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NewB_Senior_4%_FinalDevelopment NameNew Brighton Senior Apartments# Units Rent # Units Rent # Units Rent # Units Rent # Units RentTotal Units120 649 1,150 917Cap Rate7.00% 43736 1,163Vacancy Rate / Credit Allowance7.0% 6 806 750 1,560Income Inflator2.00% 78 981 510Expense Inflator3.00%Initial InflatorFuture InflatorBegin in YearActuals Two Years AgoActuals One Year AgoActuals Current YearYear 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15Rental Income 2.00% 1,478,047 1,507,608 1,537,760 1,568,515 1,599,8861,631,883 1,664,521 1,697,811 1,731,768 1,766,403 1,801,731 1,837,7661,874,521 1,912,011 1,950,252Parking Income 2.00% 62,100 63,342 64,609 65,901 67,219 68,563 69,935 71,333 72,760 74,215 75,700 77,214 78,758 80,333 81,940Commercial Income 2.00%Gross Potential Rent1,540,147 1,570,950 1,602,369 1,634,416 1,667,105 1,700,447 1,734,4561,769,145 1,804,528 1,840,618 1,877,431 1,914,979 1,953,279 1,992,3442,032,191Other Income from Operations (incl Laundry) 2.00% 75,240 76,745 78,280 79,845 81,442 83,071 84,732 86,427 88,156 89,919 91,717 93,551 95,42397,331 99,278 Other Other OtherTotal Other Income75,240 76,745 78,280 79,845 81,442 83,071 84,732 86,427 88,156 89,919 91,717 93,551 95,423 97,331 99,278Rental Vacancy 7.0% 2.00% 108,730 110,905 113,123 115,385 117,693 120,047 122,448 124,897 127,395 129,943 132,541 135,192 137,896 140,654 143,467Parking Vacancy 7.0% 2.00% 4,347 4,434 4,523 4,613 4,705 4,799 4,895 4,993 5,093 5,195 5,299 5,405 5,513 5,623 5,736Commercial Vacancy 10.0% 2.00%Other 2.00%Other 2.00%Total Rental Loss113,077 115,339 117,645 119,998 122,398 124,846 127,343 129,890 132,488135,138 137,840 140,597 143,409 146,277 149,203Net Rental Income1,502,310 1,532,356 1,563,003 1,594,263 1,626,149 1,658,671 1,691,8451,725,682 1,760,195 1,795,399 1,831,307 1,867,933 1,905,292 1,943,3981,982,266Property Management Fee 5.27% 3.00% 79,200 81,576 84,023 86,544 89,14091,815 94,569 97,406 100,328 103,338 106,438 109,631 112,920 116,308 119,797Administrative Expenses (less Prop Mgmt Fee) 3.00% 178,105 183,448188,952 194,620 200,459 206,473 212,667 219,047 225,618 232,387 239,358246,539 253,935 261,553 269,400Maintenance Expenses 3.00% 231,805 238,759 245,922 253,300 260,899 268,726 276,787 285,091 293,644 302,453 311,527 320,872 330,499 340,413 350,626Utilities 3.00% 142,130 146,394 150,786 155,309 159,969 164,768 169,711174,802 180,046 185,447 191,011 196,741 202,643 208,723 214,984Unique Operating Expenses 3.00%InsuranceM&O/DU/Mo:$464 3.00% 36,920 38,028 39,168 40,343 41,554 42,800 44,084 45,407 46,76948,172 49,617 51,106 52,639 54,218 55,845Real Estate Taxes 3.00% 109,180 112,455 115,829 119,304 122,883 126,570 130,367 134,278 138,306 142,455 146,729 151,131 155,665 160,335 165,145ReservesReserves/Unit:$34341,175 41,175 41,175 41,175 41,175 41,175 41,175 41,175 41,175 41,175 41,175 41,175 41,175 41,175 41,175Effective Gross Expense54.48%818,515 841,835 865,855 890,595 916,078 942,325 969,360 997,205 1,025,886 1,055,427 1,085,855 1,117,195 1,149,476 1,182,725 1,216,971Net Operating Income683,795 690,521 697,148 703,668 710,071 716,346 722,485 728,477 734,309739,972 745,452 750,738 755,816 760,673 765,294Temporary IncomeTemporary Income ‐ TIF196,695 196,695 196,695 196,695 196,695 196,695 196,695 196,695 196,695196,695 196,695 196,695 196,695 196,695 196,695880,490 887,216 893,843 900,363 906,766 913,042 919,181 925,172 931,005936,667 942,148 947,433 952,511 957,368 961,990568,929 568,929 568,929 568,929 568,929 568,929 568,929 568,929 568,929568,929 568,929 568,929 568,929 568,929 568,929191,105 191,105 191,105 191,105 191,105 191,105 191,105 191,105 191,105191,105 191,105 191,105 191,105 191,105 191,10532,445 32,062 31,660 31,239 30,798 30,335 29,851 29,343 28,810 28,253 27,668 27,055 26,413 25,740 25,034OtherOther792,479 792,096 791,694 791,273 790,832 790,370 789,885 789,377 788,845788,287 787,702 787,089 786,447 785,774 785,0691.11 1.12 1.13 1.14 1.15 1.16 1.16 1.17 1.18 1.19 1.20 1.20 1.21 1.22 1.2388,011 95,120 102,149 109,090 115,934 122,672 129,296 135,795 142,160 148,380 154,446 160,344 166,064 171,594 176,92188,011 95,120 102,149 109,090 115,934 122,672 129,296 135,795 142,160 148,380 154,446 160,344 166,064 171,594 176,9211.11 1.12 1.13 1.14 1.15 1.16 1.16 1.17 1.18 1.19 1.20 1.20 1.21 1.22 1.23Amount Rate3 3% 7,000 7,210 7,426 7,649 7,879 8,115 8,358 8,609 8,867 9,133 9,407 9,6909,980 10,280 10,5881,108,009 81,011 87,910 94,723 101,441 108,055 114,557 120,937 127,186 133,293 138,897 00Deferred LoansRate350 145,038 150,654 156,084 161,315 166,3332BRFloor PlanNet Cash FlowLP Asset Mgmt FeeDeferred Developer FeeMinnesota Housing Cash Flow NoteExpenses to be paid from Available CashTotal Debt ServiceTotal Debt Service CoverageCash FlowFunds from Debt Services Reserve Enter this amt in Dev Costs, ReservesAdjusted Cash FlowAdjusted Debt Service CoverageEXPENSESTotal Income for Debt ServiceDEBT SERVICEMN Housing 1st MortgageTIF Supported MortgageMIPMHFACASH FLOWINCOMEFloor Plan1BR1BR1BR1BRFloor Plan1BR2BR2BRFloor PlanFloor Plan2BR2BRWorkbookCash Flow ‐ Page 13 of 323/26/2018 5:31 PM
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