/1/2016 120 5/1/2026 4 60 $18.90 $30.00 1

In-Line Pet Value 3,200 $35.00 3/1/2016 120 3/1/2026 2 60 $11.03 $40.00 1

In-Line Corner Bakery 4000 $42.50 3/1/2016 120 3/1/2026 2 60 $13.39 $40.00 1

TOTAL 74,335

GRAND TOTAL 78,200

To ta l Re imb u r sab l e Expenses - PSF Per Mn t h

Management -

Administration -

CAM $1.00

Utilities $0.40

Water & Sewer -

Repair & Maint. $0.15

Insurance

Taxes* -

Total Operating Expenses $1.55


9/37

C Redevelopmentt a i l Cap i t a l S t r u c t u r e

(Bar heights are illustrative and are not to scale.)

Equity

Investment

% Equity % TDC Equity % TDC Debt % TDC Amount * Total Equity Total Debt * Deficits Funded including % TDC -

By Equity Deficit Liabilities Actual %s

Sponsor 0.0% 0.0% $0 $0 Sponsor 0.00%

Partner 30.0% 2.8% $774,308 $774,308 Partner 2.47%

9.3% $2,581,026 $0

Third Party Inv 70.0% 6.5% $1,806,718 $1,806,718 Third Party Inv 5.77%

$2,581,026

Const. Loan 90.7% 90.7% $28,422,571 $28,422,571 Const. Loan 90.70%

1.06%

ces of Funds (TDC) 100.0% 100.0% $31,003,597 100.00%

ces of Funds From Above $31,003,597

erty Cash Flow As Source of Funds $332,653

Development Cost $31,336,250

$422

le the equity slices are shown stacked vertically, note that this is simply the graphic representation and does not imply that there is any Preferred equity in the transaction.

Senior Loan Amount on a residual basis after designating the dollar amounts of the other sources of funds.

ncipal Amount includes Funded Interest Reserve and Funded Loan Fees.

ity amounts in this column do not include the pro-rata porti on of the Operating and Financing Deficits to be funded by the Equity in vestors. See Column S for adjusted totals.


10/37

BC Redevelopmentet a i l P a r t n e r sh i p S t r u c t u r e

a l Re qu i r ed Eq u i t y (Pu r c h a se + Ope r a t i o n )


nsor 30.00% $774,308

d Party Inv 70.00% $1,806,718

100.00% $2,581,026

f i t Sh a r i n g

Preferred Return Residual Split

erfall #1 8.00%

tnership Structure % Total Equity Sponsor Promote

onsor 30.00% Profit >> Sponsor 30.00% 82.50% 52.50%

hird Party Inv 70.00% Sharing >> ird Party Inv 70.00% 17.50%

otal 100.00% Splits >> 100.00% 100.00%

: By its nature, the Preferred Return includes the Return of Capital.


11/37

C Redevelopmenta i l J o i n t Ven t u r e Ret u r n De t a i l

Sponsor Third Party Inv Total Project

nvestment $774,308 $1,806,718 $2,581,026

of Equity Investment 30.00% 70.00% 100.00%

eturn $25,508,306 $7,555,275 $33,063,582

fit (Return on Equity) $24,733,998 $5,748,557 $30,482,556

e on Equity 32.94x 4.18x 12.81x

l Rate of Return 49.80% 21.40% 34.59%

om Equity Investment to

eturn (mnths) 180 months 180 months 180 months

Sharing Summary - Sponsor/Developer and Third Party Investor Profit Sharing Structure - Sponsor/Developer and Third Party Investor

Tier Sponsor Sponsor Third Party Inv Third Party Inv Total Sponsor Sponsor Third Party Inv Total

Cashflow Share Investor Cashflow Investor Share Cashflow Promote Pro-Rata Share Profit (must be

IRR Hurdle Ranges Share 100%)

d Pref Return $1,010,942 30% $2,358,865 70% $3,369,807 Preferred Ret 0% through 8.0% 0.0% 30.0% 70% 100%

$24,497,364 83% $5,196,411 18% $29,693,775 Residual Split Above 8.0% 52.5% 30.0% 17.5% 100%

$25,508,306 77% $7,555,275 23% $33,063,582

quity Investment (774,308) 30% (1,806,718) 70% (2,581,026)

ofit (Return on Equity) $24,733,998 81% $5,748,557 19% $30,482,556

30.00%

70.00%

Share of Equity InvestmentSponsor Third Party Inv

81%

19%

Share of Total ProfitSponsor Third Party Inv

$5,748,557

$24,733,998

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000


Third Party Inv Sponsor


12/37

ABC RedevelopmentRe t a i l D e v e l o pme n t A s s ump t i o n s

BUILDING PROFILE DEVELOPMENT USES OF FUNDS Deposit/Fee % Total PER GSF


13/37

ABC RedevelopmentRe t a i l D e v e l o pme n t A s s ump t i o n s

CASH FLOW RETAIL & OFFICE COMPONENT INCOME, TI & LC ASSUMPTIONS RETURNS SUMMARY, FROM MONTHLY CASH FLOWS

Annual Rent, OpEx and CapEx Inflation Factor 3% Retail Choose---> Anchor Anchor In-Line In-Line In-Line - - - -

Annual CapEx Reserve PSF Retail $0.15 Tenant Whole Foods CVS Wells Fargo Pet Value Corner Bakery Total Equity Invested * $2

Annual CapRx Reserve PSF Office $0.00 Suite # 5 Suites Suite 1 Suite 2 Suite 3 Suite 4 Suite 5 Going-In NOI $2

MANAGEMENT FEE 3% Lease Rentable Area 55,000 11,000 1,135 3,200 4,000 0 0 0 0 Going-In Yield

Taxes at Assessed Value at Delievery 1.34% 32.00% PDR 2,000,000 Rent Commencement 1/1/2016 4/1/2016 5/1/2016 3/1/2016 3/1/2016

Annual RE Taxes Inflation Factor 10.00 Yr Abatement 3% Lease Term (months) 240 months 359 months 120 months 120 months 120 months 0 months 0 months 0 months 0 months Net Cash Flow $30

Parking per 1K RSF 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Multiple on Equity **

Monthly Contract Parking Mnthly Prkng/Spot $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Present Value 6.0% $13

Average Monthly Contract Parking Rate (Today) $0.00 Lease Type NNN NNN NNN NNN NNN NNN NNN NNN NNN

% of Monthly Contracts Sold (GPR) 0% Free Rent 7 months 4 months 1 months 1 months 1 months 0 months 0 months 0 months 0 months Internal Rate of Return

% of Monthly Contracts Sold (w/Vacancy) 0% TI Beginning Month month 47 month 42 month 51 month 49 month 49 month 0 month 0 month 0 month 0 Hurdle Rate

Public Parking TI Duration 7 months 1 months 1 months 1 months 1 months 0 months 0 months 0 months 0 months Project IRR

% of Monthly Contract Spots not utilized per Day 100% TI Allowance $0.00PSF $0.00PSF $30.00PSF $40.00PSF $40.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF

Daily Parking Rate (Today) $12.50 Other Concessions $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF Waterfall

Occupancy Rate on Daily Spaces (GPR) 100% Annual Base Rent PSF $38.00PSF $49.00PSF $60.00PSF $35.00PSF $42.50PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF Preferred Return

Occupancy Rate on Daily Spaces (w/Vacancy) 75% Monthly Base Rent PSF $3.17PSF $4.08PSF $5.00PSF $2.92PSF $3.54PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF Sponsor Residual Split

# of Work Days per Year 260 Annual Escalations 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Sponsor

Parking Rent Growth Per Year 2% Ann Step Rent PSF(%) 10.00% 0 10.00% 10.00% 10.00% 0 0 0 0 Third Party Investor

Profit Margin To Owner After Operator Costs (GPR) 75% Step Rent Month month 61 month 0 month 61 month 61 month 61 month 0 month 0 month 0 month 0

Profit Margin To Owner After Operator Costs (w/Vacancy) 75% Storage Rent (Base Yr) $0 $0 $0 $0 $0 $0 $0 $0 $0 Sponsor/Partner Waterfall Schedule

Annual Escalations 0% 0% 0% 0% 0% 0% 0% 0% 0% Equity Less Than $4MM

Vacant Space Assumptions Prking Rent (Base) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Partner

Retail Space O&M and RE Tax PSF/ Month $0.40 Annual Escalations 0% 0% 0% 0% 0% 0% 0% 0% 0% Third Party Inv

Office O&M and RE Tax PSF / Month $0.08 Percentage Rent 0% 0% 0% 0% 0% 0% 0% 0% 0% Equity Greater Than $4MM

Storage O&M and RE Tax PSF / Month $0.00 Gross Sales (mnthly) $0 $0 $0 $0 $0 $0 $0 $0 $0 Partner

Parking O&M Spot / Month $0.00 Gross Sales Grwth 0% 0% 0% 0% 0% 0% 0% 0% 0% Third Party Inv

Loss to Lease 0% O&M Expenses $0.68PSF $0.68PSF $0.68PSF $0.68PSF $0.68PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF

Annual CAM Expenses $1.00PSF $1.00PSF $1.00PSF $1.00PSF $1.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF

Market Leasing Assumptions CAM Expense Growth 3% 3% 3% 3% 3% 0% 0% 0% 0% Notes:

Market In-Line Retail Rent $2.86 Admin Fee (%) 0.0% 5.0% 10.0% 10.0% 10.0% 0.0% 0.0% 0.0% 0.0% * Includesequityfunding ofanyfunding shortfalls.Doesnot include anyPermanent Loan/Broker

In-Line Retail Downtime 2 Months Risk of Default Rate 3% 3% 3% 4% 5% 0% 0% 0% 0% Fee/Closing Costsasthese are assumed to be paid byRetained Earnings.

