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PROJECT BUDGET
<br />86 units Commercial/TCAC
<br />Budget Residential Retail Eligible Basis
<br />ACQUISITION COSTS 6,450,000 6,450,000 0 0
<br />PROFESSIONAL FEES 2,672,000 2,672,000 0 2,669,431
<br />FEES AND PERMITS 2,630,000 2,630,000 0 2,630,000
<br />CONSTRUCTION COSTS
<br />Offsite Improvements/Site Improvements/Landscaping 3,687,814 3,687,814 0 3,687,814
<br />Residential Structures/Non-Residential Structures/Community Building 23,212,137 22,751,496 460,642 22,751,496
<br />General Conditions / Contractor Profit 3,674,454 3,611,532 62,922 3,611,532
<br />Contractor Insurance 311,124 305,796 5,328 305,796
<br />Contractor / Construction Contingency 2,109,175 2,073,057 36,118 2,073,057
<br />Remediation 850,000 850,000 0 0
<br />TOTAL CONSTRUCTION COSTS 33,844,705 33,279,695 565,010 32,429,695
<br />GAP/CONSTRUCTION/PERMANENT LOAN FEES 557,000 557,000 0 57,234
<br />CONSTRUCTION LOAN INTEREST/POST-CONSTRUCTION INTEREST 2,382,000 2,382,000 0 960,000
<br />OTHER SOFT COSTS 1,643,500 1,643,500 0 1,058,500
<br />RESERVES 381,898 381,898 0 0
<br />DEVELOPER FEE 2,507,000 2,507,000 0 2,507,000
<br />TOTAL DEVELOPMENT COSTS 53,068,103 52,503,093 565,010 42,311,860
<br />/ TOTAL ELIGIBLE BASIS
<br />The Crossroads at Washington - Updated Closing Proforma (v04r)
<br />Related Companies of California
<br />EXHIBIT 5
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