9% - 70 Units
03/06/26
SOURCES & USES
PERMANENT SOURCES TOTAL PER UNIT
Net Investor Equity (Federal) 23,097,690 329,967
Net Investor Equity (State) 0 0
Permanent Loan 7,684,050 109,772
Tranche B - Loan 0 0
County MHSA & 15G Reserves 3,990,800 57,011
OCHFT - MHSA 1,844,340 26,348
Costa Mesa HOME & CMHTF 3,250,000 46,429
Additional Funding 2,500,000 35,714
Land Donation 10,500,000 150,000
CalOptima 5,000,000 71,429
Impact & Permit Fee Waivers 700,000 10,000
Deferred Developer Fee 228,012 3,257
TOTAL SOURCES 58,794,892 839,927
USES OF FUNDS TOTAL PER UNIT
Land / Acquisition Costs 10,500,000 150,000
Total Hard Costs 33,040,031 472,000
Hard Cost Contingency 2,949,172 42,131
Construction Interest 1,935,926 27,656
Loan Fees 484,318 6,919
Soft Costs 6,449,735 92,139
Soft Costs Contingency 635,711 9,082
Developer Fee 2,800,000 40,000
TOTAL DEVELOPMENT COSTS 58,794,892 839,927
UNIT MIX SUMMARY
AMI NO. UNITS
30% 34
35% 0
40% 0
45% 0
50% 28
55% 0
60% 7
TOTAL 69
Unit Mix Data Values
Avg SF 607
Avg Tenant Rent $1,396
Avg Subsidy Rent $2,750
Gross Monthly Income $1,699,788
Avg Affordability 41%
Costa Mesa Senior
City of Costa Mesa
68 1
1 BR 2 BR
Costa Mesa Senior 9% - 70 Units
City of Costa Mesa 03/06/26
Project Data Operating Economic Assumptions
695 W 19th Street Vacancy Rate 5.00%
Total Units 70 Income Inflator 2.50%
Expense Inflator 3.50%
Land Area 0.9 Acres Tax Inflator 2.00%
Units Per Acre 77.78
QCT/DDA YES Construction Loans
Prevailing Wage YES Construction Period 22 Months
Loan Amount 24,200,000
Loan Fees 1.00%
4% or 9% Financing 9.00% Loan Rate 6.25%
Federal Tax Credit Price $0.825
Permanent Loans Fee Interest Amortizaton Amount
Permanent Loans 1.00% 6.85% 480 7,684,050
Overhang Loans 1.00% 6.85% 180 0
UNIT MIX MONTHLY ANNUAL AVERAGE
BEDROOMS SF UNITS MGR PERCENT AVG UTILITY AVG GROSS RENT/SF
GROSS ALLOWANCE NET INCOME PER MONTH
0 0 0 0 0% 0 70 0 0
1 600 68 0 97% 1,353 86 1,267 1,033,620 2.11
2 600 1 1 3% 1,265 123 1,142 13,704 1.90
3 0 0 0 0% 0 157 0 0
4 0 0 0 0% 0 169 0 0
TOTAL 69 1 100% 1,204 1,047,324 2.01
PERMANENT SOURCES PERCENT TOTAL PER UNIT AMI NO. UNITS PERCENT Net Investor Equity (Federal) 39% 23,097,690 329,967 30% 34 49% Net Investor Equity (State) 0% 0 0 35% 0 0%
Permanent Loan 13% 7,684,050 109,772 40% 0 0%
Additional Funding 0% 2,500,000 35,714 45% 0 0%
County MHSA & 15G Reserves 7% 3,990,800 57,011 50% 28 41% OCHFT - MHSA 3% 1,844,340 26,348 55% 0 0%
Costa Mesa HOME & CMHTF 6% 3,250,000 46,429 60% 7 10%
CalOptima 9% 5,000,000 71,429 TOTAL 69 100%
Impact & Permit Fee Waivers 18% 700,000 10,000
Land Donation 18% 10,500,000 150,000
Deferred Developer Fee 0% 228,012 3,257 BASIS CALCULATIONS TOTAL SOURCES 100% 58,794,892 839,927 Threshold Basis 44,567,055 Eligible Basis 45,361,334
USES OF FUNDS PERCENT TOTAL PER UNIT Involuntary Reduction 0 Land / Acquisition Costs 18% 10,500,000 150,000 Voluntary Reduction (20,900,000) Total Hard Costs 33,040,031 472,000 Unadjusted Eligible Basis 24,461,334 Hard Cost Contingency 9.00% 2,949,172 42,131
