Summary Mainline North Apartments
Number of Units:
Property Name: Mainline North Apartments Project #: 701 Total Rentable Sq.Ft.:
Street Address: 2310 Calle Del Mundo APNs: 097-46-024 Net Acreage:
State: California County: Santa Clara Bedrooms per Net Acre:
City: Santa Clara TCAC Region: South & West Bay Region SDDA/QCT:
Zip Code: 95054 CDLAC Region: Bay Area Region TCAC #: 22-462 Opportunity Map:
Project Type: Non-Targeted & At-Ri Census tract: 5050.01 CDLAC#: 22-462 Prevailing Wage:
Project Finance Structure: 4% TC / Bonds Elevator: Elevator Cum.
Income Avg: Yes Land Acquisition Date: Months
Senior Lender: CalHFA Const. LC: Finance Closing Date: 0 Other Debt: CalHFA MIP & City of Santa Clara Construction Start: 0 Bond Issuer: CalHFA Federal State Construction Period: 25 Months 25 TC Investor: BofA 0.940$ - $ Rent-up Period: 9 Months 34 1st Yr. Credit Delivery: December-25 1st Yr. Credits: 81.57% Stabilization Period: 3 Months 37 Sources (Permanent) Total Per Unit Rate Fixed/Float Term Amort YM Period DSC R LTV LTC Senior Loan: 23,950,000$ 158,609$ 6.560% Fixed 17 40 16.5 1.15 80% 80% NOI During Construction: 1,889,291$ 12,512$
Tax Credit Equity: 38,304,985$ 253,675$ Interest Rate Repay Term S/P Developer's Fee Note: USA MFD 6,884,387 $ 45,592$ 0.00% Y 55 S Subsidy Loans: City of Santa Clara 6,000,000$ 39,735$ 0.00% Y 55 P Subsidy Loans: CalHFA MIP 7,025,000$ 46,523$ 3.43% Y 17 P Subsidy Loans: LSH Loan 1,695,645$ 11,229$ 0.00% N 55 P Other Subsidy: Comm. Space Sale 1,800,000$ 11,921$ N Total 87,549,308$ 579,797$
Uses Total Per Unit
Property Acquisition: 1,565,673$ 10,369$ Land + Depreciable Basis:
Construction (incl. Bonds): 43,468,375$ 287,870$ 50% of Land + Dep. Basis:
Construction General Conditions: 2,816,825$ 18,654$ Permanent TE Loan:
Contractor Overhead & Profit: 3,480,567$ 23,050$ Const. Period TE Loan:
Construction Contingency: 2,488,289$ 16,479$ Surplus/(Gap) to Meet 50%:
Financing Costs: 10,057,281$ 66,605$
Other Transaction Costs: 14,284,489$ 94,599$
Developer's Fee/Overhead: 9,387,809$ 62,171$ Max. Allowed per TCAC 37.3% Total 87,549,308$ 579,797$ Minimum Amount to Defer Over/(Short) (0)$ Additional Cash Avail/(Def. Req) Unit Mix & Affordability 0 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom 30% TCAC 9 4 3 0
50% TCAC 32 15 8 3 38.7%
70% TCAC 49 15 12 0 50.7%
Aff. Sub-total 90 34 23 3
Employee 0 0 1 0
Total Units 90 34 24 3
75,693
0.77 118.2
Yes
TCAC Cash Developer Fee Limits
Moderate
None
12/15/2022
12/15/2022
12/15/2022
1/15/2025
Construction Period Loans
Const. Period TE Loan: Taxable Bridge Loan:
Floating
10/15/2025
40,501,644 Floating
7.18%
37 Months
85%
1/15/2026
50% Test
81,003,287
150
1 % of Affordable
10.7%
100.0%
Total Units
16 6.93%
37 Months
85%
85%
23,950,000
18,550,000
1,998,356
52.47%
4 Bedroom
151
% of CF to Pay Sub Pro-rata Share
151
76 0
0 85%
58 0
100%
100%
100%
100%
46.1%
53.9%
3,500,000
0 0
0 5,887,809
996,578 Affordable PF ver. 2022.5
-
~
- - -
- - -
- - -- - -
- - - - -
- -
- -
-
---
I I I I I I I I I
I
~
I
~
-
-
-
I I
-
I I
I I
-
-
' -
' I
~
I I -
I -
I
'
-
'
~
'
~
I
~
~
I
,. t
·l ~
I I
I I
l 'I
-
Unit Mix and Rent Schedule Mainline North Apartments
Unit Type Affordability
Number
of Units Net SF Ttl SF
Max Gross
TC Rent
Max Gross
Other
Utility
Allow.
Max Net
Rent
Max
Acheivable
Rent
Net Monthly
Rent Total Rent Market Rent
% Below
Market Rents
Subsidy
Units
Subsidy
Rent Difference
Total Rent
Subsidy
Overhang:
0 Bedroom 30% TCAC 9 371 3,339 885 $ 36$ 849$ 849$ 7,641$ 2,460$ 65.5% 0 Bedroom 50% TCAC 32 371 11,872 1,475$ 36$ 1,439$ 1,439$ 46,048$ 2,460$ 41.5% 0 Bedroom 70% TCAC 49 371 18,179 2,065$ 36$ 2,029$ $1,850 1,850$ 90,650$ 2,460$ 24.8% 1 Bedroom 30% TCAC 4 537 2,148 948 $ 43$ 905$ 905$ 3,620$ 2,768$ 67.3% 1 Bedroom 50% TCAC 15 537 8,055 1,580 $ 43$ 1,537$ 1,537$ 23,055$ 2,768$ 44.5% 1 Bedroom 70% TCAC 15 537 8,055 2,212 $ 43$ 2,169$ 2,169$ 32,535$ 2,768$ 21.6% 2 Bedroom 30% TCAC 3 865 2,595 1,137 $ 58$ 1,079$ 1,079$ 3,237$ 3,204$ 66.3% 2 Bedroom 50% TCAC 8 865 6,920 1,896 $ 58$ 1,838$ 1,838$ 14,704$ 3,204$ 42.6% 2 Bedroom 70% TCAC 12 865 10,380 2,654$ 58$ 2,596$ 2,596$ 31,152$ 3,204$ 19.0% 3 Bedroom 50% TCAC 3 1,095 3,285 2,190 $ 74$ 2,116$ 2,116$ 6,348$ 3,918$ 46.0% Subtotal 150 499 74,828 1,727 $ 258,990 $ 0 -$ 2 Bedroom Employee 1 865 865 - $ - $ - $ Totals/Averages 151 501 75,693 1,715 $ 258,990 $ 0 -$ Rent and Utility Allowances Escalator: 0% Unit Mix / Affordability Program 0 Bed 1 Bed 2 Bed 3 Bed 4 Bed 0 Bed 1 Bed 2 Bed 3 Bed 4 Bed Total Units Aff. % Total SqFt Aff % Total Bdrms Avg. Inc. 30% TCAC 885$ 948 $ 1,137$ 1,314 $ 1,466 $ 30% TCAC 9 4 3 0 0 16 10.7% 8,082 10.8% 10 480.0% 50% TCAC 1,475$ 1,580 $ 1,896 $ 2,190 $ 2,443 $ 50% TCAC 32 15 8 3 0 58 38.7% 30,132 40.3% 40 2900.0% 70% TCAC 2,065$ 2,212 $ 2,654 $ 3,066 $ 3,421 $ 70% TCAC 49 15 12 0 0 76 50.7% 36,614 48.9% 39 5320.0% Aff. Sub-total 90 34 23 3 0 150 100.0% 74,828 100.0% 89 58.0% Santa Clara HAUA Eff Date: 10/1/2021 Unit % By Bed 60.0% 22.7% 15.3% 2.0% 0.0% 100.0% Employee 0 0 1 0 0 1 - 2
