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940 S. Minnie, Santa Ana
<br />Use of Funds Sources
<br />City of Santa Bank Loan
<br />Tnrai Ana (3) Developer
<br />Acquisition Cost
<br />$
<br />1,050,000
<br />$ 1,050,000
<br />General Development Costs
<br />Residential Construction ()
<br />$
<br />400,000
<br />$ 264,990
<br />$
<br />135,010
<br />Contractor Overhead
<br />4.5%
<br />$
<br />18,000
<br />$
<br />18,000
<br />Contractor GR
<br />1.5%
<br />$
<br />6,000
<br />$
<br />6,000
<br />Contractor Profit
<br />8.0%
<br />$
<br />32,000
<br />$
<br />32,000
<br />Construction Contigency (Residential)
<br />10.0%
<br />$
<br />40,000
<br />$
<br />40,000
<br />Architecture- Design
<br />$
<br />4,000
<br />$
<br />4,000
<br />Engineering
<br />$
<br />2,000
<br />$
<br />2,000
<br />Lender Appraisal
<br />$
<br />5,000
<br />$
<br />5,000
<br />Environmental
<br />$
<br />5,000
<br />$
<br />5,000
<br />Relocation (Z)
<br />$
<br />196,204
<br />$
<br />159,573
<br />$ 36,631
<br />Perm Loan Fees
<br />$
<br />7,557
<br />$
<br />7,557
<br />Title /Recording /Escrow- Permanent
<br />$
<br />5,000
<br />$
<br />5,000
<br />Insurance
<br />$
<br />7,500
<br />$
<br />7,500
<br />Real Estate Taxes
<br />$
<br />3,360
<br />$
<br />3,360
<br />Soft Cost Contigency
<br />$
<br />50,000
<br />$
<br />50,000
<br />Legal: Acqusition
<br />$
<br />2,500
<br />$
<br />2,500
<br />Permanent Closing
<br />$
<br />5,000
<br />$
<br />5,000
<br />Organization of Ptrshp
<br />$
<br />2,500
<br />$
<br />2,500
<br />Operating Reserve
<br />$
<br />20,000
<br />$ 20,000
<br />Replacement Reserve
<br />$
<br />16,000
<br />$ 16,000
<br />Lender Counsel
<br />$
<br />10,000
<br />$
<br />10,000
<br />Developer Fee
<br />8.0%
<br />$
<br />151,010
<br />$ 71,010
<br />$
<br />-
<br />$ 80,000
<br />$
<br />988,631
<br />$ 372,000
<br />$ 500,000
<br />$ 116,631
<br />Total Project Cost/Total Sources
<br />$
<br />2,038,631
<br />$ 1,422,000
<br />$
<br />500,000
<br />$ 116,631
<br />(') Construction cost estimate does not assume the payment of Davis Bacon wages
<br />(Z) Development budget includes costs for relocation.
<br />(3) Developer will bridge bank loan until construction completion.
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