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SDEEC @ Valencia Park
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Model Assumptions & Project Summary
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Basic Property InfoSources$ Amount$/SF%Uses$ Amount$/SF%
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Property Name:SDEEC @ Valencia Park
Senior Construction Loan (Sr Pari Pasu)
$13,155,590 $22844.1%Land Acquisition Costs$1,243,123 $224.2%
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Address:5515-5565 St Stevens WayDeferred Developer Fee$1,000,000 $173.4%Hard Costs$18,311,840 $31761.4%
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City, State, Zip:San Diego, CA 92114
State of CA Grant - New Scope Reimb
$3,300,000 $5711.1%State of CA Grant - New Scope $2,500,000 $438.4%
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GBSF:61,583
Bridge to NMTC (Class A Equity - 2% Pref)
$6,162,000 $10720.7%Soft Costs$3,492,442 $6011.7%
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NRSF:57,737Class A Equity (2% Pref)$2,000,000 $356.7%Interest Reserve$300,000 $51.0%
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# Acres4.40Class B Equity $4,206,815 $7314.1%Community Benefit Program Budget $100,000 $20.3%
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Lot SF191,706Closing Costs $300,000 $51.0%
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Operating Reserves$800,000 $142.7%
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NMTC Fees$1,777,000$316.0%
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Developer Fee$1,000,000$173.4%
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Total Sources$29,824,405 $517100.0%Total Uses$29,824,405 $517100.0%
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Basic Development Info
Perm LoanProperty Sales Assumptions Summary
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Total Project Costs$29,824,405Perm Loan Proceeds$13,155,590 Year 7 Cap Rate5.25%
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$/GBSF$484Perm Loan Year3Year 7 NOI#REF!
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$/NRSF$517$/RSF$228 Year 7 Sale Price (Gross)#REF!#REF!
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Proforma NOI#REF!LTV#REF!Less: TI/LC Reduction/Credit$514,798
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Unlevered Cap Rate#REF!Interest Rate7.000%Year 7 Sr Loan Balance$13,155,590$228/SF
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Market Cap Rate5.25%Amort (Yrs)30
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Stabilized Value Estimate
#REF!Constant (Amortizing)7.984%New Mkt Payoff (7.0%)$431,340
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Value ($/RSF)#REF!# Years IO7Closing Costs (4.0%)#REF!
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Debt Service (Amortizing)$1,050,294 Year 7 Net Proceeds from Sale#REF!
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Construction Loan - Blended
First Year NCF#REF!Sales Price Cap Rate - Yr 1 NOI#REF!
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Construction Loan Proceeds
$13,155,590 DSCR (Amortizing)#REF!Cost Premium Over Sale Price#REF!
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$/Buildable SF$214 NCF DY #REF!% Premium Over Sale Price#REF!
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$/RSF$228
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LTC44.1%LTV-LTC Metrics
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Interest Rate6.000%Appraised Value$27,000,000
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Constant6.083%$/SF$468
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Debt Service$800,298 LTV48.7%
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Total Cost$29,824,405
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New Market Tax Credits
$/SF$517
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Proceeds$6,162,000LTC44.1%
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Last $/Buildable SF$314
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Last $/RSF$335 Project Returns Summary
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Last $ LTC0.0%Tranche$ Invested$ ReturnedMultipleIRR
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Interest Rate / Tax Credit Fee
0.00%Unlevered (Project)$29,824,405#REF!#REF!0.0%
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IO Constant0.00%Levered (Total Project)$6,206,815#REF!#REF!0.0%
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IO Debt Service$0 Class A - Pref Equity Subtotal$2,000,000#REF!#REF!0.0%
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Class B - Equity Subtotal$4,206,815#REF!#REF!0.0%
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Class C - Promote Subtotal$0#REF!--
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