Mixed Use JK PDF
Mixed Use JK PDF
Mixed Use JK PDF
Contact Info:
Joshua Kahr
B: 212-566-4085
C: 646-286-0128
[email protected]
Project Summary
Summary and Returns
Page 1 of 2
Project Start
10/31/2007
Project End
10/31/2016
Rental Revenue
51,860
$
2,456,090
$ 61,591,730
Project Timing
Analysis Start
10/31/2008
Analysis End
10/31/2016
# of Units
0
1
1
2
LAND
Remaining Prepaid Ground Rent $
Prepaid Ground Rent Deposit $
21
0
15% $
Project Name
Lot 1
GSQFT
NSQFT
47,200
4,660
51,860
47,200
4,660
51,860
2
4
2,713,401
37,722
232,564
492,670
78%
1%
0%
7%
14%
26.60
3,476,357
100%
Residential
0%
0%
Retail
Retail 2
0%
3%
$
$
$
60 $
120 mo
80%
6%
mo
0%
Yr 1 Stabilized
A&E
Civil Engineering
Title Insurance
Insurance
$
$
$
$
9.06
2.41
0.78
2.89
470,000
125,000
40,615
150,000
10%
3%
1%
3%
Income
Gross Potential Income
Parking Income (MPDU)- Residential Only
Vacancy
Taxes
Additional Proc. And Tap Fees
Development Fee
Project Overhead
Testing (Inc'l Concrete)
Legal
Inspection Fees
Acctg/Repro/Misc
Marketing Cost/FF&E
Leasing Commissions
Construction Loan Fee
Acquisition Fee
Front Money Interest Carry
Operating Cost Deficit
Tree Save
Soft Cost Contingency
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2.29
6.94
13.38
2.62
1.54
4.82
0.66
1.04
28.42
2.40
2.83
2.89
1.93
2.12
119,006
360,000
694,035
136,000
80,000
250,000
34,000
54,000
1,473,654
124,455
146,880
150,000
100,000
110,198
3%
8%
15%
3%
2%
5%
1%
1%
0%
32%
3%
3%
3%
2%
0%
2%
19% $
89.04
4,617,843
100%
$
$
$
$
$
$
110.00
51.43
60.00
60.00
5,704,600
3,312,000
2,832,000
279,600
38%
22%
0%
0%
19%
2%
9.35
Residential Infrastructure $
Retail Infrastructure $
Office Infrastructure $
50.00
50.00
485,128
2,360,000
233,000
3%
0%
0%
16%
2%
15,206,328
100%
HARD COSTS
Total Revenue
Expenses
Salary & Related Costs
Marketing
Maintenance
Cleaning
Management Fees
Administrative Costs
Utilities
Insurance
Real Estate Taxes
TIP Fee & CAM
Total Expenses
Base Building
Below grade Parking
Above grade Parking
Surface Parking
Retail Tenant Improvements
Retail 2 Tenant Improvements
64%
Construction Interest
2%
Residential NOI
Retail NOI
Retail 2 NOI
0%
0%
0%
10.18
0%
12%
60
120 mo
80%
6%
Leasing Proforma
SOFT COSTS
2,460,747 $
$
(123,037) $
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,337,709
2,337,709
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(10,372) $
$
2,327,337 $
$
2,327,337 $
$/Total NSF
$
$
$
$
$
$
47
(2)
45
45
(0)
45
45
Parking Assumptions
Parking Assumptions
Below grade Parking
Above grade Parking
Surface Parking
$
$
$
$/Stall
18,000
-
# of Stalls
Total Costs
184 $
3,312,000
$
$
-
528,006
Debt Financing
Total Costs
100%
%/Total
0%
91%
9%
100%
Project Assumptions
$/Amount
$/GSQFT
Holding Period
8 years
Construction Loan
Interest Rate
LTC
6.50%
65%
Permanent Loan
Interest Rate
Start Month
6.00%
16
Interest
Equity
Debt
$
$
$
528,006
8,271,687
15,556,846
Monthly PMT
Balloon PMT
$
$
77,784
15,556,846
23,828,533
Interest Only
% of Total
105%
0%
5%
0%
0%
0%
0%
0%
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
0%
0%
0%
100%
0%
100%
Page 2 of 2
Cash Flow Schedule
Unleveraged CF
Year 0
Year 1
(6,420,247) $ (12,105,268) $
Unleveraged IRR
Leveraged CF
Year 2
(3,031,963) $
Year 3
2,362,731
Year 4
2,416,817
Year 5
2,472,255
17.28%
Year 0
(6,420,247) $
Leveraged IRR
Year 1