Free Rent 6 Months Real Estate Taxes $0.03PSF $0.03PSF $0.03PSF $0.03PSF $0.03PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF ** Ignoresthe time value ofmoney.

Other Concessions $0.00 Electricity $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF

Leasing Commissions 7.3% Leasing Commissions 2% 5% 3% 3% 3% 0% 0% 0% 0% PERMANENT LOAN TEST

TI Costs $30.00 Total Leasing Costs - $8.1 8/R SF - $22.5 4/ RS F - $1 8.90 /R SF - $1 1.0 3/R SF - $13 .39/ RS F $0.00/RS F $0.00/RSF $0.00/RSF $0.00/RS F NOI Test

Vacancy Loss 5% LC Terms 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Re nt 1st Yr Rent 1st Yr Rent 1st Yr Rent Annual NOI at Point of Refinancing $2

Credit Loss 1% LC Lead Time 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months Capitalization Rate at Point of Refinancing

Market Anchor Retail Rent $3.66 # of Options Terms 6 term(s) 5 term(s) 4 term(s) 2 term(s) 2 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s) Gross Valuation at Point of Refinancing $49

Anchor Retail Downtime 5 Months Option Term (Mnths) 60 months 60 months 60 months 60 months 60 months 0 months 0 months 0 months 0 months Maximum LTV

Free Rent 0 Months Option Rent Steps 10.0% 10.0% 0.0% 10.0% 10.0% Maximum Loan Proceeds $32

Other Concessions $0.00 Probability of Renewal 75% 75% 75% 75% 75% 0% 0% 0% 0%

Leasing Commissions 7.3% Debt Coverage Ratio Test

TI Costs $0.00 Office Choose---> Office - - - - - - - - Annual NOI at Point of Refinancing $2

Vacancy Loss 5% Tenant Office 2 3 4 5 6 7 8 9 Required Debt Service Coverage Ratio

Credit Loss 1% Suite # 1 Suites 6

Market Office Rent $0.00 Lease Rentable Area 3,865 0 0 0 0 0 0 0 0 Maximum Allowable Debt Service $2

Office Downtime 0 Months Rent Commencement 3/1/2016 1/0/1900 1/0/1900 1/0/1900 1/0/1900 1/0/1900 1/0/1900 1/0/1900 1/0/1900 Maximum Loan Proceeds $33

Free Rent 0 Months Lease Term 120 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

Other Concessions $0.00 Parking per 1K RSF 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Leasing Commissions 0.0% Mnthly Prkng/Spot $0 $0 $0 $0 $0 $0 $0 $0 $0

Vacancy Loss 0% Lease Type NNN NNN NNN NNN NNN NNN NNN NNN NNN

Credit Loss 0% Free Rent 1 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

TI Beginning Month month 49 month 0 month 0 month 0 month 0 month 0 month 0 month 0 month 0

Retail Miscellaneous Income $0.00 TI Duration 1 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

Office Miscellaneous Income $0.00 TI Allowance $40.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF

Notes Other Concessions $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF

1. Floor Area to Lot Area Ratio Annual Base Rent PSF $22.00PSF

2 . G re at er o f ma rk et a nd zo nin g r equ ir em en ts; in cl ud es r et ail r equ ir eme nts Mo nth ly Ba se R en t P SF $1.83PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF $0.00PSF

3. Core, Mechanicals and other non-useable SF Annual Escalations 0% 0% 0% 0% 0% 0% 0% 0% 0%

Ann Step Rent PSF(%) 10.00% 0 0 0 0 0 0 0 0

Step Rent Month month 61 month 0 month 0 month 0 month 0 month 0 month 0 month 0 month 0

Storage Rent (Base Yr) $0 $0 $0 $0 $0 $0 $0 $0 $0

Annual Escalations 0% 0% 0% 0% 0% 0% 0% 0% 0%

Prking Rent (Base Yr) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Annual Escalations 0% 0% 0% 0% 0% 0% 0% 0% 0%

DO NOT DELETE Total Equity Percentage Rent 0% 0% 0% 0% 0% 0% 0% 0% 0%

MANUAL SCHEDULE Assumptions Tab $2,581,026 Gross Sales $0 $0 $0 $0 $0 $0 $0 $0 $0

IMPORTED PROJECT SCHEDULE Capital Structure Tab $2,581,026 Gross Sales Grwth 0% 0% 0% 0% 0% 0% 0% 0% 0%

1 Cash Flow Tab $2,581,026 O&M Expenses $0.68 $0 $0 $0 $0 $0 $0 $0 $0

Waterfall #1 Tab $2,581,026 Annual CAM Expenses $1.00 $0 $0 $0 $0 $0 $0 $0 $0DO NOT DELETE Partnership Structure Tab $2,581,026 CAM Expense Growth 3% $0 $0 $0 $0 $0 $0 $0 $0

QUICK AND DIRTY Admin Fee (%) 5.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

DETAILED INPUT Real Estate Taxes $0.03 $0 $0 $0 $0 $0 $0 $0 $0

2 Electricity $0.00 $0 $0 $0 $0 $0 $0 $0 $0

Leasing Commissions 3% 0% 0% 0% 0% 0% 0% 0% 0%

DO NOT DELETE Total Leasing Costs 0% 0% 0% 0% 0% 0% 0% 0% 0%

Anchor LC Terms 1stYr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent 1st Yr Rent

In-Line LC Lead Time 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

- Options Terms 0 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s) 0 term(s)

Option Term Length 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

Option Rent Steps

DO NOT DELETE Probability of Renewal 0% 0% 0% 0% 0% 0% 0% 0% 0%


14/37

C Redevelopmenta i l Annua l Summa r y - Sou r c e s and Uses o f Funds

Year: 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

OF FUNDS Total

Acq. Costs $2,101,000 89,082 - 2,011,918 - - - - - - - - - - - - -

osts w/Cont., excl. TIs $23,511,616 - - 4,030,563 15,450,490 4,030,563 - - - - - - - - - - -Directed Hard Costs $0 - - - - - - - - - - - - - - - -

$0 - - - - - - - - - - - - - - - -

etail TIs $322,050 - - - - 322,050 - - - - - - - - - - -ard Costs $23,988,266 - - 4,030,563 15,450,490 4,507,213 - - - - - - - - - - -

easing Com. and L.C.'s $808,097 - - - 697,815 110,282 - - - - - - - - - - -

per Fee $0 - - - - - - - - - - - - - - - -on Reserve $436,424 - - - 72,451 363,974 - - - - - - - - - - -er Soft Costs $2,342,710 768,594 768,594 559,726 128,241 117,555 - - - - - - - - - - -oft Costs $3,587,231 768,594 768,594 559,726 898,507 591,810 - - - - - - - - - - -

ts Contingency $0 - - - - - - - - - - - - - - - -

ev Costs for Funding $29,676,497 857,676 768,594 6,602,207 16,348,998 5,099,022 - - - - - - - - - - -

ng Costsction Debt Financingnded) F.E. Loan Fee $284,226 - - 284,226 - - - - - - - - - - - - -nded) L.F. at Loan Draws $29,000 - - 9,000 12,000 8,000 - - - - - - - - - - -nded) Loan Int. Res. $932,786 - - 65,375 410,347 457,065 - - - - - - - - - - -t. -paid in Cash $355,172 - - - - 355,172 - - - - - - - - - - -ecording Tax - Cash $213,169 - - 213,169 - - - - - - - - - - - - -inancing Costs $1,814,354 - - 571,770 422,347 820,237 - - - - - - - - - - -

before Op. Deficit $31,490,850 857,676 768,594 7,173,977 16,771,344 5,919,259 - - - - - - - - - - -

ing Deficit $0 - - - - - - - - - - - - - - - -

Development Costs (TDC) $31,490,850 857,676 768,594 7,173,977 16,771,344 5,919,259 - - - - - - - - - - -

v. Less Int. $61,393,374 - - - (72,451) 678,481 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 54,251,002 -

CES OF FUNDS

or Equityroject Costs Draw $774,308 257,303 230,578 286,427 - - - - - - - - - - - - -

Fin. Deficit Draw $0 - - - - - - - - - - - - - - - -fi Dev Cost Draw $0 - - - - - - - - - - - - - - - -

hortfall Draw $0 - - - - - - - - - - - - - - - -Spons o r F und i ng $774,308 257,303 230,578 286,427 - - - - - - - - - - - - -

Party Inv Equityroject Costs Draw $1,806,718 600,373 538,016 668,329 - - - - - - - - - - - - -

