Professional Documents
Culture Documents
t7 A4 Proforma
t7 A4 Proforma
Number
Unit Size
5
600
15
750
40
1150
20
1500
20
2000
6
5000
Phase 1 - Residential
Studios
1 - Bedroom
2 - Bedroom
3 - Bedroom
Townhouse
Common Area
Phase 1 - Commercial
Publix
Retail
Restaurant
Phase 1 Totals
% Unit Mix
5%
15%
40%
20%
20%
15%
30,901
2,933
8,890
202,974
100
Units
Phase 3 - Residential
Units
Unit Size
10
20
44
30
26
6
1/250
1/250
12/1000
100%
Square Feet
6,000
15,000
50,600
45,000
52,000
30,000
600
750
1150
1500
2000
5000
Phase 1 Parking
% Unit Mix
Multiplier
8%
15%
34%
23%
20%
13%
1.75
1.75
1.75
2.25
2.25
Multiplier
30,109
6,000
234,709
130
Studios
1 - Bedroom
2 - Bedroom
3 - Bedroom
Townhouse
Common Area
Phase 3 - Commercial
Retail
Restaurant
Phase 3 Totals
Unit Size
5
15
40
20
20
6
1/250
12/1000
100%
Square Feet
3,000
11,250
46,000
30,000
40,000
48,000
600
750
1150
1500
2000
8000
Phase 2 Parking
% Unit Mix
Multiplier
5%
15%
40%
20%
20%
23%
100
30,901
28,808
49,132
648,874
Phase 1 Construction
Residential
Retail
Parking
Demolition
Phase 1 Construction Cost
$
$
$
$
Hard Costs
$/SF
125.00
90.00
18,000.00
5.00
SF
160,250
30,901
437
66,300
Phase 2 Construction
Residential
Retail
Parking
Demolition
Phase 2 Construction Cost
$
$
$
$
$/SF
125.00
90.00
18,000.00
8.00
SF
198,600
36,109
448
66,300
Phase 3 Construction
Residential
Retail
Parking
Demolition
Phase 3 Construction Cost
$
$
$
$
$/SF
125.00
90.00
18,000.00
9.00
SF
178,250
32,941
438
55,000
Sales Center
200.00
2,000
$
$
$
$
$
Total
20,031,250.00
2,781,090.00
7,866,288.00
331,500.00
31,010,128.00
$
$
$
$
$
Total
24,825,000.00
3,249,810.00
8,062,848.00
530,400.00
36,668,058.00
$
$
$
$
$
Total
22,281,250.00
2,964,690.00
7,885,944.00
495,000.00
33,626,884.00
400,000.00
101,705,070.00
$
$
$
Phase 2
366,680.58
1,086,630.25
1,833,402.90
$
$
$
$
$
$
2,200,083.48
10,000.00
2,933,444.64
733,361.16
1,466,722.32
10,630,325.33
$
$
$
Price
27,380,706.00
11,962,500.00
39,343,206.00
Phase 3 Parking
Provided
9
26
70
45
45
Required
Provided
76
167
438
463
Parking Required
On Street Parking
Structured Parking
1,323
Parking Total
1,323
Parking Provided
On Street Parking
Structured Parking
Parking Total
0
1,323
1,323
- User Input
$
$
$
$
$
$
$
$
Phase 3
336,268.84
876,934.60
1,681,344.20
2,017,613.04
$10,000.00
2,690,150.72
672,537.68
1,345,075.36
9,629,924.44
$
$
$
29,333,601.30
Land Costs
Land Area
Publix Site
City Parking Garage
Total Land Area (SF)
Required
Provided
120
72
448
378
Site
Publix Site
City Parking Garage
Total Land Costs
Required
Provided
18
35
77
68
59
Required
1/250
12/1000
100%
Required
Provided
124
12
107
437
482
1.75
1.75
1.75
2.25
2.25
Multiplier
19,023
13,918
211,191
Publix
Total Restaurant Area
Total Retail Area
Total Building Area
Site
Parking
Required
Provided
1.75
9
1.75
26
1.75
70
2.25
45
2.25
45
Multiplier
Phase 2 - Residential
Studios
1 - Bedroom
2 - Bedroom
3 - Bedroom
Townhouse
Common Area
Phase 2 - Commercial
Retail
Restaurant
Phase 2 Totals
Legal Fees
Impact Fees
Developer Fee
Environmental Studies
Traffic Study
Architectural & Engineering Fees
Soft Reimbursables
Contingency
Leasing Advertising
Leasing & Sales Commissions
Total Soft Costs
Multiplier
Square Feet
132600
55000
187600
$/SF
$206
$218
$210
$
$
$
Land Valuation
Assessed Value
Suggested Multiplier
18,253,804.00
1.5
7,975,000.00
1.5
26,228,804.00
$
$
$
$
Price
67,464,185.53
47,298,383.33
55,219,308.44
