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Golfand Developers
Pulaski
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Project Summary
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Project Name:PulaskiUnits:27Total Project Cost: $ 5,016,029
Net Project Profit:
$ 5,164,816
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Address:
3725 Pulaski St, Philadelphia PA
Acreage:N/ACost per SF: $ 174.17 Project IRR:32.82%
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Vintage:2022Total RSF: 28,800 Cost per Unit: $ 185,779
Project Equity Multiple:
5.12x
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Project TimingDateMonth
Capital Stack - Senior Debt
Rental Income
Lease-Up Schedule
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Acquisition Date1/10/2021Month 0Month 1Year 1Unit Mix# of UnitsSF / Unitpsf / moMonthly / unitAnnualLeasing StartMonth 14
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Predevelopment Start2/10/2021Month 1Total Project Cost $ 5,016,029 2B / 2Ba18 1,200 $ 1.50 $ 1,800 $ 388,800 Stabilized Occupancy95.00%
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Construction Start2/10/2021Month 1Loan Amount75.00% $ 3,762,022 1B / 1Ba9 800 $ 1.63 $ 1,300 $ 140,400 Stabilized MonthMonth 16
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Construction Complete1/10/2022Month 12Interest Rate7.00%-0 - $ - $ - $ - % Leased per month25.00%
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Leasing Start3/10/2022Month 14
First / Last Draw Month
Month 3Month 15-0 - $ - $ - $ -
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Stabilization5/10/2022Month 16
Fees, Closing Costs, Etc
1.00% $ 37,620 -0 - $ - $ - $ - Annual Escalation
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Refinance2/10/2023Month 25Interest Reserve $ 153,408 -0 - $ - $ - $ - YearIncome
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Sale Date1/10/2031Month 120
Total Loan Amnt + Fees + Reserve
58.58% LTV78.81% LTC $ 3,953,050 Gross Rental Income27 28,800 $ 0.06 $ 1,633 $ 529,200 13.00%
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Misc Income (% of Rental Income)
0.00% $ - $ - $ - 23.00%
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Sources & Uses% of Inv.$ / SF$ / UnitTotal
Capital Stack - Mezzanine Debt
OFFCar Park14 $ 200.00 $ 0.10 $ 103.70 $ 33,600 33.00%
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SourcesMonth 1Year 1Bike Park10 $ 25.00 $ 0.01 $ 9.26 $ 3,000 43.00%
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Senior Debt75.00% $ 130.63 $ 139,334 3,762,022 Total Project Cost $ 5,016,029 - $ - $ - $ - 53.00%
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Mezzanine Debt0.00% $ - $ - - Loan Amount7.00% $ - - $ - $ - $ - 63.00%
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Preferred Equity0.00% $ - $ - - Interest Rate9.00%Vacancy Loss5.00% $ (0.08) $ (81.67) $ (26,460)73.00%
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Equity25.00% $ 43.54 $ 46,445 1,254,007
First / Last Draw Month
#N/A#N/AOther Loss (per unit) $ - $ - $ - $ - 83.00%
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Total Sources100.00% $ 174.17 $ 185,779 5,016,029
Fees, Closing Costs, Etc
4.00% $ -
GP Asset Mgmt Fee (% of GRI)
0.00% $ - $ - $ - 93.00%
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Uses $ - Interest Reserve $ - Net Rental Income $ 1.56 $ 1,665 $ 539,340 103.00%
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Acquisition Costs18.44% $ 32.12 $ 34,259 $ 925,000
Total Loan Amnt + Fees + Reserve
0.00% LTV0.00% LTC $ -
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Pre-Development Costs0.00% $ - $ - $ - Commercial Income
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Hard Costs77.75% $ 135.42 $ 144,444 $ 3,900,000
Capital Stack - Preferred Equity
OFFTenantSF / UnitLease StartLease EndAnnual Esc$ / sfMonthlyAnnual
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Soft Costs0.00% $ - $ - $ - Month 1Year 1- - --0.00% $ - $ - $ -
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Financing Costs3.81% $ 6.63 $ 7,075 $ 191,029 Total Project Cost $ 5,016,029 - - --0.00% $ - $ - $ -
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Total Project Cost100.00% $ 174.17 $ 185,779 $ 5,016,029 Loan Amount10.00% $ - - - --0.00% $ - $ - $ -
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Interest Rate11.00%- - --0.00% $ - $ - $ -
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Exit Assumptions