Fin. Deficit Draw $0 - - - - - - - - - - - - - - - -fi Dev. Costs Draw $0 - - - - - - - - - - - - - - - -

ortfall Draw $0 - - - - - - - - - - - - - - - -P a r t y I n v E q u i t y F u n d i n g $1,806,718 600,373 538,016 668,329 - - - - - - - - - - - - -

quity Draws $2,581,026 857,676 768,594 954,756 - - - - - - - - - - - - -

Loanroject Costs Draw $26,963,933 - - 5,647,451 16,348,998 4,967,484 - - - - - - - - - - -es - Front End $284,226 - - 284,226 - - - - - - - - - - - - -es - At Loan Draws $29,000 - - 9,000 12,000 8,000 - - - - - - - - - - -Interest Reserve $932,786 - - 65,375 410,347 457,065 - - - - - - - - - - -

terest Payments, if any $355,172 - - - - 355,172 - - - - - - - - - - -epayment From Refi ($28,423,114) - - - - (28,423,114) - - - - - - - - - - -epay Dispose of Retail & Office $0 - - - - - - - - - - - - - - - -rom Shortfall Equity Draw $0 - - - - - - - - - - - - - - - -

s of Funds after Defi. & LDC Funds $31,336,793 857,676 768,594 7,173,977 16,771,344 5,765,202 - - - - - - - - - - -1 2 7 10 11 12 1 1 1


15/37

C Redevelopmenta i l Annua l Summ a r y - Cash F l ow

41305 41670 42035 42400 42766 43131 43496 43861 44227 44592 44957 45322 45688 46053 46418 46783

TotalParking & Other GPR $31,087,571 - - - 174,169 2,848,760 2,979,118 2,979,118 2,979,118 2,996,534 3,219,077 3,223,130 3,223,130 3,223,130 3,242,288 - -ncy ($1,554,379) - - - (8,708) (142,438) (148,956) (148,956) (148,956) (149,827) (160,954) (161,156) (161,156) (161,156) (162,114) - -il Rent Concessions ($1,428,020) - - - (174,169) (1,253,851) - - - - - - - - - - -Parking R.I. $28,105,173 - - - (8,708) 1,452,471 2,830,162 2,830,162 2,830,162 2,846,708 3,058,123 3,061,973 3,061,973 3,061,973 3,080,174 - - Reimb. $8,316,348 - - - 43,819 687,174 733,171 754,362 776,189 798,671 821,827 845,678 870,244 905,647 1,079,566 - -Parking EGI $36,421,520 - - - 35,111 2,139,645 3,563,333 3,584,524 3,606,351 3,645,378 3,879,950 3,907,651 3,932,217 3,967,620 4,159,740 - -

dit Loss ($310,876) - - - (1,742) (28,488) (29,791) (29,791) (29,791) (29,965) (32,191) (32,231) (32,231) (32,231) (32,423) - -perating Income $36,110,645 - - - 33,369 2,111,157 3,533,542 3,554,733 3,576,560 3,615,413 3,847,760 3,875,420 3,899,986 3,935,389 4,127,317 - -

M & RE Taxes ($7,539,808) - - - (105,820) (628,242) (656,599) (675,449) (694,864) (714,862) (735,460) (756,675) (778,528) (811,134) (982,175) - -il CapEx Reserve ($149,994) - - - - (4,631) (14,309) (14,738) (15,180) (15,635) (16,104) (16,588) (17,085) (17,598) (18,126) - -NOI after CapEx Res. $28,420,843 - - - (72,451) 1,478,285 2,862,634 2,864,546 2,866,515 2,884,916 3,096,195 3,102,157 3,104,373 3,106,656 3,127,017 - -

venue Before D.S. $28,955,941 - - - (72,451) 1,230,519 2,945,113 2,947,025 2,948,994 2,967,395 3,186,235 3,192,884 3,195,100 3,197,383 3,217,744 - -

ash D.S. Exp.* $21,813,569 - - - - 552,038 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 2,362,392 - -

pital EventsParking Sale, Net $0 - - - - - - - - - - - - - - - -

mily Dev. Rights $0 - - - - - - - - - - - - - - - -ents Rev., Net $0 - - - - - - - - - - - - - - - -

v. After D.S. $7,142,372 - - - (72,451) 678,481 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 - -

ing Cash Flows **or Equity Draw ($774,308) (257,303) (230,578) (286,427) - - - - - - - - - - - - -in. Deficits Draw $0 - - - - - - - - - - - - - - - -cing Shortfall Draw $0 - - - - - - - - - - - - - - - -v. Cost Draws $0 - - - - - - - - - - - - - - - -

Party Inv Equity ($1,806,718) (600,373) (538,016) (668,329) - - - - - - - - - - - - -in. Deficits Draw $0 - - - - - - - - - - - - - - - -cing Shortfall Draw $0 - - - - - - - - - - - - - - - -velopment Cost Draws $0 - - - - - - - - - - - - - - - -

aid To Late Dev. Costs $0 - - - - - - - - - - - - - - - -

Loan Draw 26,963,933 - - 5,647,451 16,348,998 4,967,484 - - - - - - - - - - -Loan Repayment (28,423,114) - - - - (28,423,114) - - - - - - - - - - -

ent Loan Proceeds $32,058,303 - - - - 32,058,303 - - - - - - - - - - -oan Repay Retail Sale * $0 - - - - - - - - - - - - - - - -t Levered Cash Flow $8,289,856 (857,676) (768,594) (954,756) - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 - -


16/37

RedevelopmentEqu i t y J o i n t Ven t u r e Pa r t ne r s h i p P r o f i t Sha r i ng Cas h F l ow Pa r t i t i o n i ng S t r u c t u r e

Internal Rate of Return Ranges/Hurdle Sponsor Sponsor TotalSponsor hirdParty Inv TotalEquity ProRata Share Promote Profit Share Profit Share (mustbe 100%)

reerred eturn 0% through 8.00% 30.00% 0.00% 30.00% 70.00% 100.00%e s du a p t Above 8.00% 30.00% 52.50% 82.50% 17.50% 100.00%

sh Requ i r em en t s Sh a r e Am ou n t

92% $28,422,5718% $2,581,026

Requirment 100% $31,003,597

ect Equ i t y % Sp l i t Con t r i b u t i o n

70.00% $1,806,71830.00% $774,308

ct Equity 100.00% $2,581,026

P r e f e r r ed Re t u r n on Equ i t y

8.00%8.00%

o f Ex c es s Cas h F l ows A f t e r ROC & P r e f

r Tier1rdle Above 8.00%re ofTier 82.50%nv Share ofTier 17.50%WS ANDRETURNS

Totals Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27($1,806,718) - (600,373) (538,016) (668,329) - - - - - - - - - - - -

pitalandPreferred Return Distribution $2,358,865 - - - - - 2,358,865 - - - - - - - - - -alDistribution $5,196,411 - - - - - 168,828 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722ow $5,748,557 - (600,373) (538,016) (668,329) - 2,527,693 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722y Inv IRR (Monthly CF) 21%n InvestedEquity 4.18x

Totals Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27($774,308) - (257,303) (230,578) (286,427) - - - - - - - - - - - -

pitalandPreferred Return Distribution ($1,010,942) - - - - - (1,010,942) - - - - - - - - - -alDistribution $24,497,364 - - - - - 795,905 480,744 482,322 483,947 499,127 679,670 685,155 686,984 688,868 705,665 18,308,977ow $22,712,114 - (257,303) (230,578) (286,427) - (215,037) 480,744 482,322 483,947 499,127 679,670 685,155 686,984 688,868 705,665 18,308,977

RR (Mnthly CFs) 50%n InvestedEquity 32.94x

Totals Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27

tInvestedEquity ($2,581,026) - (857,676) (768,594) (954,756) - - - - - - - - - - - -tDistributions,Gross $33,063,582 - - - - - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699t Equity Flows $30,482,556 - (857,676) (768,594) (954,756) - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699y Inv Investme ($1,806,718) - (600,373) (538,016) (668,329) - - - - - - - - - - - -Ca pi t a l & P r ef Ret u rn I RR t h roug h: 8.0%e $0 - 3,731,904 10,786,998 21,242,256 25,325,419 24,730,031 - - - - - - - - - -nv Injections $1,806,718 - 600,373 538,016 668,329 - - - - - - - - - - - -nv Accruals $552,147 - 24,011 69,404 136,673 162,945 159,114 - - - - - - - - - -

f.Return AccrualDist. ($2,358,865) - - - - - (2,358,865) - - - - - - - - - -e $0 - 4,356,288 11,394,417 22,047,259 25,488,364 22,530,280 - - - - - - - - - -

y Inv Investme ($1,806,718) - (600,373) (538,016) (668,329) - - - - - - - - - - - -y Inv Distributi $2,358,865 - - - - - 2,358,865 - - - - - - - - - -y Inv CF Net 70.00% $552,147 - (600,373) (538,016) (668,329) - 2,358,865 - - - - - - - - - -quity CF 30.00% $1,010,942 - - - - - 1,010,942 - - - - - - - - - -

gCash toDistri $29,693,775 - - - - - 964,734 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699