(1,851,441) $
Year 2
1,120,775
Year 3
1,429,320
Year 4
1,483,406
Year 5
1,538,844
Year 6
2,529,079
Year 7
2,587,324
Year 11
-
Year 12
-
Year 6
1,595,669
Year 7
1,653,913
Year 11
$
26.52%
Year 12
$
Year 8
47,480,474
Year 9
$
Year 13
Year 14
-
Year 8
30,990,217
Year 13
$
Year 10
-
Year 15
Year 9
$
Year 14
$
Year 10
Year 15
$
Partnership Split
Investor
Leveraged Cumulative CF
31,540,458
$
$
Interest
(22,411)
-
31,518,047
Line of Credit
Rounded Cr L Period
Sale of the Asset
mo
mo
96 mo
Return
Duration
12 mo $
mo $
11%
0%
Investor
$
Developer/Bank $
Entity
$
Balance
Ending in Period
6,442,658
Month
Month
Equity In
Equity Out
(7,049,983) $ 26,025,634
(1,244,115) $ 13,786,512
(8,294,098) $ 39,812,145
$
$
$
Total
18,975,650
12,542,397
31,518,047
Developer/Bank
Entity
Tier 1
up to 11%
5,369,872 $
85%
947,624 $
15%
6,317,496
100%
Tier 2
11% to 15%
3,519,261 $
70%
1,508,255 $
30%
5,027,515
100%
Tier 3
over 15%
10,086,518 $
50%
10,086,518 $ 20,173,036
50%
100%
Total
18,975,652
12,542,397
IRR
22.52%
39.75%
$ 31,518,049
26.52%
Residential
Retail
Retail 2
Total
Year Ending
Investor
Tier 1
Tier 2
Tier 3
$
$
Developer/Bank
Tier 1
Tier 2
Tier 3
Cap Rate
0% $
6% $
6% $
$
7/31/2009
7/31/2010
(7,049,983) $
-
$
(0) $
657,390
-
7/31/2011
$
$
$
1,203,641
-
Closing Costs
Net Sales Proceeds
$
$
$
836,309 $ 40,979,149
$
78,274 $
3,835,430
$
914,583 $ 44,814,579
7/31/2012
$
$
$
1,249,332
-
7/31/2013
$
$
$
1,296,165
-
7/31/2014
$
$
$
1,344,169
-
$ 44,814,579
$ (15,556,846)
$ 29,257,733
$
2,260,314
$ 31,518,047
7/31/2015
$
1,393,373
$
$
7/31/2016
$
$
$
1,454,501
-
7/31/2017
7/31/2018
3,821,286
$
$
3,519,261
10,086,518
$
$
$
$
$
(1,244,115) $
$
(0) $
116,010
-
$
$
$
212,407
-
$
$
$
220,470
-
$
$
$
228,735
-
$
$
$
237,206
-
$
$
$
245,889
-
$
$
$
256,677
-
$
$
$
674,345
1,508,255
10,086,518
$
$
$
(8,294,098) $
773,400
1,416,048
1,469,802
1,524,900
1,581,375
1,639,263
1,711,177
29,696,181
Entity
All Tiers
Year Ending
Investor
Tier 1
Tier 2
Tier 3
7/31/2019
7/31/2020
7/31/2021
7/31/2022
7/31/2023
NET
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,369,872
3,519,261
10,086,518
Developer/Bank
Tier 1
Tier 2
Tier 3
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
947,624
1,508,255
10,086,518
31,518,047
Entity
All Tiers
Input Assumptions
Page 1 of 3
Timing Assumptions
General Timeline
Approx. Date
Project Start
10/31/2007
Analysis Start
10/31/2008
Project Start
10/31/2016
Land Purchase
8 years
51,860
23,828,533
459.48
Analysis End
Holding Period (Yrs) *Max 20 Yrs
10/31/2008
-12 mo
Approx. Start
Dates
108 mo
Approx. End
Dates
10/31/2007
mo
10/31/2016
10/31/2008
-12 mo
12 mo
10/31/2007
mo
16 mo
10/31/2008
10/31/2008
2/28/2010
Permanent Loans
16 mo
80 mo
2/28/2010
10/31/2016
Leasing Start
16 mo
mo
2/28/2010
2/28/2010
96 mo
10/31/2016
* All month references and inputs project months from this date unless indicated otherwise
General Inflation
Leasing Start
After Closing
Rentals
Lease Term ( #
of mo)
Months of Sale
Market Inflation Factor
Residential
Retail
16 mo
120 mo
96 mo
12 mo
108 mo Annual Inflation
Retail 2
16 mo
120 mo
96 mo
108 mo
0.00%
Costs Assumptions
* There is a separate worksheet to input, allocate and distribute costs assumptions. This section is used to make separate calculations to determine $ amounts to enter in the separate sheet.