Utility Fuel Type 0 Bed 1 Bed 2 Bed 3 Bed 4 Bed Total Units 90 34 24 3 0 151 91 Heating Electric 11$ 13 $ 16 $ 19 $ Cooking Electric 5 $ 6 $ 9 $ 12 $ Income Limits 2022 Santa Clara Other Electric 20$ 24 $ 33 $ 43 $ HH Size 1 2 3 4 5 6 7 8 A/C 20% Income 23,600$ 26,960 $ 30,340 $ 33,700 $ 36,400 $ 39,100 $ 41,800 $ 44,500 $ Water Heating 30% Income 35,400$ 40,440 $ 45,510 $ 50,550 $ 54,600 $ 58,650 $ 62,700 $ 66,750 $ Water 35% Income 41,300$ 47,180 $ 53,095 $ 58,975 $ 63,700 $ 68,425 $ 73,150 $ 77,875 $ Sewer 40% Income 47,200$ 53,920 $ 60,680 $ 67,400 $ 72,800 $ 78,200 $ 83,600 $ 89,000 $ Trash 45% Income 53,100$ 60,660 $ 68,265 $ 75,825 $ 81,900 $ 87,975 $ 94,050 $ 100,125 $ Other (Specify) 50% Income 59,000$ 67,400 $ 75,850 $ 84,250 $ 91,000 $ 97,750 $ 104,500 $ 111,250 $ Total 36$ 43 $ 58 $ 74 $ - $ 55% Income 64,900$ 74,140 $ 83,435 $ 92,675 $ 100,100 $ 107,525 $ 114,950 $ 122,375 $ 60% Income 70,800$ 80,880 $ 91,020 $ 101,100 $ 109,200 $ 117,300 $ 125,400 $ 133,500 $ Project Unit Number & S Units Sq. Ft. 70% Income 82,600$ 94,360 $ 106,190 $ 117,950 $ 127,400 $ 136,850 $ 146,300 $ 155,750 $ Market Total non-Tax Credit Un 00 80% Income 94,400$ 107,840 $ 121,360 $ 134,800 $ 145,600 $ 156,400 $ 167,200 $ 178,000 $ Employee Total units (excluding m 150 74,828 90% Income 106,200$ 121,320 $ 136,530 $ 151,650 $ 163,800 $ 175,950 $ 188,100 $ 200,250 $ Total Low Income Units 150 74,828 100% Income 118,000$ 134,800 $ 151,700 $ 168,500 $ 182,000 $ 195,500 $ 209,000 $ 222,500 $ Ratio of Low Income 100.00% 100.00% 110% Income 129,800$ 148,280 $ 166,870 $ 185,350 $ 200,200 $ 215,050 $ 229,900 $ 244,750 $ 120% Income 141,600$ 161,760 $ 182,040 $ 202,200 $ 218,400 $ 234,600 $ 250,800 $ 267,000 $ Rent Subsidy CalculationRent Advantage
Notes
1800
1993
2404
-1·- I -' I
111 -
I
' I -
I I I I I I I I -
J
-
I I -
-
-
~
~
~
I -1
r--
-
r-
Uses of Funds - Basis Determination Mainline North Apartments 151 Units
Amortized and/or Acquisition Const/Rehab
Property Acquisition: Per Unit Total Costs Expensed Basis Basis Land/Bridge Loan: 1,314,225 $ -$ 1,314,225$ Holding Costs: 251,447$ - $ 251,447$ Land Lease Payments: 1$ 1$
Total Acquisition: 10,369$ 1,565,673$ 1$ - $ 1,565,672$ Construction Costs:
Off-site Improvements: 677,500$ - $ 677,500$ On-site Improvements: 4,756,825$ -$ 4,756,825$ Common Area: 1,284,000$ 1,284,000$
Clubhouse: 1,618,500$ 1,618,500$
Residential: 146,751$ 22,159,425$ 1,004,050$ 21,155,375$ Garage / Podium: 11,927,125$ 248,220$ 11,678,905$ Retail / Tenant Improvements: 1,045,000$ 1,045,000$ -$ General Conditions: 112,673$ 2,816,825$ 6.48% 148,867 $ 2,667,958$ Overhead & Profit: 3,480,567$ 7.52% 183,945 $ 3,296,622$ Hard Cost Contingency: 5.0% 2,488,289$ -$ 2,488,289$ Sub-Total Construction: 346,053$ 52,254,056$ 2,630,082$ Insurance / OCIP: 24.00$ 1,254,098$ -$ 1,254,098$ Total Construction: 354,359$ 53,508,154$ 2,630,082$ 50,878,072$
Financing Costs:
Senior Loan: 940,140$ 582,032$ 358,108$ Taxable Bridge Loan: 196,500$ 63,730$ 132,770$ Subsidy Loans:CalHFA MIP 70,250$ 70,250$ -$ Other Subsidy: 112,500$ 112,500$ -$ Interest During Construction: 4,511,305$ 4,511,305$ Interest Prior to Conversion: 3,917,690$ 3,917,690$ Cost of Issuance: 308,896$ 308,896$ -$ Total Financing Costs: 10,057,281$ 5,055,098$ 5,002,183$ Other Transaction Costs:
Market Study: 27,600$ -$ 27,600$ Appraisal: 3,500$ - $ - $ 3,500$ Development: 852,296$ - $ 852,296$ Planning & Impact Fees: 30,368$ 4,585,636$ - $ 4,585,636$ Building Permits: 12,236$ 1,847,636$ -$ 1,847,636$ Architecture: 2,526,360$ - $ 2,526,360$ Engineering: 640,719$ - $ 640,719$ Developer Legal: 150,000 $ 150,000$ - $ -$ Title / Escrow / Organizational Costs: 110,000 $ -$ 110,000$ Property Taxes During Const: 2,565 $ -$ 2,565$ Audit / Accounting / Cost Cert: 25,000$ - $ 25,000$ Office / Common Area / FF&E: 290,000$ - $ 290,000$ Property Mgmt Start-up Costs: 100,000$ 100,000$ TCAC App/Allocation/Monitoring Fees: 103,255$ 103,255$ Operating Reserves: 3.00 mos. 680,837$ 680,837$ Construction Inspections: 1,800$ 45,000$ -$ 45,000$ Promotion/Marketing: 331$ 50,000$ 50,000$ Relocation: 406,830$ 406,830$ -$ Soft Cost Contingency: 583,157$ 5.00% -$ 583,157$ Total Other Transaction Costs: 13,030,391$ 1,490,922$ -$ 11,539,469$ Total Development Costs: 78,161,499$ 9,176,103$ -$ 68,985,396$ Developer's Fee/Overhead: 9,387,809$ -$ 9,387,809$ Total Development Costs: 579,797$ 87,549,308$ 9,176,103$ -$ 78,373,205$ Tax Credit Equity Calculation
Tax Credit Basis: 78,373,205$ -$ 78,373,205$ Voluntarily Basis Reduction: -$ -$ Total Requested adjusted Eligible Basis: 78,373,205$ 78,373,205$ DDA/QCT: 130% 101,885,166$ -$ 101,885,166$ Percent of Units Tax Credit Eligible: 100% 101,885,166$ Max. Credit/Award -$ 101,885,166$ Fed. Annual Credits: 4.00% 4,075,406$ 75,000,000$ -$ 4,075,406$ Total Fed. Credits: 10 40,754,060$
LP Investor's Percentage Share: 99.99% 40,749,984$ Max Eligible Basis: 128,721,562$
Tax Credit Equity Contribution @: 0.9400$ 38,304,985$ OK State Tax Credits . Max Credits 2023
No 0.0% - $ TCAC Award 2024
Total State Credits: 100.00% -$ 50,000,000$ 2025 Tax Credit Equity Contribution @: 0.75$ -$ 2026 TOTAL TC EQUITY 38,304,985 $
I
Cost of Issuance Mainline North Apartments
Orig. Fee Legal Fees 3rd Party/Misc Total Ineli gible Eli gible Senior Loan - Construction 42,500,000 1.00% 425,000 65,000 40,000 530,000 171,892 358,108 Senior Loan - Permanent 23,950,000 1.00% 239,500 35,000 135,640 410,140 410,140 Taxable Bridge Loan: Const 19,650,000 1.00% 196,500 - - 196,500 63,730 132,770 Subsidy Loans: CalHFA MIP Perm 7,025,000 1.00% 70,250 - - 70,250 70,250 - Safehold Expenses 0 - 112,500 - 112,500 112,500 - Other Subsidy: Comm. Space Sale 1,800,000 - - - - - - CalHFA Fees
Bond Related Costs Issuer: CalHFA 110,000
Issuer Bond Application Fee: 5,000$ 25,640
Up-Front Issuer's Fee: 43,75 0$ 135,640
1st Installment of Issuer's Annual Fee: 1,771$ 1 Months pro-rated Issuer's Counsel: - $
Bond Counsel: 62,000$
CDIAC Fee 0.025% 5,000$
CDLAC Allocation Fee: 0.035% 14,875$
Underwriter's Fee: 0.000% - $
Bond Underwriter Counsel: - $
CalHFA Annue Fee (3 yrs): 22,500$
Trustee incl legal 19,000$ Legal + 3 years fees @ $4K/y 173,896$
Other Issuance Costs
Developer Legal: 150,000$
MGP Startup Fee: 85,000$ $75K Closing Fee (pd 50% at closing/50% at perm loan) +$10K tax filing fee Tax Credit Origination Fee: 25,000$
Organizational Costs: 10,000$
Title and Escrow: 100,000$
Other: 25,000$ Life Span Home fee
Contingency:
395,000$
USA Properties Fund, Inc.
