AGENDA
ITEM
18 CITY OF CALEXICO
CALEXICO
AGENDA STAFF REPORT
DATE: May 17, 2023
TO: Mayor and City Council
APPROVED BY:
PREPARED BY: Esperanza Colio Warren, City Manager
SUBJECT: Discussion/Action Regarding a Request from Chelsea Investment Corporation for an Impact Fee Deferral Loan in the Amount of $305,460 Related to the Development of
Remington Villas; a 60-unit, Affordable Housing Development ===========================================
Discussion/Action regarding a request from Chelsea Investment Corporation for an Impact Fee Deferral Loan in the amount of $305,460 related to the development of Remington Villas; a 60-unit, affordable housing development.
Background:
On May 03, 2023, Chelsea Investment Corporation ("CIC) submitted to the City of Calexico a request for financial assistance in the form of an Impact Fee Deferral Loan for a 60-unit, 100% affordable housing development, known as Remington Villas (the "Project"). The Project has 2- and 3-bedroom apartment units designed to meet the needs of families. The requested assistance would be structed as a soft loan from the City of Calexico to help facilitate the financing, development, and construction of the Project, which will provide much needed housing for families with incomes ranging from 30% to 50% of the Area Median Income ("AMI").
As described in the attached letter, Remington Villas will be the first phase of three, 100% affordable housing developments located on the south side of SR-98 along Sheridan Road. A total of $3.18M has been secured in Infill Infrastructure Grant (IIG) Funds to construct off-site improvements, including: widening of SR-98, improvements and connection of Sheridan Street and McKinley Street, intersection improvements and replacement of split signal phasing; a public park, and other AGENDA improvements. ITEM
The Project has received a TCAC 9% tax credit award and is expected to close in June 2023. However, due to rising interest rates, continued 18 supply chain disruption, Construction cost increases, and lack of other funding sources available, the Project is bordering on being infeasible. A financial contribution from the City in the form of an Impact Fee Deferral Loan will help offset some of these outside economic forces, render the Project feasible and not jeopardize returning the $3.18M in committed IIG funds.
Discussion & Analysis:
If the Impact Fee Deferral Loan in the amount of $305,460 is approved by the city, the Loan would be structured as a soft loan, which is expected to be paid back out of excess cash flow generated by the Project. The Loan would be secured by a Promissory Note and Deed of Trust, bearing simple interest at 3%, with an 18-year term and an option to extend the term.
At the request of the city council during the meeting on May 3, 2023, the following information was provided for discussion:
1. Request to Calexico Unified School District for a Fee Deferral Loan ("Loan") in the amount of $305,460.00 (Email correspondence attached).
2. Project Benefits to the City (Email correspondence attached).
Fiscal Impact:
The current city's financial situation makes it difficult to defer impact fees for any development. The State Auditor's Report clearly addresses the financial struggles the city is facing and recommends being more careful regarding the recovery of development and impact fees.
Coordinated With:
City Manager's Office.
Attachments):
Letter from Chelsea Investment Corporation.
2. Email correspondence: Request to Calexico Unified School District for a Fee Deferral Loan.
3. Email correspondence: Project Benefits to the City.
4. Project proforma.
Finance
Development
Management
Car Bad CA 92080
CHELSEA
INVESTMENT CORPORATION
May 3, 2023
Esperanza Colio Warren, City Manager via email: [email protected] City of Calexico
608 Heber Avenue
Calexico, CA 92231
RE: Impact Fee Deferral Loan Request - Remington Villas Affordable Apartments Dear Ms. Colio Warren:
Chelsea Investment Corporation ("CIC") respectfully requests financial assistance in the form of an Impact Fee Deferral Loan for its 60-unit, 100% affordable housing development, Remington Villas (the "Project").
This assistance would be structed as a soft loan from the City of Calexico to help facilitate the financing, development, and construction of the Project, which will provide much needed housing for families with incomes ranging from 30% to 50% of the Area Median Income ("AMI").
At the City Council meeting on April 20, 2023, Chelsca requested an Impact Fee Deferral loan in the amount of $455,460. Chelsea has refined the Project underwriting and is now requesting a $305,460 loan, reducing the request by $150K.
