Financial Analysis Summary Board
Team 0428
SUMMARY PRO FORMA
Phase I
Phase II
2010-11
2012
2013
Phase III
2014
2015
2016
Phase IV
2017
2018
2019
2020
2021
Net Operating Income
Market-rate
Affordable
Total Net Operating Income
Rental Housing $
-
$
For-Sale Housing $
-
$
Rental Housing $
-
$
For-Sale Housing $
-
$
Office/Commercial $
-
$
Retail $
-
Structured Parking $
$
-
1,790,140
339,673
-
$
5,796,970
$
10,888,751
$
17,000,529
$
24,533,572
$
33,490,301
$
40,823,695
$
54,055,296
$
58,217,348
$
62,144,373
$
13,832,810
$
32,769,927
$
39,623,116
$
43,834,906
$
48,263,743
$
51,315,257
$
67,720,103
$
85,063,057
$
43,807,474
$
784,349
$
1,315,563
$
2,181,150
$
3,004,545
$
3,793,617
$
4,303,371
$
4,833,306
$
5,271,147
$
5,587,511
$
-
$
2,416,839
$
3,236,148
$
3,589,634
$
3,961,418
$
4,352,278
$
4,482,846
$
7,214,581
$
7,431,018
3,388,185
$
(2,713,019) $
6,431,791
$
15,417,473
$
22,307,404
$
29,507,229
$
41,972,002
$
44,502,667
$
47,474,809
$
49,742,140
$
942,759
$
1,942,084
$
3,438,648
$
4,481,326
$
5,695,108
$
6,738,037
$
7,996,355
$
8,642,974
$
9,635,391
$
10,571,700
$
$
1,229,276
7,690,033
$
$
3,009,969
22,653,162
$
$
4,761,870
62,023,389
$
$
6,942,198
88,881,939
$
52,146,720
$
9,286,687
$ 112,251,856
$ 10,904,819
$ 136,659,164
$ 12,697,635
$ 163,460,594
$ 14,012,747
$ 198,249,940
$ 15,154,786
$ 228,031,119
$
16,352,736
$ 195,636,953
Development Costs
Rental Housing $
Market-rate
24,679,945
For-Sale Housing $
Rental Housing $
Affordable
-
$
(3,771,489) $
For-Sale Housing $
-
(7,910,673)
$
-
Office/Commercial $ (101,513,720) $ (206,929,513)
Retail $
(9,922,713) $
(20,039,089)
Structured Parking $
(25,150,000) $
(25,904,500)
$
47,692,649
$
(46,852,748) $
(54,551,598) $
(42,222,982)
$
(29,103,167) $
(34,927,108) $
(29,456,136) $
(17,241,233) $
$
(9,551,116) $
(22,189,504) $
(26,773,240) $
(29,617,418)
$
(34,644,438) $
(45,947,850) $
(57,428,569) $
(28,903,755) $
$
(7,280,533) $
(7,117,788) $
(8,268,195) $
(6,444,716)
$
(4,438,302) $
(5,280,409) $
(4,496,083) $
(2,608,271) $
(1,195,855)
$
(1,558,160) $
(3,615,884) $
(4,362,283) $
(4,825,682)
$
(5,312,958) $
(5,644,494) $
(7,488,301) $
(9,356,631) $
(4,702,752)
$ (143,451,813) $
(77,481,713) $
(69,052,792) $
(43,666,295)
$
(28,222,120) $
(26,131,158) $
(26,978,432) $
(23,047,756) $
(7,857,066)
$
(4,365,476) $
(4,476,455) $
(5,678,816) $
(6,864,481) $
(3,202,792)
$
(12,012,166) $
(12,372,531) $
$
(13,622,257) $
(7,086,490) $
(7,299,085) $
(5,600,866)
$
(19,753,958) $
(27,771,657) $
(22,943,497) $
(11,662,297)
(7,888,771)
-
(9,557,780) $
(9,844,514) $
Community Center
$
(42,299,479) $
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
City Market
$
(18,200,819) $
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Total Infrastructure $
(4,088,875) $
$
(2,749,627) $
$
(2,197,717) $
(4,052,644)
S il R
di ti /D
liti
$
(774 863) $
Soil
Remediation/Demolition
(774,863)
$ (181,042,013) $ (212,689,699)
Total Development Costs
(3,337,847) $
(3,158,871) $
(2,137,125)
$
(636 251) $
$
$
(636,251)
$ (150,274,816) $ (196,089,882) $ (196,409,560) $ (146,177,383)
(2,519,796) $
(2,542,210) $
-
(2,197,108) $
(432 182) $
$
$
(317 485) $
$
(432,182)
(317,485)
$ (120,728,525) $ (137,299,802) $ (143,626,327) $ (100,381,232) $
(24,847,236)
Annual Cash Flow
Net Operating Income $
-
$
7,690,033
$
22,653,162
$
62,023,389
$