Cost of Issuance
1:17 PM 11/28/2022
http://usatoday/sites/finance/Project Documents/Mainline North-Santa Clara-701/Proforma/22-1128_701_PF_Mainline - reduced DevFee.xlsm I I I I I I I I I I I :
Operations Proforma & Loan Sizing 151 Units Mainline North Apartments INCOME Per Unit Annual
Gross Rental Income: 1,715$ 3,107,880$ Laundry Income: 15.00$ 27,180$ Income Details Other Income (Vending, Cable Ags): -$ -$ % of Late Fees / Month: % of App Fees / Month: % of Turnover:
Late Fees: - $ - $ 0.0% 0.0% 0% Application Fees: -$ -$ Per Late Fee: Per App Fee: $ per Turn:
Turnover: -$ -$ $40 $40 $300 Total Income 3,135,060$ $0 $0
Less Vacancy and Collection Loss (156,753)$ 5.00% Net Rental Income 2,978,30 7$
EXPENSES
Utilities: 1,591$ 240,241$
Advertising: 28$ 4,228$ Payroll Detail Number Total Payroll: 1,834$ 276,890$ Community Manager: 1 87,859$ Repairs and Maintenance: 538$ 81,238$ Asst Community Mgr: 0 -$ Turnover: 105$ 15,855$ Leasing Agent: 1 69,222$ Grounds, Pool and Contract: 45$ 6,795$ Maintenance Tech 1 85,197$ Security: 56$ 8,456$ Maintenance Tech 0.5 34,611$ Management Fees: 789 $ 119,132$ Porter 0 -$ Admin: 327$ 49,377$ Compliance 0 -$ Tax Prep/Audit: 70$ 10,570$ 3.5 276,890 $ Tenant Relations: 25$ 3,775$
Business License & Permits: 76$ 11,476$ Employee Units Included in Payroll Yes Insurance: 400$ 60,400$ Mgmt Fee Total 4.0% Social Services: 167 $ 25,200$ Below the Line 0.0% Property Taxes: 8 $ 1,231$ Above the Line 4.0% Annual Monitoring Fees: 121$ 18,300$ Ad Valorem Rate: CFD/Assess Per Unit:
Annual Transit Passes: -$ -$ 1.2070% $8 Parking Stacker Maintenance Fee: 281$ 42,480$ Issuer Fee: 50$ 7,500$
Replacement Reserves 300$ 45,300$ TCAC OPEX Minimum Reduction Adjusted OPEX Min.
Total Expenses 6,811$ 1,028,444$ $6,930 15% 5,891$ Net Operating Income 1,949,86 3$ Ttl Exp less SS, Tax, Monitor, Trans, WiFi, GL, RR: 6,215$ CONSTRUCTION PERIOD Senior Loan: Rent Subsidy Loan: Taxable Loan: Other Loan-Hard: B Bond Loan (TE):
42,500,000$ - $ 19,650,000$ - $ - $
68.38% 0.00% 31.62% 0.00% 0.00%
Index Interest Rate: 4.030% 4.030% 8.500%
Spread: 2.150% 2.150%
Total Annual Ongoing Fees 2.150% 0.000% 2.150% 0.000% 0.000% Estimated Pay Rate: 6.180% 0.000% 6.180% 0.000% 8.500%
Underwriting Spread: 0.750% 1.000% 0.000% 0.000%
All-In Rate: 6.930% 0.000% 7.180% 0.000% 8.500%
PERMANENT DEBT Senior Loan: Rent Subsidy Loan: Taxable Loan: Other Loan-Hard: B Bond Loan (TE):
23,950,000$ -$ -$ -$ -$ 100.00% 0.00% 0.00% 0.00% 0.00%
Index Interest Rate: 3.380% 8.500%
Spread: 3.180%
Total Annual Ongoing Fees 3.180% 0.000% 0.000% 0.000% 0.000% Projected Note Rate: 6.560% 0.000% 0.000% 0.000% 8.500% Underwriting Spread: 0.000% 0.000%
All-In Rate: 6.560% 0.000% 0.000% 0.000% 8.500%
LOAN SIZING Senior Loan: Rent Subsidy Loan: Taxable Loan: Other Loan-Hard: B Bond Loan (TE):
Underwriting Interest Rate: 6.560% 0.000% 0.000% 0.000% 8.500% NOI Available for DSC Test: 1,695,53 3$ 631$ 631$ 631$ Maximum Mortgage per LTC Constraint: 70,035,00 0$ -$ -$ -$ Maximum Mortgage per LTV Constraint: 34,664,00 0$ -$ -$ -$ Maximum Mortgage per DSC Test: 23,955,00 0$ -$ -$ -$ Max Loan per LTV/DSC/LTC Constraints: 23,955,000$ -$ -$ -$ ~
'
-
,_
- .