Construction Interest 1,935,926 27,656 Qualified Basis 44,567,055 Loan Fees 484,318 6,919 DDA/QCT Boost 130%
Soft Costs 6,449,735 92,139 57,937,171
Soft Costs Contingency 10.00% 635,711 9,082 Credit Rate 9.00% Developer Fee 2,800,000 40,000 Adjusted Qualified Basis (Acquisition) 0 TOTAL DEVELOPMENT COSTS 58,794,892 839,927 Credit Rate (Acquisition) 9.00% Total Available Annual Credits 5,214,345
Stabilized Cash Flow Total Requested Credits 2,800,000
INCOME PER UNIT TOTAL
Gross Potential Rental Income 14,962 1,047,324 Total Available State Credits 7,338,400 Laundry Income 108 7,560 Total Requested State Credits 0 Subsidy Income 9,213 644,904
Vacancy and Collection (1,214) (84,989) Public Funds 33,787,072 EFFECTIVE GROSS INCOME 23,069 1,614,799
OPERATING EXPENSES NOTES
Management Fee 900 63,000
Real Estate Taxes 200 14,000
Insurance - Property 767 53,663 Basic Construction Cost Per Unit = $358,400 Operating Expenses 7,347 514,292 (Not including General Conditions Profit, GC Bond, PW) Supportive Services 4,106 287,400
Reserves 500 35,000 Project Based Vouchers 34
TOTAL OPERATING EXPENSES 13,819 967,355
NET OPERATING INCOME 9,249 647,444
TOTAL DEBT SERVICE 562,994
NET CASH FLOW 84,449
Stabilized DSC 1.15
Costa Mesa Senior
Sources & Uses City of Costa Mesa
Version: 9% - 70 Units
Revised: 03/06/26
PROJECT SOURCES
BEGINNING BALANCE ENDING BALANCE Deferred Developer Fee and Costs PERMANENT SOURCES PERCENT TOTAL PER UNIT TOTAL PER UNIT CONSTRUCTION SOURCES TOTAL Description Total 1 Net Investor Equity (Federal) 39% 23,097,690 329,967 0 0 1 Net Investor Equity (Federal) $4,619,538 TCAC Monitoring Fee $255,000 2 Net Investor Equity (State) 0% 0 0 0 0 2 Net Investor Equity (State) $0 Title/Recording/Escrow $28,750 3 Permanent Loan 13% 7,684,050 109,772 0 0 3 Construction Loan $24,200,000 Permanent Loan Fees $0 8 County MHSA & 15G Reserves 7% 3,990,800 57,011 0 0 8 County MHSA & 15G Reserves $3,591,720 Developer Fee $2,380,000 9 OCHFT - MHSA 3% 1,844,340 26,348 0 0 9 OCHFT - MHSA $1,844,340 Deferred Cost 9 $0 10 Costa Mesa HOME & CMHTF 6% 3,250,000 46,429 0 0 10 Costa Mesa HOME & CMHTF $2,925,000 Deferred Cost 10 $0 11 CalOptima 9% 5,000,000 71,429 0 0 11 CalOptima $5,000,000 Deferred Cost 11 $0 12 Deferred Developer Fee 0% 228,012 3,257 0 0 12 Deferred Developer Fee and Costs $5,414,294 Deferred Cost 12 $0 13 Additional Funding 4% 2,500,000 35,714 2,500,000 35,714 13 Additional Funding $0 Deferred Cost 13 $0 15 Land Donation 18% 10,500,000 150,000 0 0 15 Land Donation $10,500,000 Deferred Cost 15 $0 16 Interest on Surplus Funds 0% 0 0 0 0 16 Interest on Surplus Funds $0 Deferred Cost 16 $0 17 NOI During Construction 0% 0 0 0 0 17 NOI During Construction $0 Deferred Cost 17 $0 18 Impact & Permit Fee Waivers 1% 700,000 10,000 0 18 Impact & Permit Fee Waivers $700,000 TOTAL COSTS $3,081,338 TOTAL SOURCES 100% 58,794,892 839,927 2,500,000 35,714 TOTAL SOURCES $58,794,892 12,216,720 $6