Remington Villas will be the first phase of three, 100% affordable housing developments located on the south side of SR-98 along Sheridan Road. $3.18M in IIG Funds have been secured to construct many offsite improvements, including: widening of SR-98, including intersection improvements and replacement of split signal phasing; a public park; improvement and connection of Sheridan Street and McKinley Street and other improvements.
The Project has a majority of 2- and 3-bedroom apartment units designed to meet the needs of families.
Additionally, to encourage a sense of community and provide resident services, the Project has an on-site community building with gathering space, computer lab, bathrooms, kitchen, management offices and laundry facilities. On-site services, free of charge to the residents, include adult educational and skill building classes as well as an after-school program.
The Project will have Plan Check, Building Permit, Inspection, and Impact Fees totaling $856,253. The Project has received a TCAC 9% tax credit award and is planning on closing in June 2023. Due to rising interest rates, continued supply chain disruption, hard cost escalation and lack of other funding sources available, the Project is bordering on being infeasible. A financial contribution from the City in the form of an Impact Fee Deferral Loan will help offset some of these outside economic forces, render the Project feasible and not jeopardize returning the $3.18M in committed IIG funds.
Fee Deferral Loan Request - Remingron Villas Affordable Apartnents May 3, 2023
Although the total Fees for the Project equal $856,253, we are requesting an Impact Fee Deferral Loan ("Loan") in the amount of $305,460. (see attached chart as to the breakdown of fees to be paid and fees to be deferred). The Loan would be structured as a soft loan, to be paid back out of excess cash flow generated by the Project. The Loan would be secured by a Promissory Note and Deed of Trust, bearing simple interest at 3%, with an 18-year term and an option to extend the term.
We respectfully request the City of Calexico to invest in the Remington Villas project. This investment will assist us in providing 60 atfordable homes to low-income families and will kickstart the first of three phases, a total build-out of 180 affordable homes.
Thank you for consideration of our request. Please contact me with questions, (619) 246-5336.
Very truly yours,
2023.05.03
Heide W. Masther 12:04:50
-07'00'
Heidi W. Mather
Director of Development
[email protected]
Attachment
Project: Remington Villas, Phase 1 5/3/2023
Building Permit and Building Impact Fees, City of Calexico Amount Amount Per Unit #Units Deferred Deferred Paid
Building Plan Check and Inspection 60
Building Plan Check / Inspection A-1 $ 5,558 0% $ $ 5,558 Building Plan Check / Inspection A-2 5,558 0% $ $ 5,558 Building Plan Check / Inspection B 4,347 0% $ 4,347
Building Plan Check / Inspection CR $ 4,347 0% $ $ 4,347 Total Building Plan Check and Inspection $ 19,809 $ $ 19,809 Building Permit Fees
uilding Permit A- $ : 12,955 0% $ $ 12,955
uilding Permit A- $ 12,955 0% $ 12,955
Building Permit B 9,928 0% $ $ 9,928
Building Permit Community Room $ 5,366 0% $ 5,366
Total Buiding Permit Fees $ 41,204 $ $ 41,204
Impact Fees
Sewer Connection Fee $ 2,478 $ 148,680 0% $ $ 148,680
Water Connection Fee $ 3,185 S 191,100 0% $ $ 191,100
Fair Share SR-98 Improvements $ 2,500 $ 150,000 0% $ $ 150,000 Park & Recreation Fee $ 1,303 $ 78,180 100% 78,180 $
:
Traffic Impact Fee 963 $ 57,780 100% 57,780 $
Fire Mitigation Fee 612 $ 36,720 100% 36,720 $
Sheriff or Police Fee $ 588 $ 35,280 100% 35,280
Library Fee $ 658 $ 39,480 100% 39,480 $
Art in Public Places 500 $ 30,000 100% 30,000 $
Corporate Fee 393 $ 23,580 100% 23,580 $ :
Administration Fee $ 74 $ 4,440 100% 4,440 $
Total Impact Fees $ 795,240 $305,460 $ 489,780
Grand Total Building Plan Check, Inspection and Impact Fees $ 856,253 $305,460 $ 550,793 Previous request - 4/20/23 $ 455,460
This Request - 5/3/23 $ 305,460
Variance $ (150,000)
Esperanza Colio
From: Scott Schiffer <[email protected]>
Sent: Tuesday, May 2, 2023 4:47 PM
To: [email protected]
Cc: Raul Urena; Esperanza Colio; Gloria Romo; Alex Merson; Alex Lee; Heidi W. Mather; Shannon Vanderhei; Dave Davis
Subject: Fee Deferral Loan Request - Remington Villas
Attachments: Remington Villas Presentation.pdf
Dear Mr. Jimenez:
My name is Scott Schiffer, I'm the project manager for our 100% affordable housing project in Calexico, known as Remington Villas, and I'm reaching out regarding a fee deferral request for our project. I spoke with Mayor Raul Urena earlier today about this matter and he suggested that I reach out you regarding our request for financial assistance in the form of a fee deferral loan for our Remington Villas project - a 60-unit, 100% affordable housing development.
