Project Cost Summary

Apartment Development

Cost Item $/Unit Total % Total $
Hard Costs      
  Land 28,500.00 47.64% 2,850,000
  Sitework 8,550.00 14.29% 855,000
  Foundations & Floor Slab 3,892.00 6.51% 389,200
  Structure 2,660.00 4.45% 266,000
  Building Skin 4,616.00 7.72% 461,600
  Doors, Balconies 2,588.00 4.33% 258,800
  Roof Systems 2,064.00 3.45% 206,400
  Electrical 336.00 0.56% 33,600
  Exterior Contingency 792.00 1.32% 79,200
  Pool 1,500.00 2.51% 150,000
  Landscaping 1,104.00 1.85% 110,400
Total Hard Costs $56,602.00 94.62% $5,660,200
       
Soft Costs      
  Permits 100.00 0.17% 10,000
  Legal & Title 180.00 0.30% 18,000
Total Soft Costs $280.00 0.47% $28,000
       
Total Costs before Debt $56,882.00 95.09% $5,688,200
Less: Draw Loan Interest & Fees $2,939.19 4.91% $293,919
Total Project Cost $59,821.19 100.00% $5,982,119
       


     


Project Bill of Materials

Apartment Development

Cost Item Quantity Cost/Item Total $
Hard Costs      
  Land 1.00 Each 2,850,000.00 2,850,000.00
  Sitework 1.00 Each 855,000.00 855,000.00
  Foundations & Floor Slab 1.00 Each 389,200.00 389,200.00
  Structure 1.00 Each 266,000.00 266,000.00
  Building Skin 1.00 Each 461,600.00 461,600.00
  Doors, Balconies 1.00 Each 258,800.00 258,800.00
  Roof Systems 1.00 Each 206,400.00 206,400.00
  Electrical 1.00 Each 33,600.00 33,600.00
  Exterior Contingency 1.00 Each 79,200.00 79,200.00
  Pool 1.00 Each 150,000.00 150,000.00
  Landscaping 1.00 Each 110,400.00 110,400.00
Total Hard Costs     $5,660,200.00
       
Soft Costs      
  Permits 1.00 Each 10,000.00 10,000.00
  Legal & Title 1.00 Each 18,000.00 18,000.00
Total Soft Costs     $28,000.00
       
Total Project Cost     $5,688,200.00
       


     


Project Cost Schedule

Apartment Development

Date Cost Item Quantity Cost/Item Total $
Feb 03 Permits 1.00 Each $10,000 $10,000
Feb 03 Legal & Title 1.00 Each $18,000 18,000
  Total     $28,000
         
Mar 03 Land 1.00 Each $2,850,000 $2,850,000
Mar 03 Sitework 1.00 Each $855,000 855,000
Mar 03 Foundations & Floor Slab 1.00 Each $389,200 389,200
  Total     $4,094,200
         
Apr 03 Structure 1.00 Each $266,000 $266,000
  Total     $266,000
         
May 03 Building Skin 1.00 Each $461,600 $461,600
May 03 Doors, Balconies 1.00 Each $258,800 258,800
May 03 Exterior Contingency 1.00 Each $79,200 79,200
May 03 Pool 1.00 Each $150,000 150,000
  Total     $949,600
         
Jun 03 Roof Systems 1.00 Each $206,400 $206,400
  Total     $206,400
         
Jul 03 Electrical 1.00 Each $33,600 $33,600
  Total     $33,600
         
Aug 03 Landscaping 1.00 Each $110,400 $110,400
  Total     $110,400
         
  Total Unit Costs     $5,688,200
         


     


Project Draw Loan Report

Apartment Development

This report shows the results of a Draw Loan specified in support of the Apartment Development development project. The results are based on drawing 100% of the eligible costs specified. Draws are scheduled to occur each month during the life of the project. The loan bears interest at 9.000% and interest is scheduled to be paid at month-end, as incurred.There are no loan fees projected.


Time		 Draw
Required
Payments		 Interest
Paid		 Loan
Balance
Feb 03 $28,000 $0 $210 $28,000
Mar 03 $2,669,200 $0 $20,229 $2,697,200
Apr 03 $266,000 $0 $22,224 $2,963,200
May 03 $949,600 $0 $29,346 $3,912,800
Jun 03 $206,400 $0 $30,894 $4,119,200
Jul 03 $33,600 $0 $31,146 $4,152,800
Aug 03 $110,400 $0 $31,974 $4,263,200
Sep 03 $0 $0 $31,974 $4,263,200
Oct 03 $0 $0 $31,974 $4,263,200
Nov 03 $0 $0 $31,974 $4,263,200
Dec 03 $0 $0 $31,974 $4,263,200
Jan 04 $0 $4,263,200 $0 $0
Totals $4,263,200 $4,263,200 $293,919 $0


     


Proforma Income Statement

Apartment Development

Shows the monthly cash flows during the development phase. The Construction Draw loan here has been specified to accrue (rather than pay) interest before being taken out by the Permanent Loan, which is specified to be 100% of the Draw Loan Balance. Since the Draw interest is accrued, the amount of the Permanent Loan includes the accrued interest. The Draw Interest is "Construction Period Interest" under the tax law, and must be amortized over the depreciable life of the assets constructed. PlanEASe handles this by allocating the interest to each of the assets causing the draws, and depreciating the total.