Project Sizing
Components
GSF
Residential
Retail
Retail 2
Total Rental
Distribution
47,200
4,660
51,860
0%
91%
9%
100%
Cost Dist-n
Components
2,713,401
2,713,401
$
$
50.00
50.00
Components
Below grade
Cost Dist-n
2,360,000
233,000
2,593,000
Parking Type
0%
91%
9%
100%
Above grade
92 stalls
92 stalls
184 stalls
37,722
$/ Stall
Below grade
Above grade
Surface
Totals
stalls
Residential
Retail
Retail 2
Totals
Above grade
32,200
32,200
64,400
Below grade
stalls
92 stalls
92 stalls
184 stalls
$0
$1,656,000
$1,656,000
$3,312,000
Total
-
Below grade
32,200
32,200
64,400
0%
50%
50%
100%
Residential
Retail
Retail 2
Totals
$/Unit or GSF
$
$
9.50
9.50
Total $ Amount
$
$
$
$
Cost Dist-n
448,400
44,270
492,670
0%
91%
9%
100%
% at Closing
3%
Rate
6%
6%
Tenant Improvements
* Inputs are in Market Leasing Assumptions below
* The calculations are based on the 1st (stabilized)
leasing
TI's
Residential
Retail
$
2,832,000
Retail 2
$
279,600
Total
$
3,111,600
350
Above grade
Surface
$0
$0
$0
$0
Totals
$0
$0
$0
$0
$0
$1,656,000
$1,656,000
$3,312,000
Above grade
Surface
0%
0%
0%
0%
Totals
0%
0%
0%
0%
0%
50%
50%
100%
Cost Dist-n
91%
9%
100%
694,035
Cost Contingency
0.8830%
6 mo
Allocations
15%
104,105
451,123
At Constr. Completion
138,807
20%
LC $ Amount
1,341,235
132,419
1,473,654
Escrow every
At Closing
0%
91%
9%
100%
50%
Retail
Retail 2
Total
Development Fee
Development Fee (% of Totals)
Cost Dist-n
5,192,000
512,600
5,704,600
Leasing Commissions
Impact Fees
Components
$
$
$
$
Parking Partitioning
Surface
110.00
110.00
stalls
Below grade
$
$
$
$18,000
0%
100%
0%
100%
37,722
Residential
Retail
Retail 2
Totals
Cost Dist-n
Prepaid Deposit
0%
100% $
0%
100%
Infrastructure Costs
Residential
Retail
Retail 2
Total Rental
Land Costs
Remaining
Balance
% of Total
Soft Cost Cont
Hard Cost Cont
5.00%
4.00%
$ Totals
$
$
110,198
485,128
16 mo
Other Fees
4 mo
6 mo
Page 2 of 3
Legal Fees
Fee Amount
250,000
Payments #
1
2
3
4
5
6
7
8
Total
Month
mo
7 mo
8 mo
9 mo
10 mo
11 mo
12 mo
13 mo
Percentage
50%
5%
5%
5%
5%
5%
5%
20%
100%
$ Amount
125,000
12,500
12,500
12,500
12,500
12,500
12,500
50,000
250,000
Payment #
1
2
3
4
5
6
7
8
Months
6 mo
12 mo
16 mo
20 mo
24 mo
28 mo
32 mo
36 mo
Assessment
$ Assessment
Prepaid Ground Rent
2,751,123
6 mos prior
11,674,584
4 mos prior
18,793,821
6 mos prior
19,446,113
6 mos prior
6 mos prior
6 mos prior
6 mos prior
-
$ Taxes
12,146
51,543
55,316
-
Debt Financing
10/31/2008
Start
Duration
LTC/LTV
Annl Int
Monthly Int
Construction Loan
Entire Phase
Application
mo
16 mo
64.50%
6.50%
0.54%
Permanent Loan
Entire Phase
16 mo
-16 mo
6.00%
0.50%
Line of Credit
Entire Phase
mo
mo
n/a
Amortization
NOI %*
9999 yrs
0.00%
Residential
25%
Retail
0%
Retail 2
0%
* Percentage applied to NOI prior to stabilization
Revenue Asssumptions