This assistance would be structed as a soft loan to help facilitate the financing, development, and construction of the Project, which will provide much needed housing for families with incomes ranging from 30% to 50% of the Area Median Income ("AMI"). Remington Villas will be the first phase of three, 100% affordable housing developments located on the south side of SR-98 along Sheridan Road.
The Project has a majority of 2- and 3-bedroom apartment units designed to meet the needs of families. Additionally, to encourage a sense of community and provide resident services, the Project has an on-site community building with gathering space, computer lab, bathrooms, kitchen, management offices and laundry facilities. On-site services, free of charge to the residents, include adult educational and skill building classes as well as an after-school program.
The Project will have Calexico Unified School District Fees totaling $474,948. The Project has received a TCAC 9% tax credit award and is planning on closing in June 2023. Due to rising interest rates, continued supply chain disruption, hard cost escalation and lack of other funding sources available, the Project is bordering on being infeasible. A financial contribution in the form of a Fee Deferral Loan will help offset some of these outside economic forces, render the Project feasible and not jeopardize returning our award of $3.18M in committed IIG funds.
Although the total Calexico Unified School District Fees totaling $474,948, we are requesting a Fee Deferral Loan (Loan") in the amount of $305,460. The Loan would be structured as a soft loan, to be paid back out of excess cash flow generated by the Project. The Loan would be secured by a Promissory Note and Deed of Trust, bearing simple interest at 3%, with an 18-year term and an option to extend the term.
This investment will assist us in providing 60 affordable homes to low-income families and will kickstart the first of three phases, a total build-out of 180 affordable homes.
I look forward to hearing from you and please let me know if you have any questions.
Kind regards,
Scott Schiffer
Development Associate
P: 760.795.5616
C: 858.243.7251
[email protected]
CHELSEA
INVESTMENT CORPORATION
1 Esperanza Colio
From: Scott Schiffer < [email protected]>
Sent: Wednesday, May 10, 2023 5:34 PM
To: Jimenez, Arturo; Raul Urena
Cc: Alex Merson; Alex Lee; Heidi W. Mather; Dave Davis; Shannon Vanderhei; Esperanza Colio; Gloria Romo
Subject: RE: Fee Deferral Loan Request - Remington Villas Hi Arturo and Raul,
I hope you're both doing well! I wanted to follow up with you regarding our conversation last week about the Fee Deferral Loan Request for our Remington Villas project and thought it would be helpful if 1 provided you with a little more detail regarding the project benefits as well as the mechanics of the loan. Please see below and let me know if you have any questions.
Project Benefits to the City
1. $4,721,170 = Value of the improvements that directly benefit the City, which include the following:
a. Improvements to Sheridan Street and Construction of McKinley Street = $2.7M • Includes construction of curb, gutter and sidewalk as well as landscaping, asphalt paving and striping
• Includes connection of Sheridan Street from Eady Street to Adler Street • Includes a twenty (20') foot drainage and landscaping buffer b. Construction of a Public Park and retention basin with a tot lot, walking/jogging path, landscaping, irrigation and fencing = $599,691
c. Widening of Highway 98, including intersection improvements and replacement of split signal phasing = $1,424,270
• Includes concrete/flatwork (curb, gutter and sidewalk), asphalt paving and striping, and new signage.