First / Last Draw Month
#N/A#N/AGross Rental Income - $ - $ - $ -
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SaleMonth 120Year 10
Fees, Closing Costs, Etc
4.00% $ - Other Income (% GRI)0.00% $ - $ - $ -
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Net Operating Income at Sale
$ 565,100 Interest Reserve $ -
Tenant Reimbursements ($ / month)
$ - $ - $ -
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Exit Cap Rate / Sale Price6.75% $ 8,371,858
Total Loan Amnt + Fees + Reserve
0.00% LTV0.00% LTC $ - Vacancy Loss0.00% $ - $ - $ -
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Cost of Sale5.00% $ (418,593)Other Losses0.00% $ - $ - $ -
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GP Exit Fee0.00% $ - RefinanceON
GP Asset Mgmt Fee (% of GRI)
0.00% $ - $ - $ -
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Unlevered Sale Proceeds $ 7,953,266 Month 25Year 3Net Retail Income $ - $ - $ -
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Loan Repayment $ (4,270,255)
Net Operating Income at Refinance
$ 455,530
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Levered Sale Proceeds 3,683,011
Cap Rate / Property Value at Refinance
6.75% $ 6,748,595 Operating Expensesper sfper unitMonthlyAnnual
Annual Escalation
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Loan Amount75.00% $ 5,061,446 Insurance $ 0.33 $ 350 $ 788 $ 9,450 YearExpenses
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Sensitivty Analysis - Cap Rate
Interest Rate5.00%Taxes ( 10Yr Abt. Full) $ - $ - $ - 12.00%
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NOI Delta:-15.00%0%15.00%
Interest Only Period / Amortization
0 Months30 YearsProperty Management (3%) $ 0.51 $ 544 $ 1,223 $ 14,675 22.00%
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Cap RateNOI at Sale: $ 480,335 $ 565,100 $ 649,866 Loan Term96 MonthsTrash $ 0.51 $ 259 $ 1,223 $ 14,675 32.00%
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6.25% $ 7,685,366 $ 9,041,607 $ 10,397,848
Fees, Closing Costs, Etc
1.00% $ 50,614 HVAC R&M $ 0.24 $ 104 $ 583 $ 7,000 42.00%
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6.50% $ 7,389,775 $ 8,693,853 $ 9,997,931 GP Refi Fee0.00% $ - Electric $ 0.10 $ 74 $ 233 $ 2,800 52.00%
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6.75% $ 7,116,080 $ 8,371,858 $ 9,627,637
Construction Loans Payoff
$ 3,762,021 Plumbing $ 0.07 $ 37 $ 167 $ 2,000 62.00%
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7.00% $ 6,861,934 $ 8,072,864 $ 9,283,793
Refinance Proceeds available (Toggle Cash-Out Y/N)
YES $ 1,248,810 Grounds $ 0.03 $ 111 $ 83 $ 999 72.00%
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7.25% $ 6,625,316 $ 7,794,489 $ 8,963,662 Extermination $ 0.10 $ 93 $ 250 $ 3,000 82.00%
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Equity WaterfallKey Expense $ 0.09 $ 67 $ 208 $ 2,500 92.00%
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Project Level ReturnsUnleveredLeveredGP Contribution15.00% $ 188,101 Elevator Expense $ 0.06 $ 130 $ 150 $ 1,800 102.00%
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Net Cash Flow $ 7,348,490 $ 5,164,816 LP Contribution85.00% $ 1,065,906 Software $ 0.12 $ 74 $ 292 $ 3,500
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IRR12.50%32.82%Return Hurdles
IRR / Cash on Cash
GP ReturnLP Return- $ - $ - $ - $ -
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Equity Multiple2.47x5.12x
Hurdle 1: (Preferred Return)
1.00%50.00%50.00%- $ - $ - $ - $ -
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DSCRN/A1.48xHurdle 2:Surplus50.00%50.00%- $ - $ - $ - $ -
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Yield On Cost9.77%N/AFees Paid to GP- $ - $ - $ - $ -
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Cash On Cash16.49%48.56%
Asset Mgmt Fee - Multifamily
$ - 0.00%of GRI- $ - $ - $ - $ -
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Asset Mgmt Fee - Commercial
$ - 0.00%of GRI- $ - $ - $ - $ -
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Partner Level ReturnsNet Cash FlowIRREM
Capital Transaction Fee - Refinance
$ - 0.00%of Refi Value
Base Year Operating Expenses
$ 2.17 $ 2,311 $ 5,200 $ 62,400
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General Partner $ 3,021,310 102.96%17.06x
Capital Transaction Fee - Sale
$ - 0.00%of Sale PriceYear 3 Exp. Ratio:12.26%
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Limited Partner $ 2,143,505 18.55%3.01x
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