PROJECT USES
TOTAL NEW OR ELIGIBLE ELIGIBLE NOT INCLUDED AMOUNT
USES OF FUNDS PER UNIT TOTAL ACQUISITION REHAB COST HISTORIC STATE ELIGIBLE 50% TEST INCLUDED
LAND / ACQUISITION COST
Land at $11,666,667 Per Acre or $267.83 Per SF 150,000 10,500,000 0 0 0 0 10,500,000 YES 10,500,000 Existing Structure 0 0 0 0 0 0 0 YES 0
Other Acquisition Costs 0 0 0 0 0 0 0 YES 0
TOTAL LAND / ACQUISITION COST 150,000 10,500,000 0 0 0 0 10,500,000 0 10,500,000 408,333 WISEPlace (3 stories Type V over Type I)
HARD COSTS 472,211 The 101 (4 stories Type V over Type I + podium garage) Hard Cost Residential 472,000 358,400 25,088,000 25,088,000 0 0 0 YES 24,622,359 Site Improvements 68,053 4,763,723 4,079,708 0 0 684,014 YES 4,763,723 General Conditions, Profit & Overhead 14.00% 40,876 2,861,302 0 2,861,302 0 0 0 YES 2,861,302 GC Bond / Insurance / Letter of Credit 3.25% 4,672 327,006 0 327,006 0 0 0 YES 327,006 Hard Cost Contingency 9.00% 42,131 2,949,172 0 2,949,172 0 0 0 YES 2,949,172 [Other - Hard Costs] 0
[Other - Hard Costs] 0
TOTAL HARD COSTS 514,131 35,989,203 0 35,305,189 0 0 684,014 0 35,523,562
FINANCING COSTS
Construction Interest (6.25%) at Perm. Rate + -60bp 6.25% 27,510 1,925,697 0 696,186 0 0 1,229,511 YES 1,925,697 Bridge Interest at 10.00% 146 10,229 0 0 0 0 10,229 YES 10,229 Construction Loan Fees 4,529 317,000 0 317,000 0 0 0 NO 0 Permanent Loan Fees 1,532 107,216 0 0 0 0 107,216 NO 0
Bridge Loan Fees 1 102 0 102 0 0 0 YES 102
4% Related Costs / Cost of Issuance 0 0 0 0 0 0 0 NO 0
Other (Jamboree Predevelopment Interest) 857 60,000 60,000 0 0 0 Other (Specify) 0 0 0 0 0 0 0
[Other - Fee & Interest] 0
[Other - Fee & Interest] 0
TOTAL FINANCING COSTS 34,575 2,420,244 0 1,073,288 0 0 1,346,956 0 1,936,028
SOFT COSTS
Accounting & Audit 500 35,000 0 35,000 0 0 0 YES 35,000 Appraisal / Market Study 500 35,000 0 35,000 0 0 0 YES 35,000 Parking Management 3,500 245,000 245,000 YES 245,000
[Other - Third Party] 0
Architecture (Architect, Landscape Architect) 12,143 850,000 0 850,000 0 0 0 YES 850,000 Civil Engineering 4,286 300,000 0 300,000 0 0 0 YES 300,000 Construction Manager 2,700 189,000 0 189,000 0 0 0 YES 189,000 Consultants ( CM, Geo, LEED, Utilities, exc.) 6,071 425,000 0 425,000 0 0 0 YES 425,000 Environmental (EIR, Phase I, Asbestos, exc.) 1,429 100,000 0 100,000 0 0 0 YES 100,000 Financial Advisor / Syndication Consultant 0 0 0 0 0 0 0 YES 0 [Other - Professional] 0
[Other - Professional] 0
Furnishings 3,843 269,000 0 269,000 0 0 0 YES 269,000
Impact Fees 10,658 746,027 0 746,027 0 0 0 YES 746,027
Lease-up & Marketing Expenses 1,571 110,000 0 30,000 0 0 80,000 NO 0 Legal 5,714 400,000 0 300,000 0 0 100,000 YES 400,000
MHSA Construction Period Fees 0 0 0 0 0 0 0 YES 0