I RR above: 8.0%y Inv CF 17.50% $5,196,411 - - - - - 168,828 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722quity CF 30.00% $8,908,135 - - - - - 289,420 174,816 175,390 175,981 181,501 247,153 249,147 249,812 250,497 256,606 6,657,812romoteCF 52.50% $15,589,229 - - - - - 506,485 305,928 306,932 307,966 317,626 432,517 436,008 437,172 438,370 449,060 11,651,165

gCash toDistribute $0 - - - - - - - - - - - - - - - -SUMMARYc t Cas h F l ow

34.59%30,482,556 - (857,676) (768,594) (954,756) - 4,334,541 582,720 584,632 586,602 605,002 823,843 830,491 832,708 834,991 855,352 22,192,699

quity $2,581,026 - (857,676) (768,594) (954,756) - - - - - - - - - - - -e 12.81x

y I n v Cas h F l o

21.40%$5,748,557 - (600,373) (538,016) (668,329) - 2,527,693 101,976 102,311 102,655 105,875 144,172 145,336 145,724 146,123 149,687 3,883,722

quity $1,806,718 - (600,373) (538,016) (668,329) - - - - - - - - - - - -e 4.18x

as h F l ow

ections ($774,308) - (257,303) (230,578) (286,427) - - - - - - - - - - - -uityCashFlow $9,919,077 - - - - - 1,300,363 174,816 175,390 175,981 181,501 247,153 249,147 249,812 250,497 256,606 6,657,812mote CashFlow $15,589,229 - - - - - 506,485 305,928 306,932 307,966 317,626 432,517 436,008 437,172 438,370 449,060 11,651,165low $24,733,998 - (257,303) (230,578) (286,427) - 1,806,848 480,744 482,322 483,947 499,127 679,670 685,155 686,984 688,868 705,665 18,308,977

49.80%quity $774,308e 32.94x

30.00%

82.50%

70.00%

17.50%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%


Developer & Third Party Investor Share of Profit


17/37

ABC RedevelopmentRet a i l Pa r k i n g I n c om e Pr o j ec t i o n - T oda y ' s Va l u es

M o n t h l y C o n t r a ct s

GPR of Monthly With Vacancy

Contracts

Number of Striped Spots 44 spots 44 spots

Spots per 1,000 Rentable SF 0.00 spots 0.00 spots

Average Monthly Contract Parking Rate (Today) $0 $0

% of Monthly Contracts Sold 0% 0%

Monthly Contract Parking Revenues $0 $0 Total GPR Assuming

Annual Monthly Contract Revenues $0 $0 Monthly Contracts at

Less Than 100% and

Public Occupancy

Pu b l i c Pa r k i n g at 100%

GPR of Public

Parking

% of Monthly Contract Spots not utilized per Day 100% 100%

Total # of Spots available for lease per Day 44 spots 44 spots

Daily Parking Rate (Today) $12.50 $12.50

Occupancy Rate on Daily Spaces 75% 100%

Total Daily Revenue per Day $413 $550

# of Work Days per Year 260 260

Total Annual "Daily" Revenue $107,250 $143,000

Total Annual Revenue $0 $107,250 $143,000

Profit Margin To Owner After Operator Costs 75% 75% 75%

Net Annual Parking Income $0 $80,438 $107,250

Estimated Annual Vacancy Loss $26,813


18/37

Whole Foods Retail Lease Summary

Anytown USA

Lease Terms:

Rentable Area 55,000 SFTerm 20.00 years 240 months

ng per 1K RSF & Total 0.00 spots 0.00 spotsMthly Parking Rent/Spot $0.00Type NNNent 0.58 years 7 monthslowance $0 $0.00 PSFLandlord Con $0 $0.00 PSF

Free Rent CalendarFree Rent At BegYr 7 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 month

Free Rent At EOY 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 month

l & Ave Rental Rates: Annual Average Projection Rent Step at Beg Yr - - - - - 10.0% - - - - 10.0Base Year Escalation Annual Rate Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 1

Rent, PSF $38.00 0.00% $40.91 Base Rent, PSF 38.00 38.00 38.00 38.00 38.00 41.80 41.80 41.80 41.80 41.80 45.98ng Rent, PSF $0.00 0.00% $0.00 Parking Rent, PSF - - - - - - - - - - -e Rent, PSF $0.00 0.00% $0.00 Storage Rent, PSF - - - - - - - - - - -ursables, PSF $10.70 $11.81 Reimbursables, PSF 9.56 9.84 10.12 10.41 10.72 11.03 11.35 11.68 12.01 14.57 14.97

ntage Rent, PSF 0.00% $0.00 $0.00 Percentage Rent, PSF - - - - - - - - - - -Rent & Reimb $48.70 Total Rent & Reimb 47.56 47.84 48.12 48.41 48.72 52.83 53.15 53.48 53.82 56.37 60.95&M Expenses, PSF $8.20 3.00% ($9.70) Less O&M Expenses, PSF (8.20) (8.45) (8.70) (8.96) (9.23) (9.51) (9.79) (10.08) (10.39) (10.70) (11.02AM $1.00 $1.00 3.00% Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27) (1.30) (1.34

Management Fee, % 3.00% $1.14 Less Management Fee, % (1.14) (1.14) (1.14) (1.14) (1.14) (1.25) (1.25) (1.25) (1.25) (1.25) (1.38dmin Fee 0.00% $0.00 Less Admin Fee - - - - - - - - - - -eal Estate Taxes, PSF $0.36 3.00% ($0.92) Less RE Taxes, PSF (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (2.56) (2.60lectricity, PSF $0.00 3.00% $0.00 Less Electricity, PSF - - - - - - - - - - -

al Inc Net Exp, PSF $38.00 PSF $39.69 PSF Annual Inc Net Exp, PSF 36.86 36.86 36.86 36.86 36.86 40.55 40.55 40.55 40.55 40.55 44.60al Inc Net of Exp $2,090,022 $2,182,749 Annual Inc Net of Exp $2,027,321 $2,027,321 $2,027,321 $2,027,321 $2,027,321 $2,230,053 $2,230,053 $2,230,053 $2,230,053 $2,230,053 $2,453,05thly Lease Inc $174,169 $181,896 Ave Mthly Lease Inc $168,943 $168,943 $168,943 $168,943 $168,943 $185,838 $185,838 $185,838 $185,838 $185,838 $204,422

Average

r Cash Impacts: Value Base Year Annual Rate Other Cash Impacts:Rent 7 mths ($22.17) ($1.85) Free Rent (22.17) - - - - - - - - - -

Allowance $0 $0.00 $0.00 T.I. Allowance -2.05% $449,877 ($8.18) ($8.18) L.C. (8.18)

er Concession $0.00 $0.00 Other Concessions -ff. Rent w/% Rent $7.65 PSF $29.66 PSF Net CF PSF 6.51 36.86 36.86 36.86 36.86 40.55 40.55 40.55 40.55 40.55 44.60Rent $29.66 PSF

Net Cash Flow $19,617,817Net Cash Flow 10.00% $11,416,875 Total Ann CF $358,265 $2,027,321 $2,027,321 $2,027,321 $2,027,321 $2,230,053 $2,230,053 $2,230,053 $2,230,053 $2,230,053 $2,453,05

Retail Tenant Summary

($20.00)

($10.00)

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12

Base Rent, PSF Parking Rent, PSF Storage Rent, PSF Reimbursables, PSF Percentage Rent, PSF

L es s O &M Ex pe ns es , P SF L es s M an ag em en t F ee , % L es s R E T ax es , PS F L es s E le ctr ic it y, PS F Ne t C F P SF


19/37

CVS Retail Lease Summary

Anytown USA

asic Lease Terms:

ase Rentable Area 11,000 SF

ase Term 30.00 years 359 months

rking per 1K RSF & Total 0.00 spots 0.00 spots

itial Mthly Parking Rent/Spot $0.00

ase Type NNN

ee Rent 0.33 years 4 months

. Allowance $0 $0.00 PSF

her Landlord Con $0 $0.00 PSF

Free Rent Calendar

Free Rent At BegYr 4 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

Free Rent At EOY 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

itial & Ave Rental Rates: Annual Average Projection Rent Step at Beg Yr - - - - - - - - - - -

Base Y ear Esc alation Annual Rate Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11

se Rent, PSF $49.00 0.00% $49.00 Base Rent, PSF 49.00 49.00 49.00 49.00 49.00 49.00 49.00 49.00 49.00 49.00 49.00

rking Rent, PSF $0.00 0.00% $0.00 Parking Rent, PSF - - - - - - - - - - -

orage Rent, PSF $0.00 0.00% $0.00 Storage Rent, PSF - - - - - - - - - - -

imbursables, PSF $11.08 $11.54 Reimbursables, PSF 9.61 9.89 10.17 10.47 10.77 11.08 11.41 11.74 12.08 14.63 15.07

rcentage Rent, PSF 0.00% $0.00 $0.00 Percentage Rent, PSF - - - - - - - - - - -

otal Rent & Reimb $60.08 Total Rent & Reimb 58.61 58.89 59.17 59.47 59.77 60.08 60.41 60.74 61.08 63.63 64.07

ss O&M Expenses, PSF $8.20 3.00% ($9.55) Less O&M Expenses, PSF (8.20) (8.45) (8.70) (8.96) (9.23) (9.51) (9.79) (10.08) (10.39) (10.70) (11.02)

ss CAM $1.00 3.00% ($1.16) Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27) (1.30) (1.34)

ss Management Fee, % 3.00% $1.47 ($1.47) Less Management Fee, % (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47) (1.47)

ss Admin Fee 5.00% $0.05 ($0.06) Less Admin Fee (0.05) (0.05) (0.05) (0.05) (0.06) (0.06) (0.06) (0.06) (0.06) (0.07) (0.07)

ss Real Estate Taxes, PSF $0.36 3.00% ($0.77) Less RE Taxes, PSF (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (2.56) (2.64)

ss Electricity, PSF $0.00 3.00% $0.00 Less Electricity, PSF - - - - - - - - - - -

nnual Inc Net Exp, PSF $49.00 PSF $15.84 PSF Annual Inc Net Exp, PSF 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53

nnual Inc Net of Exp $538,996 $174,275 Annual Inc Net of Exp $ 522, 82 6 $52 2, 826 $522, 826 $ 522, 82 6 $52 2, 826 $522, 826 $ 522, 82 6 $52 2, 826 $522, 826 $522, 826 $522, 826

e Mthly Lease Inc $44,916 $14,523 Ave Mthly Lease Inc $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569 $43,569

