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Westview House
<br />Sources & Uses City of Santa Ana
<br />Pre-Dev Proforma
<br />04/28/22
<br />BEGINNING BALANCE ENDING BALANCE
<br />PERMANENT SOURCES PERCENT TOTAL PER UNIT TOTAL PER UNIT
<br />Net Investor Equity 38% 18,821,088 221,425 0 0
<br />Permanent Loan 27% 13,642,615 160,501 0 0
<br />CDP OZ LLC 1% 350,000 4,118 0 0
<br />OCHFT 3% 1,450,349 17,063 1,450,349 17,063
<br />City of Santa Ana 8% 3,904,341 45,933 4,547,495 53,500
<br />NPLH 15% 7,312,537 86,030 7,312,537 86,030
<br />County of Orange MHSA 9% 4,258,280 50,097 4,258,280 50,097
<br />Deferred Developer Fee 0% 26,210 308 0 0
<br />TOTAL SOURCES 100% 49,765,420 585,476 17,568,661 206,690
<br />NEW OR ELIGIBLE ELIGIBLE NOT TOTAL
<br />USES OF FUNDS TOTAL ACQUISITION REHAB COST HISTORIC STATE ELIGIBLE PER UNIT
<br />Land at $3,148,585 Per Acre or $72.28 Per SF 6,675,000 00006,675,000 78,529
<br />Associated Acq. Costs 726,288 0000726,288 8,545
<br />Prevailing Wage 0 0000 00
<br />Hard Cost Residential 30,689,128 361,049 22,879,658 0 22,879,658 0 22,879,658 0 269,172
<br />Site Improvements 3,558,174 0 3,558,174 0 3,558,174 0 41,861
<br />General Conditions, Overhead, GC Fee 14.00% 3,701,296 0 3,701,296 0 3,701,296 0 43,545
<br />GC Bond / Insurance / Letter of Credit 2.40% 550,000 0 550,000 0 550,000 0 6,471
<br />Hard Cost Contingency 5.00% 1,535,000 0 1,535,000 0 1,535,000 0 18,059
<br />Construction Interest (2.6%) at Perm. Rate + -14 2.60% 1,633,319 0 955,844 0 955,844 677,475 19,216
<br />Bridge Interest at 10.00% 0 0 0 00 0 0
<br />Construction Loan Fees 241,200 0 12,060 0 12,060 229,140 2,838
<br />Conversion Fee 136,426 0000136,426 1,605
<br />Bridge Loan Fees 0 0 0 00 00
<br />4% Related Costs / Cost of Issuance 40,000 0 2,000 0 2,000 38,000 471
<br />Accounting & Audit 37,500 000037,500441
<br />Appraisal / Market Study 11,350 0 11,350 0 11,350 0 134
<br />Architecture (Architect, Landscape Architect)1,052,500 0 1,052,500 0 1,052,500 0 12,382
<br />Civil Engineering 113,300 0 113,300 0 113,300 0 1,333
<br />Construction Site Inspector 138,500 0 138,500 0 138,500 0 1,629
<br />Consultants (Geo, LEED, Dry Utilities, Security, Bank Insp.) 154,380 0 130,440 0 130,440 23,940 1,816
<br />Environmental (EIR, Phase I, Asbestos, exc.)5,100 0 5,100 0 5,100 0 60
<br />F.A. / Syndication Consultant / Syndication Fee 0 0000 00
<br />Furnishings 226,000 0 226,000 0 226,000 0 2,659
<br />Special Inspections (Concrete, SWPPs)75,000 0 75,000 0 75,000 0 882
<br />Lease-up & Marketing Expenses 60,000 000060,000706
<br />Legal 275,000 0 13,750 0 13,750 261,250 3,235
<br />Utility Undergrounding 100,000 0 100,000 0 100,000 0 1,176
<br />Operating & Debt Service Reserve (3-mo's / deb 3 343,824 0000343,824 4,045
<br />Other (Lease Up Reserve) 229,216 0000229,216 2,697
<br />Other (Admin, Repo, Shipping, Reimburseables) 22,000 000022,000259
<br />Impact Fees 1,445,871 0 1,445,871 0 1,445,871 0 17,010
<br />Insurance 80,000 0 54,026 0 54,026 25,974 941
<br />Permit Fees 325,000 0 325,000 0 325,000 0 3,824
<br />Property Taxes 110,138 0000110,138 1,296
<br />Solar (Structure & Panels) 0 0000 00
<br />City Controlled Contingency 400,000 0 200,000 0 200,000 200,000 4,706
<br />Soft Cost Contingency 4.98% 272,500 0 272,500 0 272,500 0 3,206
<br />Tax Credit/Bond Fees (App., Mon., & Res.) 56,879 0 0 0 0 56,879 669
<br />Title & Recording 55,000 0 2,750 0 2,750 52,250 647
<br />Developer Overhead 0 0000 00
<br />Developer Fee 2,500,000 0 2,500,000 0 0 0 29,412
<br />TOTAL USES 49,765,420 0 39,860,120 0 37,360,120 9,905,300 585,476
<br />EXHIBIT 3
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