Operating & Debt Service Reserve (3-mo's / debt) 3 5,466 382,588 0 0 0 0 382,588 NO 0 Other (Admin, Repro. & Reimb.) 214 15,000 0 15,000 0 0 0 YES 15,000 Other (Bank Inspections) 440 30,800 0 30,800 0 0 0 YES 30,800 Other (Security Reserve - 2 years) 2,143 150,000 0 150,000 0 0 0 YES 150,000 Property Taxes 2,340 163,800 0 163,800 0 0 0 YES 163,800 Permit Fees 14,336 1,003,520 0 1,003,520 0 0 0 YES 1,003,520 Insurance (Property & Builders Risk) 9,000 630,000 0 560,000 0 0 70,000 YES 630,000 Soft Cost Contingency 10.00% 9,082 635,711 0 635,711 0 0 0 YES 635,711 Tax Credit Fees (App., Mon., & Res.) 3,643 255,000 0 0 0 0 255,000 NO 0 Title & Recording 1,643 115,000 0 100,000 0 0 15,000 YES 115,000 TOTAL SOFT COSTS 101,221 7,085,446 0 6,182,858 0 0 902,588 0 6,337,858
DEVELOPER FEE / OVERHEAD
Developer Overhead 0 0 0 0 0 0 0 YES 0
Developer Fee 40,000 2,800,000 0 2,800,000 0 0 0 YES 2,800,000 TOTAL DEVELOPER FEE / OVERHEAD 40,000 2,800,000 0 2,800,000 0 0 0 0 2,800,000 TOTAL USES 839,927 58,794,892 0 45,361,334 0 0 13,433,558 57,097,447
Costa Mesa Senior
Unit Mix & Targeting City of Costa Mesa
Version: 9% - 70 Units
Revised: 03/06/26
AVERAGE AFFORDABILITY 41%
AMI NO. UNITS PERCENT
20% 0 0%
25% 0 0% UNIT MIX TOTAL NET GROSS
30% 34 49% BEDROOMS UNITS MGR PERCENT UTILITY MONTHLY ANNUAL 35% 0 0% ALLOWANCE RENT INCOME
40% 0 0% 0 0 0 0% 70 0 0
45% 0 0% 1 68 0 97% 86 86,135 1,033,620
50% 28 41% 2 1 1 3% 123 1,142 13,704
55% 0 0% 3 0 0 0% 157 0 0
60% 7 10% 4 0 0 0% 169 0 0
70% 0 0% TOTAL 69 1 100% 87,277 1,047,324
80% 0 0%
90% 0 0%
100% 0 0%
110% 0 0% 8.10
120% 0 0%
TOTAL 69 100%
TCAC GROSS
VLI, LI NO. OF NO. OF SET- SF MONTHLY UTILITY PER UNIT MONTHLY ANNUAL TOTAL
SLI, MKT UNIT DESCRIPTION PERCENT UNITS BEDROOMS ASIDE PER UNIT RENT ALLOWANCE NET RENT INCOME INCOME UNIT SF ELI 33 UNITS @ 30% PBV 47.1% 33 1 30% 566 952 0 952 31,416 376,992 18,678 ELI 1 UNITS @ 30% PBV 1.4% 1 2 30% 855 1,142 0 1,142 1,142 13,704 855 VLI 28 UNITS @ 50% 40.0% 28 1 50% 566 1,586 86 1,500 42,000 504,000 15,848 LI 7 UNITS @ 60% 10.0% 7 1 60% 566 1,903 86 1,817 12,719 152,628 3,962
1 UNITS @ 0% MGR 1.4% 1 2 855 MGR
TOTAL OR AVERAGE 70 41% 40,198 27,496 25,580 87,277 1,047,324 39,343
TRANCHE B - UNIT MIX & TARGETING
Costa Mesa Senior
Tranche B - Loan Unit Mix & Targeting City of Costa Mesa Version: 9% - 70 Units
Revised: 03/06/26
AVERAGE AFFORDABILITY 30%
AMI NO. UNITS PERCENT UNIT MIX NET GROSS
30% 34 100% BR UNITS MGR PERCENT UTILITY MONTHLY ANNUAL 35% 0 0% ALLOWANCE RENT INCOME
40% 0 0% 0 0 0 0% 0 0 0
45% 0 0% 1 33 0 97% 0 0 622,908
50% 0 0% 2 1 0 3% 0 0 21,996
55% 0 0% 3 0 0 0% 0 0 0
60% 0 0% 4 0 0 0% 0 0 0
TOTAL 34 100% TOTAL 34 0 100% 0 644,904
NET PUBLIC NET GROSS
NO. OF NO. OF SET- SF TCAC UTILITY TCAC SUBSIDY MONTHLY ANNUAL RENT/SF
UNIT DESCRIPTION PERCENT UNITS BEDROOMS ASIDE PER UNIT RENT ALLOWANCE RENT RENT (FMR) RENT INCOME PER YEAR 33 UNITS @ 30% SEC. 8 47.1% 33 1 30% 566 952 0 952 2,525 1,573 622,908 33.35 1 UNITS @ 30% SEC. 8 1.4% 1 2 30% 855 1,142 0 1,142 2,975 1,833 21,996 25.73
Costa Mesa Senior
Cash Flow Satement - Detailed City of Costa Mesa
Version: 9% - 70 Units
Revised: 03/06/26
INFLATOR: 2.5% / 3.5%
STABILIZED YEAR Lease up 2mo.