169,981,877.30
388,873.61
170,370,750.90
Item
Year 0
Pre-Development
$
$
$
$
8,231,940.00
8,231,940.00
$
$
8,231,940.00
$
$
$
$
$
$
8,231,940.00
$
$
$
$
595,403.40
595,403.40
7,636,536.60
Pre-Development
Debt Service
Construction Loan Pay - Down
Before Taxes Cash Flow
7,636,536.60
Equity Investment
Loan Amount
Property Sale
Exit Cap Rate
Sale Transaction Cost
Outstanding Loan Balance
Net Sale Proceeds
$
$
20,239,255.66
47,224,929.87
$ (12,602,719.06)
10%
20.94%
$
34,295,155.72
6%
3%
$21,692,436.66
Return on Equity
38%
- User Input
Year 1
Year 2
Year 3
Phase 1
Year 4
Phase 2
$
$
$
$
$
70,392.00 $
###
101,086.65
306,927.55
408,014.20
408,014.20
###
$
$
$
$
$
789,010.01 $ 1,297,575.08 $
###
###
425,236.74
350,962.66
776,199.39
776,199.39
###
$
749,931.42
$
392,067.55
$ 1,141,998.96
$
765,193.75
$ 1,907,192.71
###
$
$
$
$
$
621,735.85
###
795,602.24
403,829.57
1,199,431.81
948,315.00
2,147,746.81
###
$
321,160.52 $ 1,135,397.72 $ 1,550,622.36 $
966,502.15
$ 1,118,409.36 $ 1,269,945.24 $ 22,888,043.90 $ 28,166,086.91
$ 1,439,569.88 $ 2,405,342.96 $ 24,438,666.26 $ 29,132,589.06
###
###
###
###
PH1 - Construction Loan
$ 1,884,274.70
$ 1,884,274.70
$ 5,506,629.45 $ 5,506,629.45
$ 20,031,250.00 $ 24,825,000.00
###
###
###
###
$ 14,189,515.00
$ 33,108,868.33
$ 13,360,165.47
131,459.92
$ 16,565,792.53
$ 38,653,515.91
$ (4,445,446.73) $(22,584,944.05)
66%
71%
-22%
-30%
Year 5
Year 6
Year 7
Year 8
Phase 3
Stabilization
$ 6,688,004.60 $ 7,095,304.08
$
844,054.42 $
922,321.05
$ 38,183,717.81
### $8,017,625.13
$ 7,527,408.10
$
978,490.40
$ 7,985,827.25
$ 1,038,080.47
$8,505,898.50
$9,023,907.72
$
635,422.45
$7,870,476.05
$
575,252.34
$8,448,655.38
$
922,321.05
$
428,422.79
$ 1,350,743.84
$
978,490.40
$
441,275.48
$ 1,419,765.88
$ 1,038,080.47
$
454,513.74
$ 1,492,594.21
$ 1,350,743.84
$6,339,518.00
$ 1,419,765.88
$6,450,710.17
$ 1,492,594.21
$6,956,061.17
$
663,635.97 $
606,000.56
$ 24,926,794.14
$ 25,590,430.11 $
606,000.56
### $5,733,517.44
Permanent Loan
$ 5,727,860.89 $ 5,727,860.89
$ 22,281,250.00
### $
5,656.56
$ 4,185,585.60
$ 4,185,585.60
$1,696,860.74
$2,705,687.22
$(10,212,694.72) $
$ 1,696,860.74
$ 2,705,687.22
$
$
$
$
217,788.18 $
327,363.28
### $7,690,261.85
844,054.42
415,944.46
1,259,998.88
$851,143.50
2,111,142.37
###
5,656.56
568,263.83
$
568,263.83
$5,882,446.34
64,788.35
$
64,788.35
$6,891,272.82
-50%
0%
8%
13%
Year 9
Year 10
$ 8,472,164.13
$ 1,069,222.88
$
$
$9,541,387.01
$10,122,457.48
$
264,722.90
$9,276,664.11
$
277,959.04
$ 9,844,498.43
$ 1,069,222.88
$
468,149.15
$ 1,537,372.04
$
$
$
1,134,338.56
482,193.63
1,616,532.18
$ 1,203,419.77
$
496,659.44
$ 1,700,079.21
$ 1,537,372.04
$7,739,292.07
$
1,616,532.18
$ 8,227,966.25
$ 1,700,079.21
$8,746,978.93
256,056.54
8,988,118.92
1,134,338.56
Year 11
679,338.13
$ 9,535,495.37
$ 1,203,419.77
###
291,857.00
###
637,866.91
$
256,056.54
$7,483,235.53
$
679,338.13
$ 7,548,628.12
$
637,866.91
$8,109,112.02
$ 4,185,585.60
4,185,585.60
$ 4,185,585.60
$3,297,649.93
$ 3,363,042.52
$3,923,526.42
$ 145,782,982.19
$
4,373,489.47
$ 35,217,871.95
$ 106,191,620.77
$ 3,297,649.93
$ 109,554,663.30
$ 3,923,526.42
16%
17%
19%
Residential Units
Phase 1
Studios
1 - Bedroom
2 - Bedroom
3 - Bedroom
Townhouse
Common Area
Phase 1 Total
#
5
15
40
20
20
600
750
1150
1500
2000
30,000
100
Phase 2
Studios
1 - Bedroom
2 - Bedroom
3 - Bedroom
Townhouse
Common Area
Phase 2 Total
SF
#
10
20
44
30
26
SF
600
