|
APPENDIX A -TABLE 1
<br />ESTIMATED DEVELOPMENT COSTS
<br />VETERANS VILLAGE
<br />SANTA ANA, CALIFORNIA
<br />I. Land Assemblage Costs 2
<br />Land Acquisition Costs 2
<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 />0
<br />Total Land Assemblage Costs
<br />76 Units
<br />$57,900
<br />/Unit
<br />$4,400,000
<br />II. Direct Costs 3
<br />Off -site Improvements
<br />Allowance
<br />$0
<br />On -site Improvements
<br />67,082 Sf Land Area
<br />$19
<br />/Sf Land Area
<br />1,282,000
<br />At -Grade Parking Structure Cost
<br />0 Spaces
<br />$0
<br />/Space
<br />0
<br />Residential Shell Costs
<br />67,868 Sf GBA
<br />$191
<br />/Sf GBA
<br />12,980,000
<br />OtherAmenities 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 />10% of Construction Costs
<br />1,482,000
<br />Construction Insurance/ Bonds
<br />2% of Construction Costs
<br />242,000
<br />Contingency Allowance
<br />5% of Other Direct Costs
<br />850,000
<br />Total Direct Costs
<br />76 Units
<br />$227,300
<br />/Unit
<br />$17,275,000
<br />III. Indirect Costs'
<br />Architecture, Engineering & Consultants
<br />8% of Direct Costs
<br />$1,305,000
<br />Permits & Fees
<br />76 Units
<br />$16,726
<br />/Unit
<br />1,271,000
<br />Taxes, Insurance, Legal & Accounting
<br />2% of Direct Costs
<br />298,000
<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 />4% of Other Indirect Costs
<br />188,000
<br />Total Indirect Costs
<br />$5,372,000
<br />IV. Financing Costs2
<br />Acquisition Loan Interests
<br />$4,400,000
<br />Loan Amount
<br />6.59%
<br />Interest
<br />$314,000
<br />Construction Interest 7
<br />$21,750,000
<br />Loan Amount
<br />5.58%
<br />Interest
<br />1,323,000
<br />Financing Fees
<br />Predevelopment Loan
<br />$4,400,000
<br />Loan Amount
<br />0.00
<br />Points
<br />0
<br />Construction Loan
<br />$21,750,000
<br />Loan Amount
<br />2.51
<br />Points
<br />546,000
<br />Permanent Loan
<br />$10,300,000
<br />Loan Amount
<br />0.00
<br />Points
<br />0
<br />Other Fees
<br />Allowance
<br />279,000
<br />Tax Credit Fees
<br />76
<br />Units
<br />$1,776
<br />/Unit
<br />135,000
<br />Capitalized Reserves
<br />Operating
<br />$103,207
<br />/Month
<br />3
<br />Months
<br />310,000
<br />Transition
<br />75
<br />DHS Units
<br />$0
<br />/DHS Unit
<br />0
<br />Total Financing Costs
<br />$2,907,000
<br />V. ITatal Development Costs
<br />76
<br />Units
<br />$394,132
<br />/Unit
<br />$29,954,000
<br />2 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 217/2017, 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 />z Assumes a 24-month development period, and a 55% average outstanding balance.
<br />Prepared by: Keyser Marston Associates, Inc. Fil_59
<br />Rename: Santa Ana W - 2018 9% Model - 7 319; Financial Gap - 9%- KMA; jlr
<br />
|