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Permanent LoanRate: 5.00%DCR: 1.15Amort:35Constant:6.06%Annual Debt Service:119,611$ Mortgage Amount1,975,000$ Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14Year 15REVENUEREV Growth %2.00%Gross Potential Revenue406,980$ 415,120$ 423,422$ 431,890$ 440,528$ 449,339$ 458,326$ 467,492$ 476,842$ 486,379$ 496,106$ 506,028$ 516,149$ 526,472$ 537,001$ Other Income4,800 4,896 4,994 5,094 5,196 5,300 5,406 5,514 5,624 5,736 5,851 5,968 6,088 6,209 6,333 Less: Vacancy7.00%(28,825) (29,401) (29,989) (30,589) (31,201) (31,825) (32,461) (33,110) (33,773) (34,448) (35,137) (35,840) (36,557) (37,288) (38,033) - Total Income382,955$ 390,615$ 398,427$ 406,395$ 414,523$ 422,814$ 431,270$ 439,895$ 448,693$ 457,667$ 466,820$ 476,157$ 485,680$ 495,394$ 505,302$ Operating ExpensesAnnual % Expense Growth3.00%Operating Expenses206,135 212,319 218,689 225,250 232,007 238,967 246,136 253,521 261,126 268,960 277,029 285,340 293,900 302,717 311,798 Property Management Fee22,977 23,667 24,377 25,108 25,861 26,637 27,436 28,259 29,107 29,980 30,880 31,806 32,760 33,743 34,755 Reserves for Replacement350$ 14,000 14,420 14,853 15,298 15,757 16,230 16,717 17,218 17,735 18,267 18,815 19,379 19,961 20,559 21,176 - Total Operating Expenses243,113$ 250,406$ 257,918$ 265,656$ 273,626$ 281,834$ 290,289$ 298,998$ 307,968$ 317,207$ 326,723$ 336,525$ 346,621$ 357,019$ 367,730$ - Net Operating Income139,843$ 140,208$ 140,509$ 140,739$ 140,898$ 140,979$ 140,981$ 140,897$ 140,725$ 140,460$ 140,097$ 139,632$ 139,059$ 138,374$ 137,572$ Temporary Income - TIF- - - - - - - - - - - - - - - Debt Service: First Mortgage Loan119,611$ 119,611$ 119,611$ 119,611$ 119,611$ 119,611$ 119,611$ 119,611$ 119,611$ 119,611$ 119,611$ 119,611$ 119,611$ 119,611$ 119,611$ MIP / Guarantee Fee (on declining loan balance)Debt Service: Second Mortgage Loan- - - - - - - - - - - - - - - Debt Service: TIF Mortgage- - - - - - - - - - - - - - - Cash Flow After Debt Service20,232$ 20,597$ 20,898$ 21,129$ 21,287$ 21,368$ 21,370$ 21,286$ 21,114$ 20,849$ 20,486$ 20,021$ 19,448$ 18,763$ 17,961$ Accumulated Cash Flow20,232$ 40,829$ 61,727$ 82,855$ 104,142$ 125,510$ 146,880$ 168,166$ 189,281$ 210,130$ 230,616$ 250,637$ 270,086$ 288,849$ 306,810$ DSCR - HARD1.17 1.17 1.17 1.18 1.18 1.18 1.18 1.18 1.18 1.17 1.17 1.17 1.16 1.16 1.15 Asset Management Fee100$ 4,000$ 4,120$ 4,244$ 4,371$ 4,502$ 4,637$ 4,776$ 4,919$ 5,067$ 5,219$ 5,376$ 5,537$ 5,703$ 5,874$ 6,050$ Cash Flow Available to Pay Deferred Fee16,232$ 16,477$ 16,654$ 16,758$ 16,785$ 16,731$ 16,593$ 16,367$ 16,047$ 15,630$ 15,111$ 14,484$ 13,745$ 12,889$ 11,910$ Cash Flow Loan Repayment -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Cash Flow Loan Repayment -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Deferred Fee PayoffPayment208,997$ 16,232$ 16,477$ 16,654$ 16,758$ 16,785$ 16,731$ 16,593$ 16,367$ 16,047$ 15,630$ 15,111$ 14,484$ 13,745$ 1,382$ -$ Current Balance192,765$ 176,288$ 159,634$ 142,876$ 126,092$ 109,360$ 92,767$ 76,400$ 60,353$ 44,723$ 29,612$ 15,128$ 1,382$ -$ -$ Cash Flow Available to Partnership-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 11,507$ 11,910$ Page 9
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