City Improvements Value
improvements to Sheridan & Construction of McKinley $2,697,209 Public Park & Retention Basin $599,691
Highway 98 Improvements $1,424,270
Total $4,721,170
2. Phase I - Remington Villas
a. 60 units of 100% affordable housing
b. Dedicated to farmworkers and families with area median incomes (AMIs) ranging from 30% to 50% c. 29 units dedicated to farmworkers meeting Joe Serna Grant requirements
3. Phase I|
a. 60 units of 100% affordable housing
b. Full Fee payment - estimated to be between $800K to $1M (in 2023 dollars)
4. Phase III
60 units of 100% affordable housing
b. Full Fee payment - estimated to be between $800K to $1M (in 2023 dollars) 1 Mechanics of the Fee Deferral Request
1. A majority of the Development Impact Fees ("Fees") for the Remington Villas project will be paid to the City. a. We estimate the total amount of Fees to be $856,253 and we would be paying the City $550,793 of the total, up-front when securing the Building Permit, if we were to receive a Fee Deferral Loan ("Loan") from the City.
2. We are not asking the City to give us money, what we are asking for is to temporarily defer a small portion of the Fees - in the amount of $305,460 (35% of the City fees and 1% of the total development cost) - that are owed to the City and to pay those fees back at a later date. The repayment terms would be as follows:
a. Structured as a soft loan
b. Paid back out of excess cash flow generated by the Project i. If there is excess cash flow, then annual payments will be made to the City
1. Because of low AMI levels, we do not expect loan pay-down ii. If there is not excess cash flow, then a balloon payment will be made to the City in year 18 in the amount of $452,081 (includes accrued interest)
c. Bearing simple interest at 3%
d. 18-year term
i. The 18-year term was determined as the earliest date that this project would be able to be refinanced and have proceeds to pay off the Loan.
ii. This affordable farmworker housing project is financed with Low Income Housing Tax Credits which requires a 15-year compliance period after the project is Placed in Service (TCO). After that period, in year 16 (which equates to year 18 from closing), we would be able to refinance the project.
iii. Construction, lease-up and the stabilization of operations at Remington Villas is anticipated to take 2 years and so we have determined that an 18-year term would be needed for the loan.
3. Repayment: whether there are annual payments through excess cash flow or there is one balloon payment, Chelsea will be obligated to pay back the deferred fees to the City due to the Loan being secured by a Promissory Note and Deed of Trust.
a. Promissory Note
i. A promissory note is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on demand or at a specified future date.
il. A promissory note typically contains all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date, date and place of issuance, and issuer's signature. ili. A promissory note includes a promise to pay on demand or at a specified future date, and steps required for repayment.
b. Deed of Trust
i. A deed of trust is a document used in real estate transactions. It represents an agreement between the borrower and a lender to have the property held in trust by a neutral and independent third party until the loan is paid off.
ii. During a real estate transaction, a lender (in this case the City) gives the borrower (in this case the affordable housing partnership) money in exchange for one or more promissory notes linked to a deed of trust.
Kind regards,
Scott
2 PROJECT SUMMARY
Revision Date: 4/27/2023
REMINGTON VILLAS
240 West Highway 98, Calexico, CA 82231 "Preliminac Prolestions. Sublest te Revisioo: CHELSEA Calexico VESTMENT CREAT
Imperial County
DEVELOPMENT COSTS A SOURCES DEAL STRUCTURE AND ASSUMPTIONS PROJECT UNIT & INCOME MIX AMI Studie 1BR 2BR 3BR 4BR Totals
Development Costs: LIHTC Tax Credit Rate 9.00% 0.00% 0.00% 100.00% 0.00% 0.00% Land (including existing improvements) $1,452/unit 87.T0U 10 Yr Federal Tax Credits 20,742,070 Not SF 500 744 854 1,087 1,250 Direct Construction Costs (inc Contingency) $362,434/um/t 21,746,069 State Tax Credit Total Development Impact Fees $31,447/unit 1,886,801 Federal Tax Credit Price 0.8650 100% ASE $15,943/unit 956,600 State Tax Credit Price 80%
Financing Fees and Interest $45,303/unit 2,718,188 Other Tax Credit Price 70% old Developer Fee $36,667/unit 2,200,000 DDA/QCT Boost 60%
Other Soft Costs $18,614/unit 1,116,825 50% •=°
Lotal Development Costs $511,860/unft 30,711,582 Opr. Exp/Unit/Year 4,830 40% Replacement Reserves/Unit/Year 500 30%
Vacancy Rate 5.00% Mgr.