PER UNIT TOTAL Lease up 3 mo. Stabilized 10mo. 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 TOTAL INCOME
Gross Potential Rental Income 14,962 1,047,324 261,831 1,053,870 1,080,217 1,107,222 1,134,902 1,163,275 1,192,357 1,222,166 1,252,720 1,284,038 1,316,139 1,349,042 1,382,768 1,417,338 1,452,771 1,489,090 1,526,318 20,424,233 Other Income (Residential) 108 7,560 1,890 7,626 7,817 8,012 8,213 8,418 8,628 8,844 9,065 9,292 9,524 9,762 10,006 10,256 10,513 10,776 11,045 147,797 GROSS POTENTIAL INCOME (RES.) 15,070 1,054,884 263,721 1,061,496 1,088,033 1,115,234 1,143,115 1,171,693 1,200,985 1,231,010 1,261,785 1,293,330 1,325,663 1,358,805 1,392,775 1,427,594 1,463,284 1,499,866 1,537,363 20,572,030 Vacancy (Residential) (748) (52,366) (13,186) (385,383) (54,011) (55,361) (56,745) (58,164) (59,618) (61,108) (62,636) (64,202) (65,807) (67,452) (69,138) (70,867) (72,639) (74,455) (76,316) (1,353,901) Vacancy (Other Income) (5) (378) (95) (381) (391) (401) (411) (421) (431) (442) (453) (465) (476) (488) (500) (513) (526) (539) (552) (7,390) Gross Commercial Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vacancy (Commercial) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Subsidy Income 9,213 644,904 161,226 644,904 661,027 677,552 694,491 711,853 729,650 747,891 766,588 785,753 805,397 825,532 846,170 867,324 889,007 911,232 934,013 12,498,385 Vacancy (Subsidy) (461) (32,245) (8,061) (32,245) (33,051) (33,878) (34,725) (35,593) (36,482) (37,395) (38,329) (39,288) (40,270) (41,277) (42,308) (43,366) (44,450) (45,562) (46,701) (624,919) Operating Reserve Draws 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EFFECTIVE GROSS INCOME 23,069 1,614,799 403,605 1,288,390 1,661,607 1,703,147 1,745,726 1,789,369 1,834,103 1,879,956 1,926,955 1,975,128 2,024,507 2,075,119 2,126,997 2,180,172 2,234,677 2,290,544 2,347,807 31,084,204
OPERATING EXPENSES
Management Fee 900 63,000 15,750 63,551 65,205 67,487 69,849 72,294 74,824 77,443 80,154 82,959 85,863 88,868 91,978 95,197 98,529 101,978 105,547 1,321,726 Real Estate Taxes 2.00% 200 14,000 3,500 14,123 14,405 14,693 14,987 15,287 15,592 15,904 16,222 16,547 16,878 17,215 17,560 17,911 18,269 18,634 19,007 263,233 Insurance - Property 767 53,663 13,416 54,133 56,027 57,988 60,018 62,118 64,292 66,543 68,872 71,282 73,777 76,359 79,032 81,798 84,661 87,624 90,691 1,135,215 Utilities 1,365 95,564 23,891 96,400 99,774 103,266 106,881 110,621 114,493 118,500 122,648 126,941 131,383 135,982 140,741 145,667 150,766 156,042 161,504 2,021,610 Payroll 2,636 184,504 46,126 186,118 192,633 199,375 206,353 213,575 221,050 228,787 236,795 245,082 253,660 262,538 271,727 281,238 291,081 301,269 311,813 3,903,095 Repairs & Maintenance 1,730 121,073 30,268 122,132 126,407 130,831 135,410 140,150 145,055 150,132 155,387 160,825 166,454 172,280 178,310 184,550 191,010 197,695 204,614 2,561,242 Marketing 20 1,400 