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TABLE 1 ESTIMATED CONSTRUCTION COSTS FRANCIS XAVIER RESIDENCE SANTA ANA, CALIFORNIA I.Direct Costs 1 Site Improvements 15,000 Sf Land $15 /Sf Land $225,000 Residential Building Costs 14,792 Sf GBA $130 /Sf GBA 1,923,000 Furnishings, Fixtures & Equipment 50,000 Contractor Fees / General Requirements 12%Construction Costs 258,000 General Liability Insurance / Const Bonds 2%Construction Costs 43,000 Contingency Allowance 5%Other Direct Costs 125,000 Total Direct Costs 14,792 Sf GBA $177 /Sf GBA $2,624,000 II.Indirect Costs Architecture, Engineering & Consulting 7.0%Direct Costs $184,000 Permits & Fees 2 12 Units $31,250 /Unit 375,000 Taxes, Legal & Accounting 6.0%Direct Costs 157,000 Insurance 12 Units $2,250 /Unit 27,000 Marketing & Leasing 12 Units $1,667 /Unit 20,000 Developer Fee 3 13%Net Construction Costs 498,000 Contingency Allowance 7.0%Other Indirects 88,000 Total Indirect Costs $1,349,000 III.Financing Costs Interest During Construction 4 $238,000 Loan Amount 5.30%Interest $13,000 Financing Fees 5 Construction Loan $238,000 Loan Amount 7.75 Points 18,000 Permanent Loan $449,000 Loan Amount 2.75 Points 12,000 Capitalized Reserves Operating Reserve 5 6 Months Operate Expenses & Debt Svc Pmts 67,000 NPLH Transition Reserve 5 112,000 Total Financing Costs $222,000 IV.Total Construction Costs 12 Units $349,600 /Unit $4,195,000 1 Estimates assume prevailing wage requirements will not be imposed on the Project. 2 Based on Developer estimate. The estimate should be verified by City staff. 3 Net construction costs equate to the total construction costs less the developer fee. 4 5 Based on Developer estimates. Based on a 14-month construction period with a 60% average outstanding balance; and a 4-month absorption period with a 100% average outstanding Prepared by: Keyser Marston Associates, Inc. Filename: Francis Xavier Residence PF_1 9 19; Pro Forma; trb EXHIBIT 3 3-29