750
1150
1500
2000
30,000
130
Phase 3
Studios
1 - Bedroom
2 - Bedroom
3 - Bedroom
Townhouse
Common Area
Phase 3 Total
5
15
40
20
20
Residential Total
330
SF
600
750
1150
1500
2000
48,000
100
Year
Sales #
Studio
1 - Bedroom
2 - Bedroom
3 - Bedroom
Townhouse
Total
Studio
1 - Bedroom
2 - Bedroom
3 - Bedroom
Townhouse
Total
Studio
1 - Bedroom
2 - Bedroom
3 - Bedroom
Townhouse
Total
Potential Gross Income
Total Operating Expenses
NOI ($)
Leasing
Capital Reserves ($/SF)
Capital Improvements ($)
3
9
24
12
12
3%
9%
24%
12%
12%
60%
Yr0 Sales
Yr1 Sales
Yr2 Sales
Verify
3
9
24
12
12
1
4
12
6
6
1
2
4
2
2
1
1
1
1
1
60%
30%
10%
100%
Yr0 Sales
Yr1 Sales
Yr2 Sales
3
6
13
9
7
1
2
4
3
3
1
1
1
1
1
60%
30%
10%
100%
Yr1 Sales
$
$
$
$
$
$/SF
340.00
364.00
343.00
356.00
354.00
$
$
$
$
$
$/SF
340.00
364.00
343.00
356.00
354.00
Verify
6
12
27
18
16
Yr0 Sales
$
$
$
$
$
$/SF
340.00
364.00
343.00
356.00
354.00
Yr2 Sales
Verify
3
9
25
13
13
1
4
11
5
5
1
2
4
2
2
1
1
1
1
1
60%
30%
10%
100%
Project: Year 1 | P
Sales #
Sales %
30%
30%
30%
30%
30%
$
$
$
$
$
204,000.00
273,000.00
394,450.00
534,000.00
708,000.00
$
$
$
$
$
$
183,600.00
737,100.00
2,840,040.00
1,922,400.00
2,548,800.00
8,231,940.00
1
4
12
6
6
1%
4%
12%
6%
6%
29%
Project: Year 1 | P
Sales #
6
12
27
18
16
8,231,940.00
$
$
8,231,940.00
$
$
493,916.40
101,487.00
$
$
595,403.40
7,636,536.60
Sales %
5%
9%
21%
14%
12%
61%
Residential Assumptions
$
$
$
$
$
$
$
$
$
$
$/Unit
204,000.00
273,000.00
394,450.00
534,000.00
708,000.00
$/Unit
204,000.00
273,000.00
394,450.00
534,000.00
708,000.00
$
$
$
$
$
Price
1,020,000.00
4,095,000.00
15,778,000.00
10,680,000.00
14,160,000.00
45,733,000.00
$
$
$
$
$
Price
2,040,000.00
5,460,000.00
17,355,800.00
16,020,000.00
18,408,000.00
59,283,800.00
Op Ex ($/SF)
Op Ex Growth (%)
Capital Reserve ($/SF)
Capital Reserve Growth (%)
Annual Sales Price Increase (%)
Op Ex Handover to HOA After C.O.
Leasing Commissions (Includes Ad
Warranty Reserve (%)
Residents who Purchase an Extra P
Minimum Deposit
Residents who Walkaway from thei
Sophisticated Buyers (Cannot Use
- User Input
$
$
$
$
$
$/Unit
204,000.00
273,000.00
394,450.00
534,000.00
708,000.00
$
$
$
$
$
Price
1,020,000.00
4,095,000.00
15,778,000.00
10,680,000.00
14,160,000.00
45,733,000.00
150,749,800.00
- Formula Modified to a
Excludes
Excludes Deposits
Deposits from
from Sophisticated
Sophisticated
Usable Deposit $
Sales #
Project: Year 2
Sales %
30%
30%
30%
30%
30%
Project: Year 1
Deposit
30%
30%
30%
30%
30%
$
$
$
$
$
210,120.00
281,190.00
406,283.50
550,020.00
729,240.00
| Phase2: Year 0
$/Unit
$
204,000.00
$
273,000.00
$
394,450.00
$
534,000.00
$
708,000.00
$
$
$
$
$
$
63,036.00
337,428.00
1,462,620.60
990,036.00
1,312,632.00
4,165,752.60
Usable Deposit $
$
367,200.00
$
982,800.00
$
3,195,045.00
$
2,883,600.00
$
3,398,400.00
$
10,827,045.00
1
2
4
2
2
Sales #
3
6
13
9
7
#
3
9
25
13
13
$ 14,992,797.60
$
$ 14,992,797.60
$
$
899,567.86
218,841.50
$
1,118,409.36
$ 13,874,388.24
1%
2%
4%
2%
2%
11%
Project: Year 2
Sales %
2%
5%
10%
7%
5%
29%
Project: Year 3
%
3%
9%
25%
13%
13%
63%
Assumptions
ve ($/SF)
ve Growth (%)
Price Increase (%)
ver to HOA After C.O. (Months)
missions (Includes Advertising Costs)
erve (%)
o Purchase an Extra Parking Spot (%)
$9.55
2.50%
0.50
3%
3%
6
6%
1%
30%
3%
20%
User Input
Includes
Includes Unused
Unused Deposit
Deposit
sits from
osits
from Sophisticated
Sophisticated Buyers,
Buyers, Typ.