Residential Rent Revenue by Units
Approx
GSF/Unit
Unit Type
0
0
0
0
0
0
0
0
# Of
Units
-
Total
GSF
-
Total
Net SF
Net
SF/Unit
Total Monthly
Rent
Totals
Totals and Averages
MPDU
Market Rent
Monthly
Rent/ Unit
Month
Rent/SF
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Average
0.00
0.00
Total
Averages
0
Yearly
Rent/S.F
Lease Absorption
# of Units/ Mo
Ave. SF/Mo
Residential
Retail
Retail 2
47,200
4,660
Rent Escalation
Lease-Up
Period
Stabilized SF
186,283
18,391
44,840
4,427
Stabilization
from Closing
1
1
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
mo
17 mo
17 mo
3%
$
Leasing Start
Components
Residential
Retail
Retail 2
Probability
%
NET SF
47,200
4,660
mo
16 mo
16 mo
80%
80%
Market
$/SF/year
$0.00
$47.36
$47.36
Blended
$48.00
$48.00
$0.00
$47.87
$47.87
Average
7.25%
Market*
Components
Residential
Retail
Retail 2
Tenant Improvements
Renewal**
Blended***
%/NSF
Market
# months
Rent Abatement
Renewal
Blended
Market
# months
Months Vacant
Renewal
$0.00/nsf
0
$
60
$12.00/nsf
0
$
60
$12.00/nsf
0
* This goes into Costs Assumptions and is taken out by the construction loan
3,111,600 **This is a rate you would use for the next tenant
***This rate blends the rates according to renewal probability, and will be used for the rental revenue calculations
Residential
Retail
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
Retail 2
0.00%
0.00%
0.00%
0.00%
0.00%
12.00%
0.00%
0.00%
0.00%
0.00%
12.00%
0.00%
0.00%
0.00%
0.00%
0%
3%
* annual rates compounding monthly
12%
Blended
0
0
0
622,320
Other Income
MPDU Parking
Income
Monthly Income
Calculations
Per Stall
Rentals
Residential
Retail
Retail 2
Total # of
Parking Stalls
92
92
MPDU Prkng
Stalls
Annual MPDU
Parking Income Other Income I
Annual
$0
$0
$0
Annual Trend
Other Income II
Annual
$
220,698
Annual Trend
Exit Closing
Costs
%
Exit Cap
%
6%
6%
2%
2%
Page 3 of 3
Expenses
General
Vacancy
NSF
Residential
Retail
Retail 2
47,200
4,660
Collection Loss
Reimb
Expenses
Replacement
Reserve
% Fixed
Repl. Reserve
Growth
% Fixed
$
$
0.200
0.200
Operating Expenses
Salary & Related
Marketing
Maintenance
Cleaning
Residential
% Fixed
Admin Costs
Utilities
Real Estate
Taxes
Insurance
from stabilization
Retail
% Fixed
Retail 2
% Fixed
Annual Trend
3%
3%
3%
3%
3%
3%
3%
3%
3%
Tier 1
11%
Tier 2
15%
Tier 3
Developer/Bank
15%
30%
50%
Investor
Total/ SumCheck
85%
100%
70%
100%
50%
100%
Investor 1
Bank
Investor 2
Investor
Annual Hurdle
11%
Annual Master CF
Construction / Project Costs
Totals
% of Totals
Year 0
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
1,383,872
11,187,028
3,391,140
12,105,268
4,775,013
2,817,123
(140,856)
-
2,676,267
3,476,357
15%
3,476,357
4,617,843
20%
2,315,730
918,241
15,206,328
65%
628,160
23,300,528
100%
6,420,247
17,732,944
(886,647)
16,846,297
105%
0%
-5%
0%
0%
0%
0%
