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