Typ.
Residential Sales
Project: Year 2 | Phase1: Year 2
Deposit
$/Unit
Usable Deposit $
Project: Year
Balance Due
30%
30%
30%
30%
30%
$
$
$
$
$
216,423.60
289,625.70
418,472.01
566,520.60
751,117.20
$
$
$
$
$
$
64,927.08
86,887.71
502,166.41
169,956.18
225,335.16
1,049,272.54
Project: Year 2
Deposit
30%
30%
30%
30%
30%
| Phase2: Year 1
$/Unit
Usable Deposit $
$ 216,423.60 $
194,781.24
$ 289,625.70 $
521,326.26
$ 418,472.01 $
1,632,040.82
$ 566,520.60 $
1,529,605.62
$ 751,117.20 $
1,577,346.12
$
5,455,100.06
Project: Year 3
Deposit
30%
30%
30%
30%
30%
| Phase3: Year 0
$/Unit
Usable Deposit $
$ 216,423.60 $
194,781.24
$ 289,625.70 $
781,989.39
$ 418,472.01 $
3,138,540.04
$ 566,520.60 $
2,209,430.34
$ 751,117.20 $
2,929,357.08
$
9,254,098.09
$ 15,758,470.68
$
$ 15,758,470.68
$
$
945,508.24
324,437.00
$
1,269,945.24
$ 14,488,525.44
$
$
$
$
$
952,263.84
3,301,732.98
12,093,840.94
8,441,156.94
11,191,646.28
Project: Year
Sales #
1
2
4
3
3
Project: Year
Sales #
1
4
11
5
5
Includes
Includes Unused
Unused Deposit
Deposit from
from Sophisticated
Sophisticated Buyers
Buyers
Remaining Income
3%
3%
3%
3%
3%
1
1
2
1
1
6%
$
$
$
$
$
222,916.31
298,314.47
914,551.32
583,516.22
773,650.72
$
$
$
$
$
$
971,180.15
3,327,047.45
12,219,492.26
8,490,673.16
11,257,297.00
36,265,690.01
Usable Deposit $
$
66,874.89
$
89,494.34
$
517,231.40
$
525,164.60
$
696,285.64
$
1,895,050.87
Usable Deposit $
$
66,874.89
$
357,977.37
$
1,422,386.34
$
875,274.33
$
1,160,476.07
$
3,882,989.00
$ 42,043,729.89
$
765,193.75
$ 41,278,536.14
$
$
2,522,623.79
334,170.11
$
20,031,250.00
$
22,888,043.90
$ 18,390,492.24
Includes
Includes Subtraction
Subtraction of
of Forfeited
Forfeited Remaining
Remaining Balance
Balance
$
$
$
$
$
Balance Due
1,761,038.83
4,444,885.62
13,663,529.44
12,779,005.17
14,776,728.68
Sales #
1
2
4
2
2
Remaining Income
$
1,807,933.10
$
4,507,641.18
$
13,844,876.93
$
12,901,757.82
$
14,939,479.37
$
48,001,688.40
Usable Deposit $
$
68,881.14
$
92,179.17
$
532,748.34
$
180,306.51
$
239,058.07
$
1,113,173.23
$ 49,114,861.64
$
948,315.00
$ 48,166,546.64
$
2,946,891.70
$
344,195.21
$
50,000.00
$
24,825,000.00
$
28,166,086.91
$ 20,000,459.73
$
$
$
$
$
Balance Due
1,010,256.71
3,502,808.52
12,830,355.86
8,955,223.40
11,873,217.54
Remaining Income
$
1,030,325.02
$
3,520,446.72
$ 12,881,325.75
$
8,832,659.75
$ 11,918,960.58
$ 38,183,717.81
$38,183,717.81
$851,143.50
$37,332,574.32
$
$
2,291,023.07
354,521.07
$ 22,281,250.00
$ 24,926,794.14
$12,405,780.18
Retail Assumptions
Retail - Market Lease Rate (NNN)
Retail - Phase 1 - Leasable SF
Retail - Phase 2 - Leasable SF
Retail - Phase 3 - Leasable SF
Restaurant - Market Lease Rate (NNN)
Restaurant - Phase 1 - Leasable SF
Restaurant - Phase 2 - Leasable SF
Restaurant - Phase 3 - Leasable SF
Grocery - Market Lease Rate (GROSS)
Grocery - Leasable SF
Op Ex - Reimbursable
Op Ex - Non Reimbursable
Rent Growth
Op Ex Growth
Market Vacancy
Leasing Commissions (Includes Advertising Costs)
Probability of Renewal
Rent Abatement (2-Months = 2/12 = 17%)
Expected Vacant Period (3 Months)
Year 1 Holding Costs (Absorption)
Year 2 Holding Costs (Absorption)
T.I. ($/SF)*
T.I. Growth
Cap Reserves ($/SF)
Cap Reserve Growth
Management Fee
Item
Commercial Base Income:
Retail - Phase 1
Retail - Phase 2
Retail - Phase 3
Grocery - Phase 1
Restaurant - Phase 1
Restaurant - Phase 2
Restaurant - Phase 3
Total Commercial Base Income
Retail Reimbursable - Phase 1
Retail Reimbursable - Phase 2
48.00
2933
30109
19023
50.00
8890