Average

her Cash Impacts: Value Base Year Annual Rate Other Cash Impacts:

Free Rent 4 mths ($16.33) ($1.48) Free Rent (16.33) - - - - - - - - - -

T.I. Allowance $0 $0.00 $0.00 T.I. Allowance -

L.C. 4.60% $247,938 ($22.54) ($22.54) L.C. (22.54)

Other Concession $0.00 $0.00 Other Concessions -

et Eff. Rent w/% Rent $10.13 PSF ($8.18) PSF Net CF PSF 8.66 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53 47.53

/o % Rent ($8.18) PSF

otal Net Cash Flow $4,800,654

PV Net Cash Flow 10.00% $2,823,808 Total Ann CF $95 ,223 $ 522, 82 6 $52 2, 826 $522, 826 $ 522, 82 6 $52 2, 826 $522, 826 $ 522, 82 6 $52 2, 826 $52 2, 826 $522 ,826


($20.00)

($10.00)

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00



L es s O &M Ex pe ns es , P SF Le ss Man age me nt Fee , % L es s R E T axes , P SF L es s E lec tr ic it y, PS F N et CF PSF


20/37


21/37

Pet Value Retail Lease Summary

Anytown USA

Basic Lease Terms:

Lease Rentable Area 3,200 SF

Lease Term 10.00 years 120 months

Parking per 1K RSF & Total 0.00 spots 0.00 spots

Initial Mthly Parking Rent/Spot $0.00

Lease Type NNN

Free Rent 0.08 years 1 months

T.I. Allowance $128,000 $40.00 PSF

Other Landlord Con $0 $0.00 PSF

Free Rent Calendar

Free Rent At BegYr 1 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

Free Rent At EOY 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

Initial & Ave Rental Rates: Annual Average Projection Rent Step at Beg Yr - - - - - 10.0% - - - -

Base Year Escalation Annual Rate Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10

Base Rent, PSF $35.00 0.00% $36.75 Base Rent, PSF 35.00 35.00 35.00 35.00 35.00 38.50 38.50 38.50 38.50 38.50

Parking Rent, PSF $0.00 0.00% $0.00 Parking Rent, PSF - - - - - - - - - -

Storage Rent, PSF $0.00 0.00% $0.00 Storage Rent, PSF - - - - - - - - - -

Reimbursables, PSF $10.71 $11.24 Reimbursables, PSF 9.66 9.94 10.23 10.52 10.83 11.14 11.47 11.80 12.14 14.71

Percentage Rent, PSF 0.00% $0.00 $0.00 Percentage Rent, PSF - - - - - - - - - -

Total Rent & Reimb $45.71 Total Rent & Reimb 44.66 44.94 45.23 45.52 45.83 49.64 49.97 50.30 50.64 53.21

Less O&M Expenses, PSF $8.20 3.00% ($9.40) Less O&M Expenses, PSF (8.20) (8.45) (8.70) (8.96) (9.23) (9.51) (9.79) (10.08) (10.39) (10.70)

Less CAM $1.00 3.00% ($1.15) Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27) (1.30)

Less Management Fee, % 3.00% $1.05 ($1.10) Less Management Fee, % (1.05) (1.05) (1.05) (1.05) (1.05) (1.16) (1.16) (1.16) (1.16) (1.16)

Less Admin Fee 10.00% $0.10 ($0.11) Less Admin Fee (0.10) (0.10) (0.11) (0.11) (0.11) (0.12) (0.12) (0.12) (0.13) (0.13)

Less Real Estate Taxes, PSF $0.36 3.00% ($0.58) Less RE Taxes, PSF (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (2.57)

Less Electricity, PSF $0.00 3.00% $0.00 Less Electricity, PSF - - - - - - - - - -

Annual Inc Net Exp, PSF $35.00 PSF $35.65 PSF Annual Inc Net Exp, PSF 33.95 33.95 33.95 33.95 33.95 37.35 37.35 37.35 37.35 37.35

Annual Inc Net of Exp $112,000 $114,072 Annual Inc Net of Exp 108,640 108,640 108,640 108,640 108,640 119,504 119,504 119,504 119,504 119,504

Ave Mthly Lease Inc $9,333 $9,506 Ave Mthly Lease Inc 9,053 9,053 9,053 9,053 9,053 9,959 9,959 9,959 9,959 9,959

Average

Other Cash Impacts: Value Base Year Annual Rate Other Cash Impacts:

Free Rent 1 mths ($2.92) ($0.29) Free Rent (2.92) - - - - - - - - -

T.I. Allowance $128,000 ($40.00) ($4.00) T.I. Allowance (40.00)

L.C. 3.00% $35,280 ($11.03) ($11.03) L.C. (11.03)


Net Eff. Rent w/% Rent ($18.94) PSF $20.33 PSF Net CF PSF (19.99) 33.95 33.95 33.95 33.95 37.35 37.35 37.35 37.35 37.35

w/o % Rent $20.33 PSF

Total Net Cash Flow $968,107

NPV Net Cash Flow 10.00% $536,196 Total Ann CF ($63,973) $ 108, 64 0 $10 8, 640 $108, 640 $ 108, 64 0 $11 9, 504 $119, 504 $ 119, 50 4 $11 9, 504 $119 ,504


($30.00)

($20.00)

($10.00)

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10


L es s O &M Ex pen ses , P SF L es s Ma nag em ent Fe e, % L es s R E T axes , P SF L es s E lec tri ci ty , P SF Ne t C F P SF


22/37

Corner Bakery Retail Lease Summary

Anytown USA

c Lease Terms:

Rentable Area 4,000 SF

Term 10.00 years 120 months

ng per 1K RSF & Total 0.00 spots 0.00 spots

l Mthly Parking Rent/Spot $0.00

Type NNN

Rent 0.08 years 1 months

llowance $160,000 $40.00 PSF

Landlord Con $0 $0.00 PSF

Free Rent Calendar

Free Rent At BegYr 1 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 m

Free Rent At EOY 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 m

al & Ave Rental Rates: Annual Average Projection Rent Step at Beg Yr - - - - - 10.00% - - - Bas e Year Escalati on Annual Rate Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Y

Rent, PSF $42.50 0.00% $44.63 Base Rent, PSF 42.50 42.50 42.50 42.50 42.50 46.75 46.75 46.75 46.75 4

ng Rent, PSF $0.00 0.00% $0.00 Parking Rent, PSF - - - - - - - - -

ge Rent, PSF $0.00 0.00% $0.00 Storage Rent, PSF - - - - - - - - -

bursables, PSF $10.94 $11.24 Reimbursables, PSF 9.66 9.94 10.23 10.52 10.83 11.14 11.47 11.80 12.14 1

ntage Rent, PSF 0.00% $0.00 $0.00 Percentage Rent, PSF - - - - - - - - -

l Rent & Reimb $53.44 Total Rent & Reimb 52.16 52.44 52.73 53.02 53.33 57.89 58.22 58.55 58.89 6

O&M Expenses, PSF $8.20 3.00% ($9.40) Less O&M Expenses, PSF (8.20) (8.45) (8.70) (8.96) (9.23) (9.51) (9.79) (10.08) (10.39) (1

CAM $1.00 3.00% ($1.15) Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27)

Management Fee, % 3.00% $1.28 ($1.34) Less Management Fee, % (1.28) (1.28) (1.28) (1.28) (1.28) (1.40) (1.40) (1.40) (1.40)

Admin Fee 10.00% $0.10 ($0.11) Less Admin Fee (0.10) (0.10) (0.11) (0.11) (0.11) (0.12) (0.12) (0.12) (0.13)

Real Estate Taxes, PSF $0.36 3.00% ($0.58) Less RE Taxes, PSF (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36)

Electricity, PSF $0.00 3.00% $0.00 Less Electricity, PSF - - - - - - - - -

ual Inc Net Exp, PSF $42.50 PSF $43.29 PSF Annual Inc Net Exp, PSF 41.23 41.23 41.23 41.23 41.23 45.35 45.35 45.35 45.35 4

ual Inc Net of Exp $170,000 $173,145 Annual Inc Net of Exp 164,900 164,900 164,900 164,900 164,900 181,390 181,390 181,390 181,390 181

Mthly Lease Inc $14,167 $14,429 Ave Mthly Lease Inc 13,742 13,742 13,742 13,742 13,742 15,116 15,116 15,116 15,116 15