--- --
~
--- - -- - -
-
~
-
-
-
- - -
I
I I
I
I
'1 'I
30-Year Cash Flow - Mainline North Apartments
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Y e a r : 1234 5 6789 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7
Income Escalation yrs: 3
Affordable Rental Income: 3.0% 3,396,064$ 3,497,946 $ 3,602,885 $ 3,710,971 $ 3,822,300$ 3,936,969$ 4,055,078$ 4,176,731$ 4,302,033$ 4,431,094$ 4,564,027$ 4,700,947$ 4,841,976$ 4,987,235$ 5,136,852$ 5,290,958$ 5,449,686$ Other Income: 3.0% 29,700$ 30,591 $ 31,509 $ 32,454 $ 33,428$ 34,431$ 35,464$ 36,528$ 37,623$ 38,752$ 39,915$ 41,112$ 42,346$ 43,616$ 44,924$ 46,272$ 47,660$ Gross Potential Income: 3,425,765 $ 3,528,538 $ 3,634,394 $ 3,743,426 $ 3,855,728$ 3,971,400$ 4,090,542$ 4,213,258$ 4,339,656$ 4,469,846$ 4,603,941$ 4,742,060$ 4,884,321$ 5,030,851$ 5,181,776$ 5,337,230$ 5,497,347$ Vacancy/Collection Loss: 5.00% 171,288$ 176,427 $ 181,720 $ 187,171 $ 192,786$ 198,570$ 204,527$ 210,663$ 216,983$ 223,492$ 230,197$ 237,103$ 244,216$ 251,543$ 259,089$ 266,861$ 274,867$ Net Rental Income: 3,254,476$ 3,352,111 $ 3,452,674 $ 3,556,254 $ 3,662,942$ 3,772,830$ 3,886,015$ 4,002,596$ 4,122,673$ 4,246,354$ 4,373,744$ 4,504,957$ 4,640,105$ 4,779,308$ 4,922,688$ 5,070,368$ 5,222,479$ Operating Expenses Escalation yrs: 3
Operating Expenses: 6,791 $ 3.0% 1,025,429$ 1,056,192 $ 1,087,878 $ 1,120,514 $ 1,154,129$ 1,188,753$ 1,224,416$ 1,261,148$ 1,298,983$ 1,337,952$ 1,378,091$ 1,419,434$ 1,462,017$ 1,505,877$ 1,551,054$ 1,597,585$ 1,645,513$ Resident Services: 3.0% 25,200$ 25,956 $ 26,735 $ 27,537 $ 28,363$ 29,214$ 30,090$ 30,993$ 31,923$ 32,880$ 33,867$ 34,883$ 35,929$ 37,007$ 38,117$ 39,261$ 40,439$ Property Taxes/Assessments: 9$ 2.0% 1,306$ 1,332 $ 1,359 $ 1,386 $ 1,414$ 1,442$ 1,471$ 1,501$ 1,531$ 1,561$ 1,592$ 1,624$ 1,657$ 1,690$ 1,724$ 1,758$ 1,793$ Annual Monitoring Fees: 129$ 2.0% 19,420$ 19,809 $ 20,205 $ 20,609 $ 21,021$ 21,441$ 21,870$ 22,308$ 22,754$ 23,209$ 23,673$ 24,146$ 24,629$ 25,122$ 25,624$ 26,137$ 26,660$ Ground Lease Payment: -$ 2.0% -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Capital Replacement Reserves: 300$ 3.0% 45,300$ 46,659 $ 48,059 $ 49,501 $ 50,986$ 52,515$ 54,091$ 55,713$ 57,385$ 59,106$ 60,879$ 62,706$ 64,587$ 66,525$ 68,520$ 70,576$ 72,693$ Total Operating Expenses: 1,116,656$ 1,149,948 $ 1,184,235 $ 1,219,546 $ 1,255,913$ 1,293,366$ 1,331,938$ 1,371,663$ 1,412,575$ 1,454,709$ 1,498,102$ 1,542,793$ 1,588,819$ 1,636,221$ 1,685,039$ 1,735,317$ 1,787,097$ Net Operating Income: 2,137,821$ 2,202,163 $ 2,268,439 $ 2,336,708 $ 2,407,029$ 2,479,464$ 2,554,077$ 2,630,933$ 2,710,099$ 2,791,645$ 2,875,642$ 2,962,164$ 3,051,286$ 3,143,088$ 3,237,648$ 3,335,051$ 3,435,382$ Amortizing Loan Payments and Financing Fees
Senior Loan: 1,694,903$ 1,694,903 $ 1,694,903 $ 1,694,903 $ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ After Amortizing Loan Payments and Financing Fees: 442,918 $ 507,260 $ 573,537 $ 641,805 $ 712,127$ 784,562$ 859,175$ 936,030$ 1,015,196$ 1,096,742$ 1,180,739$ 1,267,261$ 1,356,384$ 1,448,185$ 1,542,746$ 1,640,149$ 1,740,479$ DCR 1.26 1.30 1.34 1.38 1.42 1.46 1.51 1.55 1.60 1.65 1.70 1.75 1.80 1.85 1.91 1.97 2.03 Priority Distributions
Asset Management Fee (TC Investor): 7,500$ 3.0% 7,500$ 7,725 $ 7,957 $ 8,195 $ 8,441$ 8,695$ 8,955$ 9,224$ 9,501$ 9,786$ 10,079$ 10,382$ 10,693$ 11,014$ 11,344$ 11,685$ 12,035$ Managing General Partner Fee: 11$ 19,932$ 2.0% 19,932$ 20,331 $ 20,737 $ 21,152 $ 21,575$ 22,007$ 22,447$ 22,896$ 23,354$ 23,821$ 24,297$ 24,783$ 25,279$ 25,784$ 26,300$ 26,826$ 27,362$ Net Cash After Priority Distributions: 415,486$ 479,205 $ 544,843 $ 612,458 $ 682,110$ 753,861$ 827,772$ 903,911$ 982,342$ 1,063,136$ 1,146,363$ 1,232,096$ 1,320,412$ 1,411,387$ 1,505,102$ 1,601,638$ 1,701,082$ Residual Loan Payments
Developer's Fee Note: USA MFD 6,884,387$ 415,486 $ 479,205 $ 544,843 $ 612,458 $ 682,110$ 753,861$ 413,886$ 451,955$ 491,171$ 531,568$ 573,181$ 616,048$ 318,615$ - $ - $ - $ - $ Subsidy Loans: City of Santa Clara 6,000,000$ - $ - $ - $ - $ - $ -$ 190,658$ 208,194$ 226,259$ 244,868$ 264,037$ 283,784$ 304,126$ 325,080$ 346,664$ 368,899$ 391,804$ Subsidy Loans: CalHFA MIP 7,025,000$ - $ - $ - $ - $ - $ - $ 223,228$ 243,761$ 264,912$ 286,700$ 309,144$ 332,264$ 356,080$ 380,614$ 405,886$ 431,920$ 458,737$ Subsidy Loans: LSH Loan -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Net Cash After Residual Loan Payments: -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 341,591$ 705,693$ 752,551$ 800,819$ 850,541$ 83,097$
Other Partnership Fee Distributions
Net Cash Split to Developer (USA): 90.0% -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 307,432$ 635,124$ 677,296$ 720,737$ 765,487$ Balance to Partnership based on Percentage Interest: -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 34,159$ 70,569$ 75,255$ 80,082$ 85,054$ Developer's Fee Note: USA MFD Repay: Yes
Beginning Balance: 6,884,387 $ 6,468,901 $ 5,989,696 $ 5,444,854 $ 4,832,396$ 4,150,286$ 3,396,425$ 2,982,539$ 2,530,583$ 2,039,412$ 1,507,845$ 934,663$ 318,615$ - $ - $ - $ - $ Interest in Period: 0.00% Compounding -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Payment: 5,991,384$ 415,486 $ 479,205 $ 544,843 $ 612,458 $ 682,110$ 753,861$ 413,886$ 451,955$ 491,171$ 531,568$ 573,181$ 616,048$ 318,615$ - $ - $ - $ - $ Ending Balance: 6,468,901 $ 5,989,696 $ 5,444,854 $ 4,832,396 $ 4,150,286$ 3,396,425$ 2,982,539$ 2,530,583$ 2,039,412$ 1,507,845$ 934,663$ 318,615$ - $ - $ - $ - $ - $ Net Cash After Developer Fee Payments: -$ - $ - $ - $ - $ - $ 413,886$ 451,955$ 491,171$ 531,568$ 573,181$ 616,048$ 1,001,797$ 1,411,387$ 1,505,102$ 1,601,638$ 1,701,082$ Subsidy Loans: City of Santa Clara Repay: Yes