6000
13918
48.00
30,901
$8.55
$1.00
3.00%
3.00%
5%
6%
50%
17%
25%
50%
25%
$50
3%
0.50
3%
3%
0
2013
- User Input
Notes:
* Now T.I. Allowance for Publix
Year
$
$
$
$
1
2
3
2014
2015
2016
140,784.00 $
145,007.52 $
149,357.75
$ 1,445,232.00 $ 1,488,588.96
$
913,104.00
1,483,248.00 $ 1,527,745.44 $ 1,573,577.80
444,500.00 $
457,835.00 $
471,570.05
$
300,000.00 $
309,000.00
$
695,900.00
2,068,532.00 $ 3,992,094.56 $ 5,942,205.46
25,077.15 $
25,829.46 $
26,604.35
$
257,431.95 $
265,154.91
$
$
$
$
$
$
$
$
$
$
4
2017
153,838.48
1,533,246.63
940,497.12
1,620,785.14
485,717.15
318,270.00
716,777.00
6,304,085.77
27,402.48
273,109.56
76,009.50
$
$
78,289.79
51,300.00
$
101,086.65
$2,169,618.65
$
425,236.74
$4,417,331.29
$
$
70,392.00
36,251.88
722,616.00
$
162,646.65
$
80,638.48
$
52,839.00
$
118,998.90
$
749,931.42
$6,692,136.88
$
167,526.05
$
83,057.63
$
54,424.17
$
122,568.87
$
795,602.24
$7,099,688.01
$
$
372,147.24
456,552.00
235,124.28
347,950.00
179,194.25
(Pre-Leased)
(Pre-Leased)
$
70,392.00
$2,099,226.65
$
30,142.13
$
789,010.01
$3,628,321.29
$
120,925.84
$ 1,297,575.08
$5,394,561.80
$
207,417.32
$
621,735.85
$6,477,952.16
$
101,086.65
$
264,203.55
$
42,724.00
$
408,014.20
$1,691,212.45
$
425,236.74
$
272,129.66
$
78,833.00
$
776,199.39
$2,852,121.90
$
749,931.42
$
280,293.55
$
111,774.00
$ 1,141,998.96
$4,252,562.84
$
795,602.24
$
288,702.35
$
115,127.22
$ 1,199,431.81
$5,278,520.35
$
$
147,787.50
902,725.00
$
$
2,111.76
43,356.96
$
$
$
$
$
$
295,575.00
4,223.52
147,787.50
451,362.50
823,525.00
2,111.76
21,678.48
27,393.12
$
$
451,362.50
411,762.50
$
$
21,678.48
13,696.56
(Pre-Leased)
(Pre-Leased)
$
21,362.00
$
321,160.52
$1,370,051.93
$
39,416.50
$ 1,135,397.72
$1,716,724.18
$
20,877.00
$
55,887.00
$ 1,550,622.36
$2,701,940.48
$
10,438.50
$
57,563.61
$
966,502.15
$4,312,018.20
ar
$
$
$
$
$
$
$
$
$
$
5
2018
158,453.63
1,579,244.03
968,712.03
1,669,408.69
500,288.67
327,818.10
738,280.31
6,688,004.60
28,224.55
281,302.84
$
$
$
$
$
$
$
$
$
$
6
2019
163,207.24
1,626,621.35
997,773.39
1,719,490.95
515,297.33
337,652.64
760,428.72
7,095,304.08
29,071.29
289,741.93
$
$
$
$
$
$
$
$
$
$
7
2020
168,103.46
1,675,419.99
1,027,706.60
1,771,075.68
530,756.25
347,782.22
783,241.58
7,527,408.10
29,943.43
298,434.19
$
$
$
$
$
$
$
$
$
$
8
2021
173,146.56
1,725,682.59
1,058,537.79
1,824,207.95
546,678.93
358,215.69
806,738.83
7,985,827.25
30,841.73
307,387.21
$
172,551.83
$
85,549.36
$
56,056.90
$
126,245.93
$
844,054.42
$7,532,059.01
$
177,728.39
$
88,115.84
$
57,738.60
$
130,033.31
$
922,321.05
$8,017,625.13
$
$
183,060.24
$
90,759.32
$
59,470.76
$
133,934.31
$
978,490.40
$8,505,898.50
$
188,552.04
$
93,482.10
$
61,254.88
$
137,952.34
$ 1,038,080.47
$9,023,907.72
20,400.91
$
209,427.50
$
132,317.22
64,412.17
$
43,472.78
$
217,788.18
$
217,788.18
$7,314,270.83
$
13,872.62
$
228,677.59
$
327,363.28
$7,690,261.85
$
142,410.70
$
240,111.47
$
635,422.45
$7,870,476.05
$
100,842.35
$
89,975.71
$
252,117.05
$
575,252.34
$8,448,655.38
$
844,054.42
$
297,363.42
$
118,581.04
$ 1,259,998.88
$6,054,271.95
$
922,321.05
$
306,284.33
$
122,138.47
$ 1,350,743.84
$6,339,518.00
$
978,490.40
$
315,472.86
$
125,802.62
$ 1,419,765.88
$6,450,710.17
$ 1,038,080.47
$
324,937.04
$
129,576.70
$ 1,492,594.21
$6,956,061.17
166,336.13
$
$
$
411,762.50
2,111.76
$
523,252.84
491,665.96
13,696.56
21,678.48
13,696.56
$
10,438.50
$
59,290.52
$
663,635.97
$5,390,635.98
$
61,069.23
$
606,000.56
$5,733,517.44
$
62,901.31
$
568,263.83
$5,882,446.34
$
64,788.35
$