Average

r Cash Impacts: Value Base Year Annual Rate Other Cash Impacts:

e Rent 1 mths ($3.54) ($0.35) Free Rent (3.54) - - - - - - - -

Allowance $160,000 ($40.00) ($4.00) T.I. Allowance (40.00)

3.00% $53,550 ($13.39) ($13.39) L.C. (13.39)

er Concession $0.00 $0.00 Other Concessions -

Eff. Rent w/% Rent ($14.43) $25.54 PSF Net CF PSF (15.70) 41.23 41.23 41.23 41.23 45.35 45.35 45.35 45.35 4

% Rent $25.54 PSF

l Net Cash Flow $1,503,733

Net Cash Flow 10.00% $845,038 Total Ann CF ($62,817) $164,900 $164,900 $164,900 $164,900 $181,390 $181,390 $181,390 $181,390 $181


($20.00)

($10.00)

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10


Le ss O&M E xp en se s, PSF Le ss Man age me nt Fe e, % Le ss RE Tax es, PSF Le ss El ectr ici ty, PSF N et CF PSF


23/37

Office Office Lease Summary

Anytown USA

Basic Lease Terms:

Lease Rentable Area 3,865 SF

Lease Term 10.00 years 120 months

Parking per 1K RSF & Total 0.00 spots 0.00 spots

Initial Mthly Parking Rent/Spot $0.00

Lease Type NNN

Free Rent 3865.00 years 1 months

T.I. Allowance $154,600 $40.00 PSF

Other Landlord Con $0 $0.00 PSF

Free Rent Calendar

Free Rent At BegYr 1 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

Average Free Rent At EOY 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months 0 months

Initial & Ave Rental Rates: Base Annual Annual Projection Rent Step at Beg Yr - - - - - 10.00% - - - - 10.00%

Year Escalation Rate Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11

Base Rent, PSF $22.00 0.00% $23.10 Base Rent, PSF 22.00 22.00 22.00 22.00 22.00 24.20 24.20 24.20 24.20 24.20 -

Parking Rent, PSF $0.00 0.00% $0.00 Parking Rent, PSF - - - - - - - - - - -

Storage Rent, PSF $0.00 0.00% $0.00 Storage Rent, PSF - - - - - - - - - - -

Reimbursables, PSF $10.18 $10.87 Reimbursables, PSF 9.52 9.80 10.08 10.37 10.67 10.98 11.30 11.63 11.96 12.42 -

Percentage Rent, PSF 0.00% $0.00 $0.00 Percentage Rent, PSF - - - - - - - - - - -

Total Rent & Reimb $32.18 Total Rent & Reimb 31.52 31.80 32.08 32.37 32.67 35.18 35.50 35.83 36.16 36.62 -

Less O&M Expenses, PSF $8.16 3.00% ($9.35) Less O&M Expenses, PSF (8.16) (8.40) (8.66) (8.92) (9.18) (9.46) (9.74) (10.04) (10.34) (10.65) (10.97)

Less CAM $1.00 3.00% ($1.15) Less CAM (1.00) (1.03) (1.06) (1.09) (1.13) (1.16) (1.19) (1.23) (1.27) (1.30) (1.34)

Less Management Fee, % 3.00% $0.66 ($0.69) Less Management Fee, % (0.66) (0.66) (0.66) (0.66) (0.66) (0.73) (0.73) (0.73) (0.73) (0.73) -

Less Admin Fee Less Admin Fee

Less Real Estate Taxes, PSF $0.36 3.00% ($0.37) Less RE Taxes, PSF (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.36) (0.47) (0.48)

Less Electricity, PSF $0.00 3.00% $0.00 Less Electricity, PSF - - - - - - - - - - -

Annual Inc Net Exp, PSF $22.00 PSF $22.41 PSF Annual Inc Net Exp, PSF 21.34 21.34 21.34 21.34 21.34 23.47 23.47 23.47 23.47 23.47 (12.79)

Annual Inc Net of Exp $85,030 $86,603 Annual Inc Net of Exp ######### $82,479 $82,479 $82,479 $82,479 $90,727 $90,727 $90,727 $90,727 $90,727 ($49,452) (

Ave Mthly Lease Inc $7,086 $7,217 Ave Mthly Lease Inc $6,873 $6,873 $6,873 $6,873 $6,873 $7,561 $7,561 $7,561 $7,561 $7,561 ($4,121)

Base Average

Other Cash Impacts: Value Year Annual Rate Other Cash Impacts:

Free Rent 1 mths ($1.83) ($0.18) Free Rent (1.83) - - - - - - - - - -

T.I. Allowance ######## ($40.00) ($4.00) T.I. Allowance (40.00)

L.C. 3.00% $26,784 ($6.93) ($6.93) L.C. (6.93)


Net Eff. Rent w/% Rent ######### $11.29 PSF Net CF PSF (27.42) 21.34 21.34 21.34 21.34 23.47 23.47 23.47 23.47 23.47 (12.79)

w/o % Rent $11.29 PSF

Total Net Cash Flow $677,560

NPV Net Cash Flow 10.00% $354,876 Total Ann CF ($105,991) $82,479 $82,479 $82,479 $82,479 $90,727 $90,727 $90,727 $90,727 $90,727 ($49,452) (

Reta Tenant Summary

($40.00)

($30.00)

($20.00)

($10.00)

$0.00

$10.00

$20.00

$30.00



Le ss O &M E xpe ns es , P SF L es s R E T ax es , P SF L es s E lec tr ic it y, P SF N et C F P SF


24/37

ABC Redevelopment Total Gross SF 390,213 RSFA p a r t m e n t U n i t a n d M i x D et a i l s Total Apt Rentable SF 247,089 RSF Unit Size 843 RSF Annual Rent PSF $38.68

Expected Units 293 Units Monthly Rent PSF $3.22 Average Monthly Rent $2,719

Ma r k e t Ra t e Comp o n e n t

Unit Type Annual

O & M

Expenses

GSF

Annual

Service

Charge

GSF

Average

Rent /

Month

Average

Unit Size

Monthly Rent PSF # of Units % of

To t a l

U n i t s

RSF Monthly Revenues

by Unit Type

Share of

Revenues by Uni

Type

$5.47 $0.00

Studio $5.47 $0.00 $2,055 575 RSF $3.57 3% 8 3% 4,600 RSF $16,437 2%

1 Bd / 1 Ba $5.47 $0.00 $2,298 672 RSF $3.42 46% 135 46% 90,720 RSF $310,213 39%

1 Bd / 1 Ba w/Den $5.47 $0.00 $2,700 884 RSF $3.05 13% 39 13% 34,476 RSF $105,301 13%

2 Bd / 2 Ba $5.47 $0.00 $3,062 1,058 RSF $2.89 29% 85 29% 89,930 RSF $260,239 33%

PH Studio $5.47 $0.00 $2,466 550 RSF $4.48 0% 1 0% 550 RSF $2,466 0%

PH 1 Bd / 1 Ba $5.47 $0.00 $3,008 730 RSF $4.12 1% 2 1% 1,460 RSF $6,016 1%

PH 1 Bd / 1 Ba w/Den $5.47 $0.00 $3,276 867 RSF $3.78 1% 3 1% 2,601 RSF $9,829 1%

PH 2 Bd / 2 Ba $5.47 $0.00 $3,892 1,047 RSF $3.72 5% 14 5% 14,658 RSF $54,491 7%

PH 2 Bd / 2.5 Ba w/Den $5.47 $0.00 $5,260 1,349 RSF $3.90 2% 6 2% 8,094 RSF $31,559 4%

TOTAL $5.47 $0.00 843 RSF $3.22 293 100% 247,089 RSF $796,551 100%

GRAND TOTAL 293 100% 247,089 RSF $796,551

Oper a t i n g Exp en ses a n d RE Taxes - Per U n i t Per Yea r B u i l d i n g -w i d e B l en d ed A v er a ges - M a r k et Ra t e U n i t s

Management $1,082 Assessed Value At Delivery Unit Size 843 R

Administration $549 Tax Rate 1.34% $4,110,746 32.00% PDR Monthly Rent PSF $3.2

Payroll $2,090 10 Year RE Tax Freeze Annual Rent PSF $38.6

Utilities $931 Average Monthly Rent/Unt $2,71

Other $361 Assessed Value After Tax Freeze

Repair & Maint. $1,205 Tax Rate 1.34% # months of ren

Insurance $329 32.00% PDR Initial Leasing Commissions 0.

Taxes $188.00 5.5% Cap Rate Ongoing Leasing Commissions 0.

Rental Expense $493 Assessed Value: $49,372,585

Total OpEx $7,227 Ann RE Tax: $661,593

$8,485,913 Ann NOI


25/37

ABC RedevelopmentA p a r t m e n t C a p i t a l S t r u c t u r e (Bar heights are illustrative and are not to scale.)