Beginning Principal Balance: 6,000,000 $ 6,000,000 $ 6,000,000 $ 6,000,000 $ 6,000,000$ 6,000,000$ 6,000,000$ 5,809,342$ 5,601,148$ 5,374,889$ 5,130,021$ 4,865,983$ 4,582,199$ 4,278,073$ 3,952,994$ 3,606,329$ 3,237,430$ Interest in Period: 0.00% Simple -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Payment: -$ - $ - $ - $ - $ -$ 190,658$ 208,194$ 226,259$ 244,868$ 264,037$ 283,784$ 304,126$ 325,080$ 346,664$ 368,899$ 391,804$ Accrued Interest: -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Ending Principal Balance: 6,000,000 $ 6,000,000 $ 6,000,000 $ 6,000,000 $ 6,000,000$ 6,000,000$ 5,809,342$ 5,601,148$ 5,374,889$ 5,130,021$ 4,865,983$ 4,582,199$ 4,278,073$ 3,952,994$ 3,606,329$ 3,237,430$ 2,845,626$ Net Cash After Loan Payments: -$ - $ - $ - $ - $ -$ 223,228$ 243,761$ 264,912$ 286,700$ 309,144$ 332,264$ 697,671$ 1,086,307$ 1,158,437$ 1,232,739$ 1,309,278$ Subsidy Loans: CalHFA MIP Repay: Yes
Beginning Principal Balance: 7,025,000 $ 7,025,000 $ 7,025,000 $ 7,025,000 $ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ Interest in Period: 3.43% Simple 240,958$ 240,958 $ 240,958 $ 240,958 $ 240,958$ 240,958$ 240,958$ 240,958$ 240,958$ 240,958$ 240,958$ 240,958$ 240,958$ 240,958$ 240,958$ 240,958$ 240,958$ Payment: -$ - $ - $ - $ - $ -$ 223,228$ 243,761$ 264,912$ 286,700$ 309,144$ 332,264$ 356,080$ 380,614$ 405,886$ 431,920$ 458,737$ Accrued Interest: 240,958$ 481,915 $ 722,873 $ 963,830 $ 1,204,788$ 1,445,745$ 1,463,474$ 1,460,671$ 1,436,716$ 1,390,974$ 1,322,788$ 1,231,481$ 1,116,358$ 976,702$ 811,773$ 620,811$ 403,031$ Ending Principal Balance: 7,025,000 $ 7,025,000 $ 7,025,000 $ 7,025,000 $ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ 7,025,000$ Net Cash After Loan Payments: -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 34 1,591$ 705,693$ 752,551$ 800,819$ 850,541$ 30-Year Cash Flow - Mainline North Apartments
Year:
Income Escalation yrs: 3
Affordable Rental Income: 3.0%
Other Income: 3.0%
Gross Potential Income:
Vacancy/Collection Loss: 5.00%
Net Rental Income:
Operating Expenses Escalation yrs: 3
Operating Expenses: 6,791 $ 3.0%
Resident Services: 3.0%
Property Taxes/Assessments: 9 $ 2.0% Annual Monitoring Fees: 129 $ 2.0%
Ground Lease Payment: - $ 2.0%
Capital Replacement Reserves: 300 $ 3.0% Total Operating Expenses:
Net Operating Income:
Amortizing Loan Payments and Financing Fees
Senior Loan:
After Amortizing Loan Payments and Financing Fees:
DCR
Priority Distributions
Asset Management Fee (TC Investor): 7,500$ 3.0% Managing General Partner Fee: 11 $ 19,932$ 2.0% Net Cash After Priority Distributions:
Residual Loan Payments
Developer's Fee Note: USA MFD 6,884,387$
Subsidy Loans: City of Santa Clara 6,000,000$
Subsidy Loans: CalHFA MIP 7,025,000$
Subsidy Loans: LSH Loan -$
Net Cash After Residual Loan Payments:
Other Partnership Fee Distributions
Net Cash Split to Developer (USA): 90.0%
Balance to Partnership based on Percentage Interest:
Developer's Fee Note: USA MFD Repay: Yes
Beginning Balance:
Interest in Period: 0.00% Compounding
Payment: 5,991,384 $
Ending Balance:
Net Cash After Developer Fee Payments:
Subsidy Loans: City of Santa Clara Repay: Yes
Beginning Principal Balance:
Interest in Period: 0.00% Simple
Payment:
Accrued Interest:
Ending Principal Balance:
Net Cash After Loan Payments:
Subsidy Loans: CalHFA MIP Repay: Yes
Beginning Principal Balance:
Interest in Period: 3.43% Simple
Payment:
Accrued Interest:
Ending Principal Balance:
Net Cash After Loan Payments:
2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 18 19 20 21 22 23 24 25 26 27 28 29 30
5,613,177$ 5,781,572$ 5,955,019$ 6,133,670$ 6,317,680$ 6,507,211$ 6,702,427$ 6,903,500$ 7,110,605$ 7,323,923$ 7,543,640$ 7,769,950$ 8,003,048$ 49,090$ 50,563$ 52,080$ 53,642$ 55,251$ 56,909$ 58,616$ 60,375$ 62,186$ 64,051$ 65,973$ 67,952$ 69,991$ 5,662,267$ 5,832,135$ 6,007,099$ 6,187,312$ 6,372,931$ 6,564,119$ 6,761,043$ 6,963,874$ 7,172,791$ 7,387,974$ 7,609,613$ 7,837,902$ 8,073,039$ 283,113$ 291,607$ 300,355$ 309,366$ 318,647$ 328,206$ 338,052$ 348,194$ 358,640$ 369,399$ 380,481$ 391,895$ 403,652$ 5,379,154$ 5,540,528$ 5,706,744$ 5,877,947$ 6,054,285$ 6,235,913$ 6,422,991$ 6,615,681$ 6,814,151$ 7,018,576$ 7,229,133$ 7,446,007$ 7,669,387$ 1,694,878$ 1,745,724$ 1,798,096$ 1,852,039$ 1,907,600$ 1,964,828$ 2,023,773$ 2,084,486$ 2,147,021$ 2,211,431$ 2,277,774$ 2,346,108$ 2,416,491$ 41,652$ 42,901$ 44,188$ 45,514$ 46,879$ 48,286$ 49,734$ 51,226$ 52,763$ 54,346$ 55,976$ 57,656$ 59,385$ 1,829$ 1,866$ 1,903$ 1 ,941$ 1,980$ 2,020$ 2,060$ 2,101$ 2,143$ 2,186$ 2,230$ 2,274$ 2,320$ 27,193$ 27,737$ 28,291$ 28,857$ 29,434$ 30,023$ 30,624$ 31,236$ 31,861$ 32,498$ 33,148$ 33,811$ 34,487$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 74,874$ 77,120$ 79,434$ 81,817$ 84,271$ 86,799$ 89,403$ 92,086$ 94,848$ 97,694$ 100,624$ 103,643$ 106,752$ 1,840,426$ 1,895,348$ 1,951,913$ 2,010,168$ 2,070,165$ 2,131,956$ 2,195,594$ 2,261,135$ 2,328,636$ 2,398,155$ 2,469,753$ 2,543,492$ 2,619,436$ 3,538,728$ 3,645,180$ 3,754,831$ 3,867,778$ 3,984,120$ 4,103,957$ 4,227,396$ 4,354,545$ 4,485,515$ 4,620,420$ 4,759,380$ 4,902,515$ 5,049,951$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,694,903$ 1,843,825$ 1,950,277$ 2,059,929$ 2,172,876$ 2,289,217$ 2,409,055$ 2,532,494$ 2, 659,643$ 2,790,612$ 2,925,518$ 3,064,477$ 3,207,612$ 3,355,049$
2.09 2.15 2.22 2.28 2.35 2.42 2.49 2.57 2.65 2.73 2.81 2.89 2.98 12,396$ 12,768$ 13,151$ 13,546$ 13,952$ 14,371$ 14,802$ 15,246$ 15,703$ 16,174$ 16,660$ 17,159$ 17,674$ 27,910$ 28,468$ 29,037$ 29,618$ 30,210$ 30,814$ 31,431$ 32,059$ 32,701$ 33,355$ 34,022$ 34,702$ 35,396$ 1,803,519$ 1,909,041$ 2,017,740$ 2,129,712$ 2,245,055$ 2,363,869$ 2,486,261$ 2,612,337$ 2,742,208$ 2,875,989$ 3,013,796$ 3,155,751$ 3,301,978$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 415,398$ 439,702$ 464,739$ 490,529$ 517,095$ 518,163$ - $ - $ - $ - $ - $ - $ - $ 486,362$ 514,818$ 544,132$ 574,327$ 605,432$ 637,473$ 670,479$ 704,479$ 739,502$ 775,579$ 812,742$ 851,023$ 890,457$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 901,760$ 954,521$ 1,008,870$ 1,064,856$ 1,122,527$ 1,208,233$ 1,815,782$ 1,907,859$ 2,002,707$ 2,100,410$ 2,201,054$ 2,304,728$ 2,411,522$ 811,584$ 859,069$ 907,983$ 958,370$ 1,010,275$ 1,087,409$ 1,634,204$ 1,717,073$ 1,802,436$ 1,890,369$ 1,980,949$ 2,074,255$ 2,170,369$ 90,176$ 95,452$ 100,887$ 106,486$ 112,253$ 120,823$ 181,578$ 190,786$ 200,271$ 210,041$ 220,105$ 230,473$ 241,152$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$