64,788.35
$6,891,272.82
$
$
$
$
$
$
$
$
$
$
9
2022
178,340.96
1,777,453.07
1,090,293.93
1,878,934.19
563,079.30
368,962.16
830,940.99
8,472,164.13
31,766.98
316,608.83
$
$
$
$
$
$
$
$
$
$
10
2023
183,691.19
1,830,776.66
1,123,002.75
1,935,302.22
579,971.68
380,031.02
855,869.22
8,988,118.92
32,719.99
326,107.09
$
$
$
$
$
$
$
$
$
$
11
2024
189,201.92
1,885,699.96
1,156,692.83
1,993,361.28
597,370.83
391,431.96
881,545.30
9,535,495.37
33,701.59
335,890.31
$
194,208.61
$
96,286.56
$
63,092.53
$
142,090.91
$ 1,069,222.88
$9,541,387.01
$
200,034.86
$
99,175.16
$
64,985.31
$
146,353.64
$ 1,134,338.56
###
$
206,035.91
$
102,150.41
$
66,934.86
$
150,744.25
$ 1,203,419.77
###
$
264,722.90
$
264,722.90
$9,276,664.11
$
277,959.04
$
277,959.04
$9,844,498.43
$
$
$ 1,069,222.88
$
334,685.15
$
133,464.00
$ 1,537,372.04
$7,739,292.07
$ 1,134,338.56
$
344,725.71
$
137,467.92
$ 1,616,532.18
$8,227,966.25
$ 1,203,419.77
$
355,067.48
$
141,591.96
$ 1,700,079.21
$8,746,978.93
187,212.78
$
291,857.00
291,857.00
###
588,925.69
$
553,374.37
13,696.56
2,111.76
$
$
66,732.00
$
256,056.54
$7,483,235.53
21,678.48
$
68,733.96
$
679,338.13
$7,548,628.12
$
70,795.98
$
637,866.91
$8,109,112.02
$
$
$
$
$
70%
47,298,383.33
33,108,868.33
14,189,515.00
0.24%
3.75%
24
3.99%
1,321,043.85
110,086.99
$
$
$
$
$
70%
55,219,308.44
38,653,515.91
16,565,792.53
0.24%
3.75%
24
3.99%
1,542,275.28
128,522.94
$ 20,031,250.00
$
$
$
$
$
$
25
2.71%
3.75%
6.46%
27,193,679.87
8,283,868.33
16,372,265.91
51,849,814.11
$348,798.80
4,185,585.60
388,873.61
$ 24,825,000.00
$ 22,281,250.00
$ 67,137,500.00
- User Input
Project Period
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Loan Period
Project Period
Period
25
26
27
28
29
30
31
32
33
34
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
Beginning
0
1
2
3
4
5
6
7
8
9
10
$
$
$
$
$
$
$
$
$
$
27,193,679.87
26,991,273.72
26,787,777.94
26,583,186.68
26,377,494.03
26,170,694.07
25,962,780.84
25,753,748.35
25,543,590.56
25,332,301.42
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
Permanent Loan
Pmt
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Project Period
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
Project Period
11
12
13
14
15
16
17
18
19
20
21
22
23
24
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Loan Period
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Loan Period
25,119,874.84
24,906,304.70
24,691,584.84
24,475,709.07
24,258,671.17
24,040,464.89
23,821,083.92
23,600,521.96
23,378,772.63
23,155,829.56
22,931,686.31
22,706,336.42
22,479,773.40
22,251,990.71
Beginning
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
30,306,850.12
30,121,203.20
29,934,556.88
29,746,905.78
29,558,244.48
29,368,567.57
29,177,869.56
28,986,144.95
28,793,388.23
28,599,593.84
28,404,756.19
28,208,869.66
28,011,928.61
27,813,927.35
27,614,860.20
27,414,721.39
27,213,505.18
27,011,205.75
26,807,817.27
26,603,333.89
26,397,749.70
26,191,058.79
25,983,255.19
25,774,332.91
Beginning
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
Phase 2 Draw
Pmt
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
Phase 3 Draw
Pmt
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
41,936,551.84
41,813,511.48
41,689,808.75
41,565,440.08
41,440,401.90
41,314,690.60
41,188,302.55
41,061,234.11
40,933,481.62
40,805,041.40
40,675,909.74
40,546,082.92
40,415,557.20
40,284,328.81
40,152,393.98
40,019,748.90
39,886,389.75
39,752,312.68
39,617,513.83
39,481,989.32
39,345,735.23
39,208,747.63
39,071,022.59
