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Financing Plan <br />for <br />Villa Court Senior Apartments - Santa Ana, CA <br />Construction Financing <br />Construction financing will be provided by the followings ources,organized by lien priority: <br />Source <br />Type <br />Amount <br />Interest <br />Rate <br />Term <br />(Months) <br />Payment <br />Terms <br />Citibank, N.A.-T.E.Bonds (Series A) <br />Construction Loan <br />$ <br />85,000,000 <br />4.00% <br />30 <br />Interest Only <br />Bonneville Aff. Hsg. Capital, LLC- T.E. Bonds (Series B) <br />Construction Loan <br />$ <br />35,000,000 <br />8.00% <br />30 <br />Interest Only <br />Pacific West Communities, Inc. <br />Def. Developer Fee <br />$ <br />13,500,000 <br />0.00% <br />30 <br />No Pmts. <br />Santa Ana Senior Associates, a California L.P. <br />Deferred Costs <br />$ <br />2,219,232 <br />N/A <br />N/A <br />N/A <br />City Real Estate Advisors <br />Tax Credit Equity <br />$ <br />10,731,162 <br />N/A <br />N/A <br />N/A <br />Total <br />1 $ <br />$ <br />146,450,394 <br />1 <br />All of the funds identified above, with the exception of the tax credit equity, are committed at this time. <br />Permanent Financing <br />Permanent financing will be provided by the following sources, organized by lien priority: <br />Source <br />Type <br />Amount <br />Interest Am/Term <br />Rate (Years) <br />Payment <br />Terms <br />Citibank, N.A. -T.E. Bonds (Series A) <br />Permanent Loan <br />$ <br />45,000,000 <br />5.25% <br />35/30 <br />Conventional <br />Bonneville Aff. Hsg. Capital, LLC- T.E. Bonds (Series B) <br />Permanent Loan <br />$ <br />35,000,000 <br />5.00% <br />45/45 <br />Res. Receipts <br />City of Santa Ana- Inclusionary Housing Funds <br />Inclusionary Hsg. Funds <br />$ <br />5,000,000 <br />1.00% <br />55/55 <br />Res. Receipts <br />Pacific West Communities, Inc. <br />Def. Developer Fee <br />$ <br />7,850,000 <br />0.00% <br />13/13 <br />Res. Receipts <br />City Real Estate Advisors <br />Tax Credit Equity <br />$ <br />53,600,394 <br />N/A <br />N/A <br />N/A <br />Total <br />1 $ <br />146,450,3941 <br />1 <br />All of the funds identified above, with the exception of the tax credit equity and the City Inclusionary Housing Funds, are committed at this <br />time. <br />Soecial or Unusual Financing Features <br />There are no special or unusual features that pertain to the financing discussed above. <br />60A-40 EXHIBIT 4 <br />