- $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,803,519$ 1,909,041$ 2,017,740$ 2,129,712$ 2,245,055$ 2,363,869$ 2,486,261$ 2,612,337$ 2,742,208$ 2,875,989$ 3,013,796$ 3,155,751$ 3,301,978$ 2,845,626$ 2,430,228$ 1,990,526$ 1,525,787$ 1,035,258$ 518,163$ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 415,398$ 439,702$ 464,739$ 490,529$ 517,095$ 518,163$ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 2,430,228$ 1,990,526$ 1,525,787$ 1,035,258$ 518,163$ - $ - $ - $ - $ - $ - $ - $ - $ 1,388,121$ 1,469,339$ 1,553,
002$ 1,639,183$ 1,727,959$ 1,845,706$ 2,486,261$ 2,612,337$ 2,742,208$ 2,875,989$ 3,013,796$ 3,155,751$ 3,301,978$ 7,025,000$ 7,025,000$ 6,908,766$ 6,601,606$ 6,253,713$ 5,862,784$ 5,426,404$ 4,942,050$ 4,407,084$ 3,818,745$ 3,174,149$ 2,470,281$ 1,703,989$ 240,958$ 240,958$ 236,971$ 226,435$ 214,502$ 201,093$ 186,126$ 169,512$ 151,163$ 130,983$ 108,873$ 84,731$ 58,447$ 486,362$ 514,818$ 544,132$ 574,327$ 605,432$ 637,473$ 670,479$ 704,479$ 739,502$ 775,579$ 812,742$ 851,023$ 890,457$ 157,627$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 7,025,000$ 6,908,766$ 6,601,606$ 6,253,713$ 5,862,784$ 5,426,404$ 4,942,050$ 4,407,084$ 3,818,745$ 3,174,149$ 2,470,281$ 1,703,989$ 871,979$ 901,760$ 954,521$ 1,008,870$ 1,064,856$ 1,122,527$ 1,208,233$ 1,815,782$ 1,907,859$ 2,002,707$ 2,100,410$ 2,201,054$ 2,304,728$ 2,411,522$ Flow of Funds
Closing Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Property Acquisition: Total Costs Month 0 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Month 13 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Land/Bridge Loan: 1,314,225 $ 1,314,225 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Holding Costs: 251,447$ 251,447$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Land Lease Payments: 1$ 1$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Acquisition: - 1,565,673$ 1,565,673 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Construction Costs:
Off-site Improvements: 677,500$ - $ - $ -$ 112,917$ 112,917$ 112,917$ 112,917$ 112,917$ 112,917$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ On-site Improvements: 4,756,825$ - $ - $ -$ 475,683$ 475,683$ 475,683$ 475,683$ 475,683$ 475,683$ 475,683$ 475,683$ 475,683$ 475,683$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Common Area: 1,284,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 85,600$ 85,600$ 85,600$ 85,600$ 85,600$ 85,600$ 85,600$ 85,600$ 85,600$ 85,600$ Clubhouse: 1,618,500$ -
$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ 107,900$ 107,900$ 107,900$ 107,900$ 107,900$ 107,900$ 107,900$ 107,900$ 107,900$ 107,900$ Residential: 22,159,425$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ 1,477,295$ 1,477,295$ 1,477,295$ 1,477,295$ 1,477,295$ 1,477,295$ 1,477,295$ 1,477,295$ 1,477,295$ 1,477,295$ Garage / Podium: 11,927,125$ - $ - $ -$ 1,192,713$ 1,192,713$ 1,192,713$ 1,192,713$ 1,192,713$ 1,192,713$ 1,192,713$ 1,192,713$ 1,192,713$ 1,192,713$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Retail / Tenant Improvements: 1,045,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 69,667$ 69,667$ 69,667$ 69,667$ 69,667$ 69,667$ 69,667$ 69,667$ 69,667$ 69,667$ General Conditions: 2,816,825$ - $ - $ -$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ Overhead & Profit: 3,480,567$ - $ - $ -$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ Hard Cost Contingency: 2,488,289$ - $ - $ -$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ 138,238$ - $ - $ Insurance / OCIP: 1,254,098$ 1,254,098$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Construction: - 53,508,154$ 1,254,098 $ - $ -$ 2,171,446$ 2,171,446$ 2,171,446$ 2,171,446$ 2,171,446$ 2,171,446$ 2,058,529$ 2,058,529$ 2,058,529$ 2,058,529$ 2,130,596$ 2,130,596$ 2,130,596$ 2,130,596$ 2,130,596$ 2,130,596$ 2,130,596$ 2,130,596$ 1,992,357$ 1,992,357$ Financing Costs:
Senior Loan: 940,140$ 940,140$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Taxable Bridge Loan: 196,500$ 196,500$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Subsidy Loans:CalHFA MIP 70,250$ 70,250$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Other Subsidy
: 112,500$ 112,500$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Interest During Construction: 4,511,305$ 31,652$ 31,908$ 32,166$ 45,039$ 57,986$ 71,009$ 84,107$ 97,281$ 110,532$ 123,203$ 135,949$ 148,768$ 162,243$ 175,634$ 190,787$ 204,343$ 217,979$ 231,693$ 245,489$ 259,867$ 274,331$ 288,051$ 301,876$ Interest Prior to Conversion: 3,917,690$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Cost of Issuance: 308,896$ 308,896$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Financing Costs: - 10,057,281$ 1,659,938 $ 31,908 $ 32,166 $ 45,039 $ 57,986 $ 71,009 $ 84,107 $ 97,281 $ 110,532 $ 123,203 $ 135,949 $ 148,768 $ 162,243 $ 175,634 $ 190,787 $ 204,343 $ 217,979 $ 231,693 $ 245,489 $ 259,867 $ 274,331 $ 288,051 $ 301,876 $ -$
Other Transaction Costs: -$
Market Study: 27,600 $ 27,600 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Appraisal: 3,500$ 3,500$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Development: 852,296$ 852,296$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Planning & Impact Fees: 4,585,636$ 4,585,636$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Building Permits: 1,847,636$ 1,847,636$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Architecture: 2,526,360$ 2,258,360$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ 10,720$ Engineering: 640,719$ 640,719$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Developer Legal: 150,000$ 150,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Title / Escrow / Organizational Costs: 110,000$ 110,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Property Taxes During Const: 2,565$ 2,565$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Audit / Accounting / Cost Cert: 25,000$ 25,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Office / Common Area / FF&E: 290,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ 290,000$ - $ - $ - $ - $ - $ - $ - $ - $ Property Mgmt Start-up Costs: 100,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ 100,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ TCAC App/Allocation/Monitoring Fees: 103,255$ 41,755$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Operating Reserves: 680,837$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Construction Inspections: 45,000$ - $ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ 1,800$ Promotion/Marketing: 50,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 3,846$ Relocation: 406,830$ 406,830$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Soft Cost Contingency: 583,157$ 583,157$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Other Transaction Costs: - 13,030,391$ 11,535,054 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 112,520 $ 12,520 $ 302,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 12,520 $ 16,366 $ Total Development Costs: 78,161,499 $ 16,014,763 $ 44,428 $ 44,686 $ 2,229,005$ 2,241,952 $ 2,254,975 $ 2,268,073 $ 2,281,247 $ 2,294,498 $ 2,194,252 $ 2,206,998 $ 2,219,817 $ 2,333,292 $ 2,318,750 $ 2,623,903 $ 2,347,459 $ 2,361,095 $ 2,374,809 $ 2,388,605 $ 2,402,983 $ 2,417,447 $ 2,292,928 $ 2,310,600 $ Developer's Fee (PAID) 2,503,422$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Construction Period Loan - REPAYMENT 18,550,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Taxable Br
idge Loan - REPAYMENT 19,650,000$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Development Costs: 118,864,921$ 16,014,763$ 44,428$ 44,686$ 2,229,005$ 2,241,952$ 2,254,975$ 2,268,073$ 2,281,247$ 2,294,498$ 2,194,252$ 2,206,998$ 2,219,817$ 2,333,292$ 2,318,750$ 2,623,903$ 2,347,459$ 2,361,095$ 2,374,809$ 2,388,605$ 2,402,983$ 2,417,447$ 2,292,928$ 2,310,600$ Other Subsidy: RCC Equity -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Other Subsidy: -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Other Subsidy: Comm. Space Sale 1,800,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Subsidy Loans: City of Santa Clara 6,000,000$ 6,000,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Subsidy Loans: CalHFA MIP 7,025,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Subsidy Loans: LSH Loan 1,695,645$ 1,695,645$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Tax Credit Equity: 38,304,985$ 2,838,399$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ NOI During Construction: 1,889,291$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Senior Loan: 23,950,000$ 5,480,719$ 44,428$ 44,686$ 2,229,005$ 2,241,952$ 2,254,975$ 2,268,073$ 2,281,247$ 2,294,498$ 2,194,252$ 2,206,998$ 409,170$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Const. Period TE Loan: 18,550,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,810,647$ 2,333,292$ 2,318,750$ 2,623,903$ 2,347,459$ 2,361,095$ 2,374,809$ 2,380,047$ - $ - $ - $ - $ Taxable Bridge Loan: 19,650,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 8,558$ 2,402,983$ 2,417,447$ 2,292,928$ 2,310,600$ 118,864,921$ 16,014,763$ 44,428$ 44,686$ 2,229,005$ 2,241,952$ 2,254,975$ 2,268,073$ 2,281,247$ 2,294,498$ 2,194,252$ 2,206,998$ 2,219,817$ 2,333,292$ 2,318,750$ 2,623,903$ 2,347,459$ 2,361,095$ 2,374,809$ 2,388,605$ 2,402,983$ 2,417,447$ 2,292,928$ 2,310,600$ Fund Balance -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ USA Properties Fund, Inc.
Flow of Funds
1:17 PM 11/28/2022
http://usatoday/sites/finance/Project Documents/Ma inline North-Santa Clara-701/Proforma/22-1128_701_PF_Mainline - reduced DevFee.xlsm ~ 1111111 1 1 1 1 1 1 11 1 11 1 1 11
___ 1111111 1 111 1 1 1 1 1 11 1 1 1
~ 11111111 1 111 1 1 11 1 11 1 1 1
I I I I I I I I I I I I I I I I I I I I I
Flow of Funds
Property Acquisition: Total Costs
Land/Bridge Loan: 1,314,225 $
Holding Costs: 251,447 $
Land Lease Payments: 1 $
Total Acquisition: - 1,565,673$
Construction Costs:
Off-site Improvements: 677,500 $
On-site Improvements: 4,756,825 $
Common Area: 1,284,000 $
Clubhouse: 1,618,500 $
Residential: 22,159,425 $
Garage / Podium: 11,927,125 $
Retail / Tenant Improvements: 1,045,000 $
General Conditions: 2,816,825 $
Overhead & Profit: 3,480,567 $
Hard Cost Contingency: 2,488,289 $
Insurance / OCIP: 1,254,098 $
Total Construction: - 53,508,154$
Financing Costs:
Senior Loan: 940,140 $
Taxable Bridge Loan: 196,500 $
Subsidy Loans:CalHFA MIP 70,250 $
Other Subsidy: 112,500 $
Interest During Construction: 4,511,305 $
Interest Prior to Conversion: 3,917,690 $
Cost of Issuance: 308,896 $
Total Financing Costs:
- 10,057,281$
Other Transaction Costs:
Market Study: 27,600 $
Appraisal: 3,500$
Development: 852,296$
Planning & Impact Fees: 4,585,636$
Building Permits: 1,847,636$
Architecture: 2,526,360$
Engineering: 640,719$
Developer Legal: 150,000$
Title / Escrow / Organizational Costs: 110,000$
Property Taxes During Const: 2,565$
Audit / Accounting / Cost Cert: 25,000$
Office / Common Area / FF&E: 290,000$
Property Mgmt Start-up Costs: 100,000$
TCAC App/Allocation/Monitoring Fees: 103,255$
Operating Reserves: 680,837$
Construction Inspections: 45,000$
Promotion/Marketing: 50,000$
Relocation: 406,830$
Soft Cost Contingency: 583,157$
Total Other Transaction Costs: - 13,030,391$ Total Development Costs: 78,161,499 $
Developer's Fee (PAID) 2,503,422$
Construction Period Loan - REPAYMENT 18,550,000$
Taxable Bridge Loan - REPAYMENT 19,650,000$
Total Development Costs: 118,864,921$
Other Subsidy: RCC Equity -$
Other Subsidy: - $
Other Subsidy: Comm. Space Sale 1,800,000 $
Subsidy Loans: City of Santa Clara 6,000,000 $
Subsidy Loans: CalHFA MIP 7,025,000 $
Subsidy Loans: LSH Loan 1,695,645 $
Tax Credit Equity: 38,304,985 $
NOI During Construction: 1,889,291 $
Senior Loan: 23,950,000 $
Const. Period TE Loan: 18,550,000 $
Taxable Bridge Loan: 19,650,000 $
118,864,921$
Fund Balance
Mainline North Apartments
Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Month 23 Month 24 Month 25 Month 26 Month 27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 Month 34 Month 35 Month 36 Month 37 Month 3 8 -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 85,
