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APPENDIX A -TABLE I
<br />ESTIMATED DEVELOPMENT COSTS
<br />VETERANS VILLAGE
<br />SANTA ANA, CALIFORNIA
<br />EXHIBIT 2
<br />I. Land Assemblage Costs'
<br />$4,400,000
<br />Loan Amount
<br />6.59% Interest
<br />$314,000
<br />Land Acquisition Costs'
<br />67,082 Sf Land Area
<br />$66
<br />/Sf Land
<br />$4,400,000
<br />Holding Costs
<br />Allowance
<br />0
<br />Closing Costs
<br />0.0% of Acquisition Costs
<br />Loan Amount
<br />0.13 Points
<br />0
<br />Total Land Assemblage Costs
<br />76 Units
<br />$57,900
<br />/Unit
<br />$4,400,000
<br />II. Direct Costs a
<br />$9,790,000
<br />Loan Amount
<br />1.21 Points
<br />118,000
<br />Off-site Improvements
<br />Allowance
<br />Allowance
<br />$0
<br />On-site Improvements
<br />67,082 Sf Land Area
<br />$14
<br />/Sf Land Area
<br />972,000
<br />At -Grade Parking Structure Cost
<br />0 Spaces
<br />$0
<br />/Space
<br />0
<br />Residential Shell Costs
<br />62,004 Sf GBA
<br />$214
<br />/Sf GBA
<br />13,275,000
<br />Other Amenities Costs
<br />76 Units
<br />$0
<br />/Unit
<br />0
<br />Furnishings, Fixtures & Equipment
<br />76 Units
<br />$5,782
<br />/Unit
<br />439,000
<br />Contractor Fees / General Requirements
<br />5% of Construction Costs
<br />Units
<br />$386,250 /Unit
<br />697,000
<br />Construction Insurance / Bonds
<br />2% of Construction Costs
<br />244,000
<br />Contingency Allowance
<br />10% of Other Direct Costs
<br />1,638,000
<br />Total Direct Costs
<br />76 Units
<br />$227,200
<br />/Unit
<br />$17,265,000
<br />III. Indirect Costs 1
<br />Architecture, Engineering & Consultants
<br />8% of Direct Costs
<br />$1,345,000
<br />Permits & Fees
<br />76 Units
<br />$15,695
<br />/Unit
<br />1,193,000
<br />Taxes, Insurance, Legal & Accounting
<br />3% of Direct Costs
<br />487,000
<br />Marketing & Leasing
<br />76 Units
<br />$1,447
<br />/Unit
<br />110,000
<br />Developer Fee s
<br />2,200,000
<br />Contingency Allowance
<br />6% of Other Indirect Costs
<br />326,000
<br />Total Indirect Costs
<br />$5,661,000
<br />IV. Financing Costs'
<br />Acquisition Loan Interest 6
<br />$4,400,000
<br />Loan Amount
<br />6.59% Interest
<br />$314,000
<br />Construction Interest'
<br />$23,000,000
<br />Loan Amount
<br />3.62% Interest
<br />974,000
<br />Financing Fees
<br />Predevelopment Loan
<br />$4,400,000
<br />Loan Amount
<br />0.13 Points
<br />6,000
<br />Construction Loan
<br />$23,000,000
<br />Loan Amount
<br />0.65 Points
<br />150,000
<br />Permanent Loan
<br />$9,790,000
<br />Loan Amount
<br />1.21 Points
<br />118,000
<br />SNHP Local Application Fee
<br />Allowance
<br />29,000
<br />Tax Credit Fees
<br />76
<br />Units
<br />$1,776 /Unit
<br />135,000
<br />Capitalized Reserves
<br />Operating
<br />$101,025
<br />/Month
<br />3 Months
<br />303,000
<br />Transition
<br />75
<br />DHS Units
<br />$0 /DHS Unit
<br />0
<br />Total Financing Costs
<br />$2,029,000
<br />V. ITatal Development Costs
<br />76
<br />Units
<br />$386,250 /Unit
<br />$29,355,000
<br />Based on Developer's estimates.
<br />2 Based on Purchase and Sale Agreement dated 11/21/2016. The Developer closed escrow on the property on January 10, 2018. According to a FMV
<br />appraisal by Lea & Company, dated 2/7/2017, the current value of the Site is $4,940,000.
<br />a Based on Developer's estimates. Includes state and federal prevailing wages.
<br />° Included in the On-site Improvement Costs.
<br />6 Based on maximum allowed by TCAC regulations.
<br />6 Assumes a 13 -month loan term.
<br />' Assumes a 24 -month development period, and a 59% average outstanding balance.
<br />Prepared by: Keyser Marston Associates, Inc.
<br />Filename: Santa Ana VV - 2018 4% Model - 08.14.18; Financial Gap -4%-KMA;25L-35
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