88,881,939
$
112,251,856
$
136,659,164
$
Total Asset Value (owned) $
-
$
82,938,266
$
99,411,855
$
295,098,225
$
504,549,830
$
711,608,001
$
929,211,638
$ 1,183,865,723
163,460,594
$
198,249,940
$ 1,392,362,356
$
228,031,119
$ 1,499,631,335
195,636,953
$
(79,762,779)
$ (150,274,816) $ (196,089,882) $ (196,409,560) $ (146,177,383)
$ (120,728,525) $ (137,299,802) $ (143,626,327) $ (100,381,232) $
(24,847,236)
Total Costs of Sale
Total Development Costs $ (181,042,013) $ (212,689,699)
$
$ 1,595,255,590
LIHTC Credit Sale Proceeds $
1,018,302
$
2,135,882
$
1,965,744
$
1,921,803
$
2,232,413
$
1,740,073
$
1,198,342
$
1,425,710
$
1,213,942
$
704,233
$
322,881
Debt Proceeds $
107,274,613
$
203,404,822
$
150,670,787
$
108,101,758
$
105,374,858
$
71,238,152
$
50,791,800
$
54,071,980
$
49,508,711
$
38,744,065
$
13,093,915
Cumulative Loan Value $
107,274,613
$
309,593,857
$
457,131,672
$
560,607,431
$
660,309,156
$
724,865,231
$
768,321,671
$
54,071,980
$
810,055,259
$
92,268,858
$
814,951,724
Interest on debt $
7,777,409
$
22,445,555
$
33,142,046
$
40,644,039
$
47,872,414
$
52,552,729
$
55,703,321
$
3,920,219
$
58,729,006
$
6,689,492
$
59,084,000
CCDC City Market and Community Center Offset $
30,250,149
Debt Service
($8,862,988)
Net Cash Flow
Unleveraged Net Cash Flow
Net Present Value (12%)
($25,578,527)
($37,768,045)
($46,317,172)
($54,554,491)
($59,888,089)
($63,478,444)
($4,467,406)
($66,926,457)
$ (51,361,937) $ (25,037,489)
$ (12,753,168) $ (70,360,105) $ (54,474,841) $ (20,835,390)
$
4,442,338
$
77,191,076
$
38,419,809
$ (180,023,711) $ (202,863,785)
$ (125,655,910) $ (132,144,691) $ (105,295,209) $
$
17,128,981
$
27,586,503
$
55,837,555
(32,185,453)
($7,623,218)
($67,331,001)
$ 159,474,967
$ 817,416,598
$
$ 1,686,605,408
128,354,120
$ 192,972,781
Unleveraged IRR Before Taxes
12%
Leveraged IRR Before Taxes
24%
2. MULTIYEAR DEVELOPMENT PROGRAM
Year-by-Year Cumulative Absorption (For Sale Housing Units are not cumulative)
Total Buildout
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2850
Project Buildout by Development Units
Rental Housing
(units)
400
840
1150
1550
1955
2160
2360
2630
2750
For-Sale Housing
(units)
0
0
100
130
140
150
160
160
250
250
Rental Housing (120% AMI)
(units)
21
42
61
80
99
112
123
134
142
146
Rental Housing (80% AMI)
(units)
21
42
61
80
99
112
123
134
142
146
Rental Housing (50% AMI)
(units)
28
56
81
107
131
149
164
179
189
195
Total Affordable For-Sale Housing
(units)
0
0
17
22
24
26
28
28
43
43
(s.f.)
850,000
1,700,000
2,000,000
2,300,000
2,520,000
2,620,000
2,720,000
2,800,000
2,900,000
2,950,000
490,000
Market-rate
Affordable
Office/Commercial
(s.f.)
120,000
240,000
280,000
320,000
360,000
380,000
405,000
425,000
460,000
Structured Parking
(spaces)
0
0
200
500
800
800
800
800
800
800
Below-Ground Parking
(spaces)
0
1000
2000
2600
3400
4000
4400
4800
5200
5500
Street Parking
Other
(spaces)
PHASE I
PHASE II
PHASE III
PHASE IV
TOTAL
Retail
PROJECT BUILDOUT BY AREA & PHASE
Rental Housing
(s.f.)
For-Sale Housing
(s.f.)
Rental Housing (120% AMI)
EQUITY AND FINANCING SOURCES
892,000
540,000
176,000
2,280,000
-
351,500
446,500
1,140,000
1,938,000
(s.f.)
29,252
39,757
24,905
8,422
Rental Housing (80% AMI)
(s.f.)
29,252
39,757
24,905
Rental Housing (50% AMI)
(s.f.)
39,002
53,009
For-Sale Housing (Total All Inc. Ranges)
(s.f.)