Sources: Totals 30
Federal LIHTC Equity $290,031/unit 17,401,840 DCR 1.20
State LIHTC / Solar / Other Tax Credit Equity $0/unit Perm Loan Amort 35 PROJECT TIMING AND CREDIT DELIVERY Permanent Loans S30,333/unit 1,820,000
Priority Deferred Developer Fee $15,332/unit 919,891 Interest Rate - Permanent Loan 6.44% /Tax Credit Allocation December-22 Acquisition Value Loan So/unit Interest Rate - Construction Loan 8.15% Construction Begin - Initial Closing June-23 Subordinate Deferred Developer Fee $0/unit Construction Complete Buildings Cofo 9/2024 December-24 Private Placement Junior Bond S0/unil TIEBREAKER 48.62% Lease Up Complete November-24 Soft Local $5,091/unit 305,460 Total Construction Loan 16,314,946 Conversion/Stabilizatiion March-25 Soft State $171,073/unlt 10,264,392
Soft Loan Interest Tax- Exempt Banda - Construction |8609 September-25 Other $0/unit Tax- Exempt Bonds - Construction/Perm Estimated 1st Year Credit Delivery 502,943 Total Sources $511,860/unit 30.711,582 50% Test Estimated 2nd Year Credit Dellvery 2,011,773 Prevailing Wage: None Estimated 3rd Year Credit Delivery 2,011,773 ROJECTED SOURCES AND USES OF FUND:
Converaion i B609 Total
Pre-Dey Close
SOURCES OF FUNDS
Federal LIHTC Equity 2.810.278 100,000 17.401,940
stion Lne 1.055,084 1.582.004 2184,77 3.781,052 309.58
ened Developer Foo 209 л00
cal Funds Can en real Load 2.175.938
1.823.307
535.000
Total Sources of Funde 1270.000 100000 240.00
1,066,634 4,497,740 2184771 2,464,960 100,000
USES OF FUNDE
and Cost 75,000 75,00c
aulie on 12,000 12,000
Improvement Purchas
evement Purcha 100
od Related Expanses / Option Pr 100
Sour Cant capitor 87,100 67,100
392.000 302,003 302,003
818,637 400.318 4.083.164 4,093,106
100,718 230354 2305 2901.08 2.303.601
110.172 50,507 588.873 898,873
a 83s 001 1,871,182 2,483.990 985.500 985,530 8,065,001 9,088,901
84.243 160.400 210,807 84,243 84.243 882,077 062.077
141,52€ 176,910 70,784 70.784 724,14g 724,142
084.833 064,031
321.97 28.75 1.317.344 1317.3.
107000 L021.65 1060.65 308.50 20.710.541 0.710.64
88,100 1,800 108.109
439,800 41,070 82.140 102,675 102,675 41.070 41.070 880,600 80,80 irennectur 627,300 42.370 85,740 107.178 107.176 42870 42,870 006,800 858,600 tard Cost Contingene 190.000 248.083 245.082 98,433 98.433 1,035,627 1,036,627 oR Cost Cantinger 50. 371 12.13 12.191 110020 196.633 196,633 stal Contingen 50 978 162.15. 268,21 110.62 1,231,160 1,231,160
PROJECTED SOURCES AND USES OF FUNDS
REMINGTON VILLAS
construetion Perts Constructor Convenion 860S Tota
Pre-Dev Close Quarter Quarter 2 Quarter 5 Quarter ( Suhtota B months
30.15 CONSTRUCTION PERIOD EXPENSES
Coralucion Loan Insest 63.643 119,143 186.063 286,000 328,037 330,96 1,296,547 504,585 176.37
Origination/Application Fee 0.70% 114.20
Subordinate/Bott Debt Origination Fae
25,000 2,700 5,40 6,750 8,750 2,700 2,700 52.00g)