1,842,067
(92,103)
-
2,498,003
(124,900)
-
2,554,936
(127,747)
-
2,613,292
(130,665)
-
2,673,107
(133,655)
-
2,734,417
(136,721)
-
100%
1,749,964
2,373,103
2,427,189
2,482,627
2,539,451
2,597,696
16,846,297
-----------
Project Revenue
Revenue
Gross Potential Income
Parking Income (MPDU)- Residential Only
Vacancy
Expense Recovery- Office and/or Retail
Collection Loss- Residential Only
Other Income
Other Income
Total Revenue
Expenses
Salary & Related Costs
Marketing
Maintenance
Cleaning
Management Fees
Administrative Costs
Utilities
Insurance
Real Estate Taxes
TIP Fee & CAM
Total Expenses
Net Operating Income
Replacement Reserve
Development / Residual
Development Equity
Net Residual Value
CASH FLOW BEFORE DEBT
(69,147)
38,291,202
--
27%
0%
1,749,964
(6,915)
2,373,103
2,427,189
2,482,627
2,539,451
2,597,696
(10,372)
(10,372)
(10,372)
(10,372)
(10,372)
44,814,579
2,676,267
(10,372)
(6,420,247)
-
(12,105,268)
-
(4,775,013)
-
100%
(6,420,247)
(12,105,268)
(3,031,963)
2,362,731
2,416,817
2,472,255
2,529,079
2,587,324
47,480,474
0%
(6,420,247)
(12,105,268)
(3,031,963)
2,362,731
2,416,817
2,472,255
2,529,079
2,587,324
47,480,474
10,253,828
-
4,775,013
(15,556,846)
(933,411)
(15,556,846)
30,990,217
38,291,202
15,028,840
(15,556,846)
15,556,846
(6,222,738)
(15,556,846)
31,540,458
0%
0%
0%
0%
0%
0%
(6,420,247)
(1,851,441)
15,556,846
(622,274)
1,120,775
(933,411)
1,429,320
(933,411)
1,483,406
(933,411)
1,538,844
(933,411)
1,595,669
(933,411)
1,653,913
0%
0%
15,349,271
40,979,149
25%
67%
1,586,423
-
2,154,000
-
2,208,086
-
2,263,524
-
2,320,349
-
2,378,593
-
2,438,294
40,979,149
1,427,880
3,835,430
2%
6%
156,626
-
208,731
-
208,731
-
208,731
-
208,731
-
208,731
-
227,600
3,835,430
61,591,730
100%
1,743,049
2,362,731
2,416,817
2,472,255
2,529,079
2,587,324
47,480,474
1/1/2008
# of Line
Items
Cost
Amount
Time Start
Length
Middle Month
A&E
$1,000,000
99
50
Civil Engineering
$3,455,664
99
50
Exponential Increase
Title Insurance
$456,676
78
39
Insurance
$7,675,367
88
44
Taxes
$7,623,345
90
45
$123,452
90
45
Development Fee
$1,600,000
91
46
Project Overhead
$2,300,000
88
44
$4,500,000
87
44
10
Legal
$456,778
86
43
If Applicable
Middle Month
Override
Peakness
Exponential
Growth Rate
Cost Distribution
Drop From Peak
11
Inspection Fees
$756,777
85
43
12
Acctg/Repro/Misc
$4,500,000
80
40
13
Marketing Cost/FF&E
$7,000,000
80
40
Exponential Decrease
14
Leasing Commissions
$670,000
80
40
Grow To Peak
15
$1,200,000
90
45
50-50 Split
16
Acquisition Fee
$8,500,000
90
45
Bi-Modal
17
$2,500,000
90
45
18
$12,300,000
Bi-Modal
19
Tree Save
$3,456,678
10
20
$890,000
20
10
Normal S Curve
22
$500,000
40
20
Normal S Curve
Beginning,
Middle, and End
24
HARD COSTS
$1,230,000
60
30
Normal
S Curve
LumpSum
Start
25
Base Building
$456,000
70
35
50-50 Split
Grow To Peak