-
-
Office/Commercial
(s.f.)
1,700,000
Retail
(s.f.)
240,000
City Market
(s.f.)
99,071
Community Center
(s.f.)
246,516
Structured Parking
(s.f.)
Below-ground Parking
Other
(s.f.)
(s.f.)
380,000
-
912,000
-
532,000
-
114,000
-
1,938,000
(s.f.)
3,435,093
3,532,023
1,961,178
1,692,136
10,620,430
Market-rate
Affordable
Total
672,000
-
Market-rate
Affordable
117,400
per unit
For-Sale Housing $
172,057
per unit
Rental Housing $
103,169
per unit
For-Sale Housing $
162,286
per unit
Office/Commercial $
233.86
per s.f.
Retail $
158 88
158.88
per s.f.
sf
17,500
per space
25,000
per space
Community Center $
171.25
per s.f.
City Market $
183.71
per s.f.
15%
8,422
102,336
General Partner Equity Req'd
$215,260,964
13%
33,206
11,230
136,448
Developer Fees
$61,462,593
14,663
19,061
33,724
820,000
280,000
150,000
2,950,000
120,000
65,000
65,000
490,000
-
-
-
-
-
-
304,000
-
-
Financing Sources (total)
65%
Conventional Construction/Perm
$952,275,461
59%
LIHTC Sale
$15,879,325
1%
99,071
TIF Financing (5% of Cost)
$80,478,324
5%
246,516
C.C.D.C. Subsidies (total)
$35,250,149
2%
304,000
-
Community Ctr. Cost Offset (50%)
$21,149,739
1%
City Market Cost Offset (50%)
Infrastructure Subsidy
$9,100,410
$5,000,000
1%
0.3%
$1,609,566,476
100%
Total
5. LIHTC Credit Proceeds calculated from 50% AMI share of rental residential (40%) multiplied by the total construction cost of
affordable rental housing in a given year x 9%, then multplied by 10 year life and assumed 75% investor purchase price
Private
8,000,000
$
13,574,421
Other Hardscaping (not incl. surf. pkg.) $
100,000
$
5,000,000
City Park Construction $
4,000,000
Landscaping $
750,000
$
9,657,399
Other Amenities $
Total Infrastructure Costs $
250,000
13,100,000
$
$
750,000
28,981,820
6. Primary debt assumed at 65% LTC, 7.25% rate, 30 Year Amortization
7. All buildings intended to be LEED certified, funded by a 3% premium included in all construction costs
n/a
8. Data from RS Means, Reed Construction Data, and Saylor Publications was used in calculating construction costs
9. CCDC Subsidies for half of the cost of the public community center and city market are proposed, plus $5M for infrastructure
GOVERNMENTAL IMPACT FEE CALCULATION
Fee Amount
Total
Residential (per unit)
$
3,970
$
19,486,596
Office (per 1000 s.f.)
$
2,020
$
5,959,000
Retail per (1000 s.f.) $
2,020
$
989,800
$
26,435,396
Overall Total
Proportional Use Breakdown
Below‐Ground Parking
Market Rate Rental Housing
Structured Parking PROJECT SNAPSHOT
Community Center
Total Residential Units (15% Affordable)
For Rent
For Sale
Total Office Square Footage
Total Retail Space
4952
3380
1571
2,950,000
490,000
6300
Total Structured (Above + Below Ground)
units
units
units
s.f.
s.f.
spaces
City Market
TOTAL DEVELOPMENT COST
$
1,609,566,476
,
,
,
NET PRESENT VALUE (12%)
$
192,972,781
LEVERAGED IRR BEFORE TAXES
Market Rate For Sale Housing
Retail
Affordable Rental 120% AMI
Parking
24%
Office and Academic Space
4%
$1,048,633,110
4. Operating Expenses calculated from comparable properties and team member experience
Utilities $
Use Type
$244,959,660
3. Market rent information collected from a combination of market survey by team, CBRE 2009 Market Report, and comparables
Structured Parking $
Public
Purchased Land Value
2. The following Cap Rates were used in determining asset value:
Rental Residential: 8.5%, Retail: 9.5%, Office: 9.5%, Parking Structures: 10%
Below Ground Parking $
Infrastructure Costs
32%
102,336
1. All rents, sales prices, operating costs, and construction costs are expected to increase at the projected annual rate of inflation (3%)
(before inflation)
Rental Housing $
% of total cost
$521,683,217
KEY ASSUMPTIONS, SOURCES, AND PROJECT INFORMATION
UNIT DEVELOPMENT AND INFRASTRUCTURE COSTS
Average Unit Cost
Development Costs
Amount
Source
Equity Sources (total)
Affordable Rental 80% AMI
Affordable For Sale Housing
Affordable Rental 50% AMI