40.000 250 500 250 250 42,500
343.168 343,108
ther
Tell Constructon Period xpensi 698,760 71,605 126,043 183,440 273.458 328,987 333,818 2,025,186 604,685 Loan Oripinatien Fees 0.85% 15.47C 15,470
Tise/Recording/Taxes 5,000
Bones
: LINT har 18733
15.470 5.000
LEGAL FEES
Lander Leanl 60,000 60,000 15,000
Sponaor Legal 00.00
Total Legal Fees 74000 60.00 134,00
CAPITALIZED RESERVES
122,822
naison Reserve
Total Reserves 122,622 110000 So 0000.00.00
REPORTS & STUDIES
Markat Study
Appraise 7.250
ment 53,120 83,120
aconstruction Studie 16.500 16,600
Total Reports & Studies 78,870 76,870
OTHER
Lock PomPost $10.027 unit 56.000 545.613 801.613
Local Devassment imond Eter 71.420 um 12808
15,000 1,250 36.00d 27,500
Financial Consuling/App Prep/Raview (SA)
Ent ement Services and CM (SA) 2,000 18,000 22,500 22,500 9,000 9,00d 180,000 GP Sarvice For 25,000 28.00
Lease Up 5,000 6,00 65,00d
Prevaling Wage / Labor Complanc
25,000 28,000
PrOb
Total Other Costs 2,075.801 3.500 19,000 23,750 23,750 34.500 9,300 2.266.801 82,500 Devalapar Foo 384,033 384,033
Other
Total Developer Costs 384,035 384,033 256.02: 1458 945 100.00d Total Uses of Funde 1.055.684 4497,740 5,584.235 2495,53 28,156,708 853.10: 1,602,767 REMINGTON VILLAS Revision Date: 4127/2023
Detailed Operating Budget and Income Analysis
Year 2022 Expenses Source ConAM budget
MSA Imperial County UA source CUAC
default 40% AMI
4 Person 50% AMI $38,950 Other (use 30% AMl for
SN)
Square Total Gross Rent Utility Monthly Annual RA Contract Annual Annual Rent: Restriction %AMI Units Feet/Unit Sq. Ft. Rents Adjustment Allowance Net Rent Rent Rent Units Overhang Overhang / TCAC OBR/1BA MKT 100% 500
OBR/1BA LIHTC 80% 500 1,090 1,090
OBR/1BA LIHTC 70% 500 953 $ 953
OBR/1BA LIHTC 60% 500 817 S 817S
OBR/1BA LIHTC 50% 500 681 S 681 $
OBR/1BA LIHTC 40% 500 545 3 545 S
OBR/1BA LIHTC 30% 500 408S 408 S
OBR/1BA MGR Mgr. 500
1BR/1BA MKT 100% 744
1BR/1BA LIHTC 80% 744 1,168 S 1,168 S
1BR/1BA LIHTC 70% 0 744 1,022 | 3 1,022 | $
1BR/1BA LIHTC 60% 744 8765 876$
1BR/1BA LIHTC 50% 744 730 S 730 S
1BR/1BA LIHTC 40% 744 584 $ 584| $
1BR/1BA LIHTC 30% 744 438 $ 438
1BR/1BA IMGR Mgr 0 744
2BR/1BA MKT 100% 71
2BR/1BA LIHTC 80% 1,402 71 .33
2BR/1BA / LIHTC 70% 1,227 71
2BR/1BA LIHTC 60% 1,051 L 8 8 8 88
2BR/1BA LIHTC 50% 14,518 876S HE E "==="
2BR/1BA LIHTC 40% 5,124 701
2BR/1BA LIHTC 30% 5,124 526 71
2BR/1BA MGR Mgr 854 71 .00
3BR/2BA MKT 100% 1,087 89.00
3BR/2BA LIHTC 80% 1,087 1,620 89.00
3BR/2BA LIHTC 70% 1.087 1,418 89.00
3BR/2BA LIHTC 60% 1,087 1,216 89. .00 ....
3BR/2BA LIHTC 50% 18 1,087 19,566 1,013 89. .00 199,584 3BR/2BA LIHTC 40% 1,087 6,522 810 89 00 51,912
3BR/2BA LIHTC 30% 1,087 6,522 608 519 37,368
3BR/2BA MGR Mgr 1,087 89
4BR/2BA MKT 100% 1,250
4BR/2BA LIHTG 80% 1,250 1,808
4BR/2BA LIHTC 70% 1,250 1,581
4BR/2BA UHTC 60% 1,250 1,355 15833 ""====" ..... ....