600$ 85,600$ 85,600$ 85,600$ 85,600$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 107,900$ 107,900$ 107,900$ 107,900$ 107,900$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,477,295$ 1,477,295$ 1,477,295$ 1,477,295$ 1,477,295$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 69,667$ 69,667$ 69,667$ 69,667$ 69,667$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 112,673$ 112,673$ 112,673$ 112,673$ 112,673$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 139,223$ 139,223$ 139,223$ 139,223$ 139,223$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,992,357$ 1,992,357$ 1,992,357$ 1,992,357$ 1,992,357$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 315,784$ 329,776$ 343,852$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ -$ 357,879$ 360,658$ 361,965$ 363,010$ 363,010$ 310,955$ 310,955$ 310,955$ 310,955$ 310,955$ 310,955$ 245,438$ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 315,784$ 329,776$ 343,852$ 357,879$ 360,658$ 361,965$ 363,010$ 363,010$ 310,955$ 310,955$ 310,955$ 310,955$ 310,955$ 31 0,955$ 245,438$ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 10,720$ 10,720$ 10,720$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 61,500$ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ 680,837$ - $ 1,800$ 1,800$ 1,800$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 16,366$ 16,366$ 16,366$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ 3,846$ - $ -$ 742,337$ - $ 2,324,508$ 2,338,500$ 2,352,576$ 2,354,083$ 2,356,862$ 365,811$ 366,856$ 366,856$ 314,801$ 314,801$ 314,801$ 314,801$ 310,955$ 310,955$ 987,775$ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ 2,003,422$ 500,000$ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ 18,550,000$ - $ -$ -$ - $ - $ - $ - $ - $ -$ 8,700,000$ - $ - $ - $ - $ -$ 10,950,000$ - $ 2,324,508$ 2,338,500$ 2,352,576$ 2,354,083$ 2,356,862$ 365,811$ 366,856$ 366,856$ 9,014,801$ 314,801$ 314,801$ 314,801$ 310,955$ 2,314,377$ 30,987,775$ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ -$ 1,800,000$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 7,025,000$ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ -$ 9,576,246$ - $ - $ - $ - $ - $ 25,390,161$ 500,179$ - $ -$ -$ - $ 9,782$ 92,381$ 147,447$ 181,313$ 181,313$ 181,313$ 181,313$ 181,313$ 181,313$ 181,313$ 181,313$ 189,178$ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 2,324,508$ 2,338,500$ 2,352,576$ 2,344,300$ 464,480$ 218,364$ 174,758$ -$ - $ - $ - $ - $ - $ - $ - $ - $ 2,324,508$ 2,338,500$ 2,352,576$ 2,354,083$ 2,356,862$ 365,811$ 356,071$ 9,757,559$ 181,313$ 181,313$ 181,313$ 181,313$ 181,313$ 32,596,473$ 689,357$ - $ -$ -$ - $ - $ - $ -$ (10,786)$ 9,379,917$ 546,429$ 412,940$ 279,452$ 145,964$ 16,321$ 30,298,418$ (0)$ (0)$ USA Properties Fund, Inc.
Flow of Funds
1:17 PM 11/28/2022
http://usatoday/sites/finance/Project Documents/Ma inline North-Santa Clara-701/Proforma/22-1128_701_PF_Mainline - reduced DevFee.xlsm _ I I I I I I I I I I I I I I
~ I I I I I I I I I I I I I
_ I I I I I I I I I I I I I I
I I I I I I I I I I I I I
Construction Delivery Schedule Mainline North Apartments Construction Period (Months) 25 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Month 25 Month 26 Month 27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 Month 34 Month 35 Month 36 Month 37 Building #1 151 151
Units Delivered 151 0 151 00000000000
Cumulative Units Delivered 151 0 151 151 151 151 151 151 151 151 151 151 151 151 Rent Up and Credit Delivery Schedule
Units Occupied in Period 0 5 0 4 5 3 0 2 6 00000000
Total Units Occupied 151 0 50 95 125 151 151 151 151 151 151 151 151 151 Percent Units Occupied 100% 0.0% 33.1% 62.9% 82.8% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Period Unit Move-In Begins 0.0% 2.8% 5.2% 6.9% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% First Year Credit Delivery Percentage 81.57%
3,323,867
NOI During Construction
Additional Vacancy 100% 67% 37% 17% 5% 5% 5% 5% 5% 5% 5% 5% 5% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Income Month 25 Month 26 Month 27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 Month 34 Month 35 Month 36 Month 37 Affordable Rental Income: 274,762 $ 274,762 $ 274,762 $ 274,762 $ 274,762 $ 274,762 $ 274,762 $ 274,762 $ 274,762 $ 274,762 $ 274,762 $ 274,762 $ 283,005$ Housing Choice Voucher Income: -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Other Income: 2,403$ 2,403$ 2,403$ 2,403$ 2,403$ 2,403$ 2,403$ 2,403$ 2,403$ 2,403$ 2,403$ 2,403$ 2,475$ Gross Potential Income: 277,165$ 277,165$ 277,165$ 277,165$ 277,165$ 277,165$ 277,165$ 277,165$ 277,165$ 277,165$ 277,165$ 277,165$ 285,480$ Vacancy/Collection Loss: 277,165$ 185,389$ 102,790$ 47,724$ 13,858$ 13,858$ 13,858$ 13,858$ 13,858$ 13,858$ 13,858$ 13,858$ 14,274$ Net Rental Income: -$ 91,777$ 174,376$ 229,442$ 263,307$ 263,307$ 263,307$ 263,307$ 263,307$ 263,307$ 263,307$ 263,307$ 271,206$ Operating Expenses Include Exp in NOI:
Operating Expenses: Yes - $ 78,201$ 78,201 $ 78,201 $ 78,201 $ 78,201 $ 78,201 $ 78,201 $ 78,201 $ 78,201 $ 78,201 $ 78,201 $ 78,201 $ Resident Services: Yes - $ 2,100$ 2,100$ 2,100$ 2,100$ 2,100$ 2,100$ 2,100$ 2,100$ 2,100$ 2,100$ 2,100$ 2,100$ Property Taxes/Assessments: Yes - $ 107$ 107$ 107$ 107$ 107$ 107$ 107$ 107$ 107$ 107$ 107$ 109$ Annual Monitoring Fees: Yes - $ 1,587$ 1,587$ 1,587$ 1,587$ 1,587$ 1,587$ 1,587$ 1,587$ 1,587$ 1,587$ 1,587$ 1,618$ Ground Lease Payment: Yes - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Capital Replacement Reserves: No - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Operating Expenses: -$ 81,994$ 81,994$ 81,994$ 81,994$ 81,994$ 81,994$ 81,994$ 81,994$ 81,994$ 81,994$ 81,994$ 82,028$ Net Operating Income: - $ 9,782$ 92,381$ 147,447$ 181,313$ 181,313$ 181,313$ 181,313$ 181,313$ 181,313$ 181,313$ 181,313$ 189,178$ Cumulative NOI: - $ 9,782$ 102,163$ 249,611$ 430,923$ 612,236$ 793,549$ 974,862$ 1,156,174$ 1,337,487$ 1,518,800$ 1,700,113$ 1,889,291$ USA Propertie Fund, Inc.
Credit Del-NOI Const
1:17 PM11/28/2022
http://usatoday/sites/finance/Project Documents/Mainline North-Santa Clara-701/Proforma/22-1128_701_PF_Mainline - reduced DevFee.xlsm ~
-- --
~
-- --
>--
-- --
~
-- --
>--
-- --
~
-- --
~
-- --
>-- -f- -f-
~
-- --
~
-- --
>-- -f- -f-
~
-- --
~-- --
I
I