350 1,412 1,462 1,513 1,566 1,621 1,677 1,736 1,797 1,860 1,925 1,992 2,062 2,134 2,209 2,286 2,366 29,616 Administrative 1,013 70,910 17,728 71,530 74,034 76,625 79,307 82,083 84,956 87,929 91,007 94,192 97,489 100,901 104,432 108,087 111,871 115,786 119,838 1,500,067 Contract Services 86 6,020 1,505 6,073 6,285 6,505 6,733 6,969 7,212 7,465 7,726 7,997 8,276 8,566 8,866 9,176 9,497 9,830 10,174 127,350 Manager Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Agency Debt Service 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Supportive Services 3.00% 4,106 287,400 71,850 289,556 298,242 307,189 316,405 325,897 335,674 345,744 356,117 366,800 377,804 389,138 400,813 412,837 425,222 437,979 451,118 5,836,536 Other (OCHFT & OCHCD Monitoring Fee) 49 3,461 865 3,491 3,613 3,740 3,871 4,006 4,147 4,292 4,442 4,597 4,758 4,925 5,097 5,276 5,460 5,651 5,849 73,216 Other (Other Insurance) 35 2,450 613 2,471 2,558 2,647 2,740 2,836 2,935 3,038 3,144 3,254 3,368 3,486 3,608 3,735 3,865 4,001 4,141 51,829 Other (Security) 413 28,910 7,228 29,163 30,184 31,240 32,333 33,465 34,636 35,849 37,103 38,402 39,746 41,137 42,577 44,067 45,610 47,206 48,858 611,577 Other (VHHP Annual Service) 0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Operating Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replacement Reserve 0.00% 500 35,000 8,750 35,306 35,306 35,306 35,306 35,306 35,306 35,306 35,306 35,306 35,306 35,306 35,306 35,306 35,306 35,306 35,306 564,900 TOTAL OPERATING EXPENSES 13,819 967,355 241,839 975,460 1,006,135 1,038,407 1,071,759 1,106,228 1,141,852 1,178,669 1,216,719 1,256,044 1,296,688 1,338,694 1,382,109 1,426,980 1,473,355 1,521,287 1,570,827 20,001,213 NET OPERATING INCOME 9,249 647,444 161,766 312,930 655,472 664,740 673,967 683,141 692,251 701,287 710,236 719,084 727,819 736,425 744,888 753,193 761,321 769,257 776,980 11,082,991
DEBT SERVICE (HARD)
Permanent Loan 8,043 562,994 0 234,581 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 8,679,499 Tranche B - Loan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Permanent Loan (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Accrual Mortgage 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Variable Interest Mortgage 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL DEBT SERVICE Stabilized DSC 1.15 0 234,581 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 562,994 8,679,499 Required DSC 1.15
NET CASH FLOW 0 78,349 92,477 101,746 110,972 120,146 129,257 138,293 147,241 156,090 164,824 173,431 181,894 190,198 198,327 206,262 213,986 2,403,493
HARD DEBT RATIOS
Debt Service Coverage Ratio (Hard) N/A 1.33 1.16 1.18 1.20 1.21 1.23 1.25 1.26 1.28 1.29 1.31 1.32 1.34 1.35 1.37 1.38 1.28 Maximum CF Analysis
Break-Even Occupancy 0.71 0.71 89.7% 89.3% 89.0% 88.6% 88.3% 88.0% 87.8% 87.5% 87.3% 87.1% 86.9% 86.7% 86.6% 86.5% 86.4% 86.7% Ratio of Hard Debt To Total Sources 13.1%