4BR/2BA LIHTC 50% 1,250 1.130
4BR/2BA LIHTC 40% 1,250 904
4BR/2BA LHTC 30% 1,250 678 678
4BR/2BA MGR Mgr. 1,250
Total Rents 60 58,230 531,204 RA Total
Community Room/Office 2,500% Loss lo Efficiency 15% 9,110 Construction Square Feet 60,730
REMINGTON VILLAS Revision Date: 4/27/2023
Detailed Operating Budget and Income Analysis
Income from Operations PUPM
Total Rents 531,204
Laundry 10.00 7.200
Other Income (App. Fees, Late, etc.) 10.00 7,200
Sub-Total 5.00 545,604
Rental Assistance
Less: Vacancies @ 5% 27.280
Commercial Income - PSF RENT O Commercial SF
Less: Vacancies @ 50%
Total Income 518,324
Operating Expenses Notes
Admin 567 34,046
Management Fee 600 36,000
Utilities 66,000
Payroll 104.057
Repair & Maintenance 366 21.979
Insurance 425 25,500
Taxes (HOA, CFD) 37 2,196
Additional expense
Total Expenses : 4,830
289,778
Commercial Expenses • pst
Net Operating Income 228,546
Reserves 30,000
Services 16,284
Other Annual Cost
Issuer and Monitoring Fees. HOME. 0 minimum O per unit monitoring fee 5,900 Soft Loan Payments 18,278
Net Income Available for Debt Service 158,084
Loan Sizing
Private NA
Tranche A i
Interest
Term 17 35
35 35
1.20 57
688
SEMINGTON VILLAS
Cash Flow
20123 L
/ 091 4: 0: 00: 25
Core gees free hens
300 C
---
100009
5 5 55 5 5 -----
FAT SERVICE COVERAGE RAT
CAC бло Res T 300%
MR Oneseng face Ten 212008 « 12% can he seeme
Set bets Conse ten
One 12 fee 302 1a0 01
Come On fol
Can Russells Ande Colores Fee hyment
an Avasants Fer Son Lose
3009
Lord Fumes Sty Fos Celeral an 30%
------------|
Local Fores 900% 301 ------------
000% 300%
He Tons Dia HOME!
SOFAME 302
DEBT AMORTIZATION TABLES
REMINGTON VILLAS
Perm Loan (Transhe Al
Loan Amount 1,820,000
interest Rate 6.44%l IDSCR 120
Term 35 6 00%
Monthly Payment 10,921 interest Rate 2690,278 | Loan Amt Annual Debt Service 131,048 | Annual Pmt|| 193.555
Conversion 3/31/2025
12/1/241
Beginning Balance
Debt Service
Interest 1117.200 716317
13,840 | 14.732| 15,680 16.690 102105201749 29,269 31,154 33,160 | 35,200 37.56g Unpaid Accrued Interesti
Loan Payoft/Refinance 100,0 10 17572). 1.760,0571
Ending Balance
Priority Datarred Davnloper For
Loan Amount 919,8911
Interest Rate 1.00%
Term
Monthly Payment
Annual Debt Service
100.0%ef Avail Cashfiow
Beginning Balancel 010,891 Đ72.051 203.120 883,011 B80.857 087,020 851501 816.001 700.179 132000 18.177 104002 078,330 3,309 Payments 17,035| 47.748 19.450 21,084 22,646 24,129| 25,527 26,834 28.043 29,146 | 30,140 31.012 31755 32,362 32,823 Interest Earned 9,199 9,121 9,034 0,930 8,809 8.6701 851611 8.345] 8.161 7,952 7,750 7.520 7,047 0793 6,533 interest Paid 8,670 85td 8161 7750 7.52 7.291 6793 6.633 0000000 Unpaid Accrued Interest 2,160.
Principal 7,036 B028 10418! 12,15 13,0371 15.458 17,011 18.459 19.883 2300 234851 24.464 20,318 30028 053,902 Loan Payoft/Refinance 89301111 8670201 85188111 8346501| 810081 Ending Balance 912 05411 903,426 880,8571 780179) 774,989 75200° 72119 704059 679,338 053,3001 Local Funde: City Fee Deferral Loan
Loan Amount 305460
Interest Rate 3.00%|
Term 55
Monthly Payment
Annual Debt Service
4.1%of Avail Cashfiow 11 1 1E
Beginning Belance 305,460 323,768 332,951 342,115 351,279 380.43 433,7531 442,91 314.024 369507
Payments
Interest Earned 9164| 9 164 9 164 9164 9164| 9.164 9164 9,164 3,104 9164) Interest Paid 51905 146.621
Unpaid Accrued Interest 9.164| 18.328 27.4911 36.655 45,819 61,147 73310 119,129 137.457 Principal oo 305,40
Loan Payoff/Refinance. 342119| 35121311 360 63 369007 378.7701 314624 1 323,788 332,951 | 387,834 397,098