38,932,556.13
38,793,344.26
38,653,382.96
38,512,668.20
38,371,195.93
38,228,962.07
38,085,962.52
37,942,193.15
37,797,649.82
37,652,328.37
37,506,224.60
37,359,334.31
37,211,653.26
37,063,177.20
36,913,901.83
36,763,822.87
36,612,935.98
36,461,236.82
36,308,721.01
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
$ 36,155,384.16
$ 36,001,221.85
$ 35,846,229.62
$ 35,690,403.03
$ 35,533,737.56
$35,376,228.72
$ 35,217,871.95
$ 35,058,662.69
$ 34,898,596.36
$ 34,737,668.34
$ 34,575,873.98
$ 34,413,208.64
$ 34,249,667.61
$ 34,085,246.19
$ 33,919,939.63
$ 33,753,743.17
$ 33,586,652.02
$ 33,418,661.36
$ 33,249,766.36
$ 33,079,962.13
$ 32,909,243.80
$ 32,737,606.43
$ 32,565,045.07
$ 32,391,554.77
$ 32,217,130.50
$ 32,041,767.25
$ 31,865,459.97
$ 31,688,203.56
$ 31,509,992.92
$ 31,330,822.92
$ 31,150,688.38
$ 30,969,584.12
$ 30,787,504.91
$ 30,604,445.52
$ 30,420,400.65
$ 30,235,365.00
$ 30,049,333.25
$ 29,862,300.03
$ 29,674,259.94
$ 29,485,207.58
$ 29,295,137.48
$ 29,104,044.17
$ 28,911,922.14
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
28,718,765.85
28,524,569.74
28,329,328.21
28,133,035.62
27,935,686.33
27,737,274.64
27,537,794.84
27,337,241.17
27,135,607.85
26,932,889.07
26,729,078.99
26,524,171.73
26,318,161.39
26,111,042.02
25,902,807.67
25,693,452.32
25,482,969.93
25,271,354.45
25,058,599.78
24,844,699.77
24,629,648.27
24,413,439.08
24,196,065.96
23,977,522.65
23,757,802.85
23,536,900.22
23,314,808.40
23,091,520.98
22,867,031.54
22,641,333.59
22,414,420.64
22,186,286.13
21,956,923.51
21,726,326.14
21,494,487.40
21,261,400.59
21,027,059.00
20,791,455.86
20,554,584.40
20,316,437.78
20,077,009.14
19,836,291.57
19,594,278.14
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,350,961.87
19,106,335.75
18,860,392.72
18,613,125.70
18,364,527.56
18,114,591.13
17,863,309.22
17,610,674.56
17,356,679.90
17,101,317.89
16,844,581.18
16,586,462.38
16,326,954.03
16,066,048.67
15,803,738.77
15,540,016.76
15,274,875.05
15,008,305.99
14,740,301.91
14,470,855.06
14,199,957.70
13,927,602.01
13,653,780.13
13,378,484.18
13,101,706.22
12,823,438.27
12,543,672.31
12,262,400.28
11,979,614.07
11,695,305.53
11,409,466.45
11,122,088.62
10,833,163.73
10,542,683.46
10,250,639.44
9,957,023.24
9,661,826.42
9,365,040.45
9,066,656.79
8,766,666.82
8,465,061.91
8,161,833.36
7,856,972.43
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
$348,798.80
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,550,470.33
$348,798.80
7,242,318.23
$348,798.80
6,932,507.24
$348,798.80
6,621,028.44
$348,798.80
6,307,872.84
$348,798.80
5,993,031.42
$348,798.80
5,676,495.11
$348,798.80
5,358,254.78
$348,798.80
5,038,301.25
$348,798.80
4,716,625.30
$348,798.80
4,393,217.67
$348,798.80
4,068,069.02
$348,798.80
3,741,169.99
$348,798.80
3,412,511.16
$348,798.80
3,082,083.04
$348,798.80
2,749,876.12
$348,798.80
2,415,880.82
$348,798.80
2,080,087.52
$348,798.80
1,742,486.52
$348,798.80
1,403,068.10
$348,798.80
1,061,822.49
$348,798.80
718,739.83
$348,798.80
373,810.25
$348,798.80
27,023.79
$348,798.80
(321,629.53)
$348,798.80
(672,159.77)
$348,798.80
(1,024,577.03)
$348,798.80
(1,378,891.47)
$348,798.80
(1,735,113.30)
$348,798.80
(2,093,252.79)
$348,798.80
(2,453,320.27)
$348,798.80
(2,815,326.11)
$348,798.80
(3,179,280.75)
$348,798.80
(3,545,194.68)
$348,798.80
(3,913,078.45)
$348,798.80
(4,282,942.65)
$348,798.80
(4,654,797.96)
$348,798.80
(5,028,655.09)
$348,798.80
(5,404,524.82)
$348,798.80
(5,782,417.97) $ (5,813,546.66)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