  Jan 03 Feb 03 Mar 03 Apr 03 May 03 Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Nov 03 Dec 03 Jan 04 Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04 Nov 04 Dec 04
Gross Income                                                
  Studio $0 $0 $0 $0 $0 $0 $0 $0 $0 $447 $1,191 $1,934 $2,678 $3,422 $4,166 $4,909 $5,653 $6,397 $7,141 $7,884 $8,628 $9,000 $9,000 $9,000
  One Bedroom 0 0 0 0 0 0 0 0 0 881 2,435 3,989 5,543 7,096 8,650 10,204 11,758 13,312 14,865 16,419 17,973 18,750 18,750 18,750
  2 Bedroom 1 Bath 0 0 0 0 0 0 0 0 0 1,371 3,863 6,354 8,846 11,338 13,829 16,321 18,813 21,304 23,796 26,288 28,779 31,271 33,763 36,254
  2 Bedroom 2 Bath 0 0 0 0 0 0 0 0 0 987 2,678 4,368 6,059 7,749 9,440 11,130 12,821 14,511 16,202 17,893 19,583 21,274 22,964 24,655
  Laundry 0 0 0 0 0 0 0 0 0 22 42 62 82 102 121 141 161 181 201 220 240 250 250 250
Total Gross Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,708 $10,208 $16,707 $23,207 $29,706 $36,206 $42,706 $49,205 $55,705 $62,204 $68,704 $75,204 $80,544 $84,727 $88,909
  Less: Vacancy & Credit Loss 0 0 0 0 0 0 0 0 0 201 540 879 1,218 1,556 1,895 2,234 2,573 2,912 3,251 3,589 3,928 5,427 5,636 5,845
Effective Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,507 $9,668 $15,829 $21,989 $28,150 $34,311 $40,472 $46,632 $52,793 $58,954 $65,115 $71,275 $75,117 $79,090 $83,063
  Less: Operating Expenses                                                
  Management 0 0 0 0 0 0 0 0 0 175 483 791 1,099 1,408 1,716 2,024 2,332 2,640 2,948 3,256 3,564 3,756 3,955 4,153
  Utilities 0 0 0 0 0 0 0 0 0 105 290 475 660 845 1,029 1,214 1,399 1,584 1,769 1,953 2,138 2,254 2,373 2,492
  Property Tax 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,940 2,999 2,999 2,999 2,999 2,999 2,999 2,999 2,999 2,999 2,999 2,999 2,999
  Gardner 83 83 83 83 83 83 83 83 83 83 83 83 86 86 86 86 86 86 86 86 86 86 86 86
  Insurance 250 250 250 250 250 250 250 250 250 250 250 250 258 258 258 258 258 258 258 258 258 258 258 258
  Pool 83 83 83 83 83 83 83 83 83 83 83 83 86 86 86 86 86 86 86 86 86 86 86 86
  Reserve 0 0 0 0 0 0 0 0 0 35 97 158 220 282 343 405 466 528 590 651 713 751 791 831
Total Operating Expenses $3,357 $3,357 $3,357 $3,357 $3,357 $3,357 $3,357 $3,357 $3,357 $3,673 $4,227 $4,782 $5,407 $5,962 $6,516 $7,071 $7,625 $8,180 $8,734 $9,289 $9,843 $10,189 $10,546 $10,904
Net Operating Income ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($3,357) ($166) $5,441 $11,047 $16,582 $22,188 $27,795 $33,401 $39,007 $44,613 $50,220 $55,826 $61,432 $64,928 $68,544 $72,159
  Less: Debt Service                                                
  Construction Draw 0 210 20,229 22,224 29,346 30,894 31,146 31,974 31,974 31,974 31,974 31,974 0 0 0 0 0 0 0 0 0 0 0 0
  Permanent 0 0 0 0 0 0 0 0 0 0 0 0 35,542 35,542 35,542 35,542 35,542 35,542 35,542 35,542 35,542 35,542 35,542 35,542
Total Debt Service $0 $210 $20,229 $22,224 $29,346 $30,894 $31,146 $31,974 $31,974 $31,974 $31,974 $31,974 $35,542 $35,542 $35,542 $35,542 $35,542 $35,542 $35,542 $35,542 $35,542 $35,542 $35,542 $35,542
Net Operating Cash Flow ($3,357) ($3,567) ($23,586) ($25,581) ($32,703) ($34,251) ($34,503) ($35,331) ($35,331) ($32,140) ($26,533) ($20,927) ($18,960) ($13,354) ($7,747) ($2,141) $3,465 $9,071 $14,678 $20,284 $25,890 $29,386 $33,002 $36,617
Add: Debt Draw & Repay