% Equity % TDC Equity % TDC Debt % TDC Amount * Total Equity Total Debt * Deficits

Funded

By Equity

Equity Investment

incl. Deficit

Liabilities % TDC

Actual %

Dev Equity+ 30.00% 5.91% $7,260,000 $7,260,000

Dev Equity + 5.91%

3rd Party Equity+ 70.00% 13.79% $16,940,000 $16,940,000 3rd Party Equity + 13.79%

Const. Loan ** 80.30% 80.30% $98,635,762 $98,635,762

$24,200,000

Const. Loan ** 80.30%

Property Cash Flow As Source of Funds 0.00%

Sources of Funds (TDC) 100.00% 100.00% $122,835,762 100.00%

Sources of Funds From Above 122,835,762$

Property Cash Flow As Source of Funds 0

Total Sources of Funds 122,835,762$

$419,235/Unit

While the equity slices are shown stacked vertically, note that this is simply the graphic representation and does not imply that there is any Preferred equity in the transaction.

* The Senior Loan Amount on a residual basis after designating the dollar amounts of the other sources of funds.

** Principal Amount includes Funded Interest Reserve and Funded Loan Fees.

^ Equity amounts in this column do not include the pro-rata porti on of the Operating and Financing Deficits to be funded by the Equity in vestors. See Column S for adjusted totals.

19.70% $24,200,000 $0


26/37

ABC Redevelopmentp a r t m en t P a r t n e r s h i p St r u c t u r e

o t a l R equ i r e d Equ i t y ( Pu r c ha s e + Ope r a t i o n )


ponsor/Developer 30.00% $7,260,000

hird Party Investor 70.00% $16,940,000

100.00% $24,200,000

r o f i t S h a r i n g


Waterfall #1 8.00%

artnership Structure % Total Equity Sponsor Promote

Sponsor/Developer Equity 30.00% Sponsor/Developer Equity 30.00% 50.00% 20.00%

Investor 70.00% Investor Equity 70.00% 50.00%

Total 100.00% 100.00% 100.00%

ote: By its nature, the Preferred Return includes the Return of Capital.

Profit >>

Sharing >>

Splits >>


27/37

ABC Redevelopmentp a r t m e n t J o i n t V e n t u r e R e t u r n D e t a i l

Sponsor/

Deve loper Th ird Party Investor Total Project

uity Investment $7,260,000 $16,940,000 $24,200,000

Share of Equity Investment 30.00% 70.00% 100.00%

oss Return $34,979,501 $53,419,639 $88,399,140

t Profit (Return on Equity) $27,719,501 $36,479,639 $64,199,140

ultiple on Equity 4.82x 3.15x 3.65x

ernal Rate of Return 16.42% 12.70% 14.01%

me from Equity Investment to Final Return

onths)

183 months 183 months 183 months

ofit Sharing Summary - Sponsor/Developer and Third Party Investor Profit Sharing Structure - Sponsor/Developer and Third Party Investor

Tier Sponsor/

Developer

Cashflow

Sponsor/

Developer Share

Third Party Investor

Cashflow


Share

Total Cashflow

Sponsor/

Developer Promote

Sponsor/

Developer

Equity Pro-Rata

Share

Investor Profit

Share

T

C and Pref Return $13,830,104 30% $32,270,243 70% $46,100,347 Preferred Return 0% through 8% 0% 30% 70%

r 1 $21,149,397 50% $21,149,397 50% $42,298,793 Residual Split Above 8% 20% 30% 50%

tal $34,979,501 40% $53,419,639 60% $88,399,140

ss Equity Investment ($7,260,000) 30% ($16,940,000) 70% ($24,200,000)

t Profit (Return on Equity) $27,719,501 43% $36,479,639 57% $64,199,140

IRR Hurdle Ranges

30%

70%

Share of Total Equity Investment

Sponsor Third Party Investor

43%

57%

Share of Total ProfitSponsor Third Party Investor

$27,719,501

$36,479,639

$0

$10,000,000

$20,000,000

$30,000,000


Sponsor



28/37

BC Redevelopment

UILDING PROFILE DEV'T USES OF FUNDS Deposit/Fee % Total Per GSF

operty Name ABC Redevelopment Anytown USA Land & Acq. Costs 2.00% Deposit 12.70% $49.25 $53,242/Unit $1

Purchase Penalty 0.50% of land purchase price

Square Footage TBD Avg Garage Floorplate TBD 15,30 0 SF Total Hard Costs 73.26% $284.10 $307,151/Unit $8

oss Bldg Area Above Grade ( TB D) 316,772 G SF Useable SF Req'd/Prkg Spot 271 GSF Apt Bldg H.C. $282.21/Apt. GSF 72.78% $282.21 $8

nsity NA 0 Spots

ning CMX-4 Res'l Paid Pkg 0.9 spots/Apt 271 Spots Owner Directed H.C. 0.00% $0.00

owable Lot Coverage To be rezoned Prog'd Gross Prkg Area 73,441 GSF FF&E 0.28% $1.10

g Allowable Footprint To be rezoned Levels of Prkg Req'd 4.80 levels Contingency 0% Base Bldg H.C. 0.20% $0.79

ight Limit (Stories) 9 Stories Res'l Storage SF / Units 0 SF 0 Units

mber of Floors 9.00 floors Total Soft Costs & Fees 12.86% Base Bldg H.C. 9.36% $36.30 $39,249/Unit $1

g Slab to Slab Hght TBD Above-Grade GSF excl'g Prkg 316,772 SF All Other Soft Costs $18.47 $

ight Limit (Feet) TBD Total Bldg Gross SF incl'g Prk'g 390,213 SF Sponsor/Developer Fee 2.70 % Base Bldg H.C. 25% paid duri ng Pre-D ev. $

lding Height (Feet) TBD Developer Contingency 2.24% Base Bldg H.C. $

Avg Unit Share % Unit Count Operation Reserve Yes $1,239,039 $

sidual Apartment GSF 316,772 GSF Market Rate Units 843 RSF 100.00% 293 Units Fin. Costs Incl. Cash & Capital'd Int./Fees 4.58% $17.75 $19,193/Unit $

sid'l Use Eff. Factor 78.0% Total Dev't Cost (Uses of Funds) 100.00% $387.77 $419,235/Unit $12

ntable Apartment SF 247,082 RSF Total Units 843 RSF 100.00% 293 Units Op. Deficit

Total Dev. Cost Incl'g Op Def $387.77 $12

ROJECT TIMING VARIABLES DEVELOPMENT SOURCES OF FUNDSElapsed Month # Date/Duration Equity % of Equity I nitial Amt Deficit Share * % of Cost Total E

n Proj't Timing Sched.

Land Purch & Lease Timing Sponsor/Developer Equity 30.00% $7,260,000 $0 5.91% $7

Project/Analysis Start Date 1 2/1/2012 Third Party Investor Equity 70.00% $16,940,000 $0 13.79% $16

Land Contract Execution 2/1/2012 Equity Total 100.00% $24,200,000 $0 19.70% $24

Land Deposit Date 2/1/2012

Land Closing Date 5/1/2014

Mrkt Rate Apt Unit Lease-up Sched Debt Date To# of Mkt Units Pre-Leased by 1 C of O 190 Units Construction Loan ** 9/1/2014 3.0% Int 100.00% 80.30% $98,63

Const Timing & Sched Mnthly Absorp Rate/Pre-Lease Dur 17.00/mth 12 months Mortgage Recording Tax 9/1/2014 0.13% .

Months of Pre-Const. * 28 months Units to Lease / Post-Const. Duration 293 6.1 mo nt hs Loan Fees - Front End 9/1/2014 1.50%

Construction Start Date 29 6/1/2014 Last Unit Leased Mo nth 63 5 /1 /2 01 7 Loan Fees - At Draws 0.00%

of Months of Const. 29 months Total # of Mos. of Res'l Lease-up 10 months Debt Total 80.30% $98s

C of O Lead Time 4 months Property Cash Flow 0.00%s

C of O & Unit Rent Rec. 54 8/1/2016 Retail Space Timing Schedule Total Sources of Funds 100.00% $122

Const. & Final C of O Rec'd 57 11/1/2016 First Retail TI Payment 1/1/2012 * Operating Deficit and Financing-related Deficits

tablz'd (Last Mkt Unit Leased) 63 5/1/2017 First Retail Rent Commencement 9/1/2016 ** Loan amount includes capitalized interest and capitalized points/fees

tarting at Project/Analysis Start Date

$0

umma r y o f A p a r t m e n t B u i l d i n g D e v el o pme n t A s sump t i o n s - 6 / 2 / 2 0 14

SENIOR LOAN CHECK

(MUST BE $0)

PUSH TO CALC

CONSTRUCTION

LOAN

QUICK AND DIRTY


29/37

ABC Redevelopment

CASH FLOW ASSUMPTIONS PERMANENT LOAN REFINANCING OF DEVELOPMENT LOAN(S)

Apartment and Parking Use

Apartment Vacancy 5.0% Stabilization Month 63 NOI at Point of Refinancing $8,128,202

Credit & Collection Loss 1.0% Month # of Refinancing Month 60 Maximum Loan Amount *

Operating Expenses Per Market Rate Unit Per Year $7,039 Date of Refinancing -3 mos. after 90% occy. 01/01/2017 Amount Borrowed Maximum Loan Amount

Taxes at Assessed Value at Delievery $4,110,746 1.340% $188 Principal Amount $105,148,234

$7,227 Term 10 Years

Amortization Period 30 Years Remaining Construction Loan Principal $98,635,762

Initial / Ongoing Lease-Up Rent Concessions and LCs 0.0 / 0.00 mos.of rent Interest Rate 5.0%

Downtime 1.00 mos. % of Leases Renewed: 80.0% Monthly Payment $564,458 Excess Proceeds to Equity $6,512,472

Loss to Lease 1.0% New Loan LTV 64.68% Loan/Broker Fees/Closing Costs ** 0.5%

Annual Rent/Parking Spot $233/month $2,794 * The Lesser of the two Maximum Loan Proceeds Amounts Interest Only Period (Enter 0 if None) 0

Parking Vacancy 5.0% ** These costs are assumed to be paid by Retained Earnings.

Average Storage Income Per Unit, Monthly $0

CapEx Reserve Per Unit Per Year $250 DISPOSITION

Miscellaneous Income PSF Per Year $2.89

Disposition of Apartments & Parking Month 183

Market Unit Average Rent - Today's values $3.22 PSF $2,719/month Sale Date 4/1/2027

Rent Escalates Prior to Delivery? No (Year 2027 of model) (Yr 11 of oper'n)

Unleased Apartment Unit O&M $0/Unt/Yr

Unleased Storage Space O&M $0/SF/Year Capitalization Rate 5.0%Unleased Retail Space O&M $0/SF/Year Selling Costs 2.0%

Unleased Parking O&M $0/Spot/Year $8,613,339

Apartment Building Disposition, Net $168,821,449

RETURNS SUMMARY, FROM MONTHLY CASH FLOWS

Total Equity Invested * $24,200,000

Annual Inflation Factors Going-In NOI $8,118,292 Project 14.01%

Income 2.00% Expenses 3.00% Going-In Yield 6.61%

Waterfall

Net Cash Flow $64,199,140 Sponsor/Developer/Developer 16.42%

Multiple on Equity ** 3.65x Third Party Investor 12.70%

Net Present Value at 5.00% $25,579,864

Notes

** Ignores the time value of money.

Summa r y o f A p a r t m e n t B u i l d i n g O p e r a t i n g & S a le A ss ump t i o n s - 6 / 2 / 2 0 14

DISPOSITION

Apartment Building Asset

Total Operating Expenses and RE Taxes Per Unit Per Year

$105,148,234

Internal Rate of Return

shortfalls. Does not include any Permanent Loan

Loan/Broker Fee/Closing Costs as these are assumed to be

paid by Retained Earnings.

Annual NOI in Month 195:


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BC Redevelopmentp a r t m en t A n n u a l Sum m a r y - So u r c es a n d Us es o f Fu n d s

Year: 2012 2013 2014 2015 2016 2017 2018 2019

ES OF FUNDS Total

d & Acq. Costs $15,717,000 312,000 - 15,405,000 - - - - -

rd Costs w/Cont., excl. TIs $89,395,958 - - 10,429,528 57,681,678 21,284,752 - - -Retail TIs $0 - - - - - - - -

al Hard Costs $89,995,263 - - 10,499,447 58,068,372 21,427,444 - - -eration Reserve $1,239,039 - - - - - 1,239,039 - -

Other Soft Costs $5,850,000 143,325 2,000,700 3,413,475 - 292,500 - - -

g. Dev Costs for Funding $117,212,302 692,120 2,259,021 30,095,364 60,107,090 22,819,669 1,239,039 - -

ancing Costs. (funded) Loan Int. Res. $4,020,629 - - 39,173 1,094,222 2,644,350 242,885 - -

n Interest - paid in Cash $0 - - - - - 0 - -

al Financing Costs $5,623,460 - - 1,642,004 1,094,222 2,644,350 242,885 - -D.C before Op. Deficit $122,835,762 692,120 2,259,021 31,737,368 61,201,311 25,464,018 1,481,924 - -erating Deficit $0 - - - - - - - -al Development Costs (TDC) $122,835,762 692,120 2,259,021 31,737,368 61,201,311 25,464,018 1,481,924 - -

URCES OF FUNDS Total

v Equity Pa r i Passuect Project Costs Draw $7,260,000 207,636 677,706 6,374,658 - - - - -

. & Fin. Deficit Draw $0 - - - - - - - -

t-Refi Dev Cost Draw $0 - - - - - - - -

in.Shortfall Draw $0 - - - - - - - -

t a l D e v . Fu n d i n g $7,260,000 207,636 677,706 6,374,658 - - - - -

d Party Equity Pa r i Passuect Project Costs Draw $16,940,000 484,484 1,581,315 14,874,201 - - - - -

. & Fin. Deficit Draw $0 - - - - - - - -

t-Refi Dev. Costs Draw $0 - - - - - - - -

i Shortfall Draw $0 - - - - - - - -

d P a r t y F u n d i n g $16,940,000 484,484 1,581,315 14,874,201 - - - - -

nstruct on Loan

ect Project Costs Draw $93,012,302 - - 8,846,505 60,107,090 22,819,669 1,239,039 - -

n Fees - Front End $1,479,536 - - 1,479,536 - - - - -n Fees - At Loan Draws $0 - - - - - - - -

nded Interest Reserve $4,020,629 - - 39,173 1,094,222 2,644,350 242,885 - -

h Interest Payments, if any $0 - - - - - 0 - -

n Repayment From Refi ($98,635,762) - - - - - (98,635,762) - -

n Repay Dispose of Apartment $0 - - - - - - - -

ay from Shortfall Equity Draw $0 - - - - - - - -

urces of Funds after Shortfalls $122,835,762 692,120 2,259,021 31,737,368 61,201,311 25,464,018 1,481,924 - -


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BC Redevelopmenta r t m e n t A n n u a l S umm a r y - Ca sh F l o w

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Total

ket Rate Units Leased 293 - - - - 292 1 - - - - - - - - -

t, Parking & Other GPR $132,186,945 - - - - 4,786,669 11,222,497 11,446,947 11,675,886 11,909,403 12,147,591 12,390,543 12,638,354 12,891,121 13,148,944 13,411,922 13,

Vacancy ($6,133,455) - - - - (219,608) (520,951) (531,370) (541,997) (552,837) (563,894) (575,172) (586,675) (598,409) (610,377) (622,584) (

Lease Comm. & Other L.C. $0 - - - - - - - - - - - - - - -

pt & Parking EGI $123,050,863 - - - - 4,567,061 10,654,350 10,752,968 10,822,532 11,038,982 11,259,762 11,484,957 11,714,656 11,948,949 12,187,928 12,431,687 12,

Exp. Reimb. $0 - - - - - - - - - - - - - - -

Credit Loss ($1,226,691) - - - - (43,922) (104,190) (106,274) (108,399) (110,567) (112,779) (115,034) (117,335) (119,682) (122,075) (124,517) (

O&M & RE Taxes $33,370,408 - - - - 988,377 2,421,958 2,511,877 2,585,581 2,661,496 2,739,688 3,376,192 3,529,537 3,635,423 3,744,485 3,856,820 3,

& Prkng (NOI) $88,453,764 - - - - 3,534,763 8,128,202 8,134,817 8,128,551 8,266,919 8,407,295 7,993,730 8,067,785 8,193,845 8,321,368 8,450,350 8,

Apt CapEx Reserve ($1,022,617) - - - - (13,741) (84,711) (87,252) (89,870) (92,566) (95,343) (98,203) (101,149) (104,183) (107,309) (110,528) (

NOI after CapEx Res. $87,431,146 - - - - 3,521,022 8,043,491 8,047,565 8,038,682 8,174,354 8,311,953 7,895,528 7,966,635 8,089,661 8,214,059 8,339,822 8,

tal Cash D.S. Exp.* $69,428,390 - - - - - 6,209,043 6,773,501 6,773,501 6,773,501 6,773,501 6,773,501 6,773,501 6,773,501 6,773,501 6,773,501 2,

p. Events Rev., Net $168,821,449 - - - - - - - - - - - - - - - 168,

Rev. After D.S. $186,824,206 - - - - 3,521,022 1,834,448 1,274,064 1,265,180 1,400,852 1,538,451 1,122,026 1,193,134 1,316,160 1,440,557 1,566,320 169,

nancing Cash Flows

ev Int Equity Draw ($ 7,260,000) (207,636) (677,706) (6,374,658) - - - - - - - - - - - -

v L.L. Costs & OpDef Draw $0 - - - - - - - - - - - - - - -

d Prty Intl Draw ($16, 940,000) (484,484) (1,581,315) (14,874,201) - - - - - - - - - - - -

d Prty L.L. Costs & OpDef Draw $0 - - - - - - - - - - - - - - -

v Paid To Late Dev Costs $0 - - - - - - - - - - - - - - -

nst Loan Draw $93,012,302 - - 8,846,505 60,107,090 22,819,669 1,239,039 - - - - - - - - -

nst Loan Repay't ($98,635,762) - - - - - (98,635,762) - - - - - - - - -

rm Loan Proc'ds $105,148,234 - - - - - 105,148,234 - - - - - - - - -

rm Loan Repay't - Apt Sale ($104,937,537) - - - - - - - - - - - - - - - (104,

ect Levered Cash Flow $64,199,140 (692,120) (2,259,021) (21,248,859) - 3,521,022 8,346,920 1,27

Custom Redevelopment Model - Built from scratch for Mixed Use Retail, Office, Multifamily.

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Transcript of Custom Redevelopment Model - Built from scratch for Mixed Use Retail, Office, Multifamily.