nent Loan
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
157,022.89
Prin Pmt
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Int Pmt
$
$
$
$
$
$
$
$
$
$
146,392.64
145,303.02
144,207.54
143,106.15
141,998.84
140,885.57
139,766.30
138,641.01
137,509.66
136,372.22
Prin Pmt
$
$
$
$
$
$
$
$
$
$
202,406.16
203,495.78
204,591.26
205,692.65
206,799.96
207,913.23
209,032.50
210,157.79
211,289.14
212,426.58
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
End
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
47,224,929.87
End
$27,193,679.87
$ 26,991,273.72
$ 26,787,777.94
$ 26,583,186.68
$ 26,377,494.03
$ 26,170,694.07
$ 25,962,780.84
$ 25,753,748.35
$ 25,543,590.56
$ 25,332,301.42
$ 25,119,874.84
Period
0
1
2
3
4
5
6
7
8
9
10
$
$
$
$
$
$
$
$
$
$
$
$
$
$
135,228.66
134,078.94
132,923.03
131,760.90
130,592.51
129,417.84
128,236.84
127,049.48
125,855.73
124,655.55
123,448.91
122,235.78
121,016.11
119,789.88
$
$
$
$
$
$
$
$
$
$
$
$
$
$
213,570.14
214,719.86
215,875.77
217,037.90
218,206.29
219,380.96
220,561.97
221,749.32
222,943.07
224,143.25
225,349.89
226,563.02
227,782.69
229,008.92
$
$
$
$
$
$
$
$
$
$
$
$
$
$
24,906,304.70
24,691,584.84
24,475,709.07
24,258,671.17
24,040,464.89
23,821,083.92
23,600,521.96
23,378,772.63
23,155,829.56
22,931,686.31
22,706,336.42
22,479,773.40
22,251,990.71
22,022,981.79
11
12
13
14
15
16
17
18
19
20
21
22
23
24
e 2 Draw
Int Pmt
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
163,151.88
162,152.48
161,147.70
160,137.51
159,121.88
158,100.79
157,074.20
156,042.08
155,004.41
153,961.15
152,912.27
151,857.75
150,797.55
149,731.64
148,660.00
147,582.58
146,499.37
145,410.32
144,315.42
143,214.61
142,107.89
140,995.20
139,876.52
138,751.83
Prin Pmt
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
185,646.92
186,646.32
187,651.10
188,661.29
189,676.92
190,698.01
191,724.60
192,756.72
193,794.39
194,837.65
195,886.53
196,941.05
198,001.25
199,067.16
200,138.80
201,216.22
202,299.43
203,388.48
204,483.38
205,584.19
206,690.91
207,803.60
208,922.28
210,046.97
End
$30,306,850.12
$ 30,121,203.20
$ 29,934,556.88
$ 29,746,905.78
$ 29,558,244.48
$ 29,368,567.57
$ 29,177,869.56
$ 28,986,144.95
$ 28,793,388.23
$ 28,599,593.84
$ 28,404,756.19
$ 28,208,869.66
$ 28,011,928.61
$ 27,813,927.35
$ 27,614,860.20
$ 27,414,721.39
$ 27,213,505.18
$ 27,011,205.75
$ 26,807,817.27
$ 26,603,333.89
$ 26,397,749.70
$ 26,191,058.79
$ 25,983,255.19
$ 25,774,332.91
$ 25,564,285.93
e 3 Draw
Int Pmt
Prin Pmt
End
Period
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
225,758.44
225,096.07
224,430.14
223,760.62
223,087.50
222,410.75
221,730.36
221,046.31
220,358.58
219,667.14
218,971.98
218,273.08
217,570.42
216,863.97
216,153.72
215,439.65
214,721.73
213,999.95
213,274.28
212,544.71
211,811.21
211,073.76
210,332.34
209,586.93
208,837.50
208,084.04
207,326.53
206,564.94
205,799.25
205,029.43
204,255.47
203,477.35
202,695.03
201,908.51
201,117.75
200,322.73
199,523.44
198,719.84
197,911.91
197,099.64
196,282.99
195,461.95
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
123,040.36
123,702.73
124,368.66
125,038.18
125,711.30
126,388.05
127,068.44
127,752.49
128,440.22
129,131.66
129,826.82
130,525.72
131,228.38
131,934.83
132,645.08
133,359.15
134,077.07
134,798.85
135,524.52
136,254.09
136,987.59
137,725.04
138,466.46
139,211.87
139,961.30
140,714.76
141,472.27
142,233.86
142,999.55
143,769.37
144,543.33
145,321.45
146,103.77
146,890.29
147,681.05
148,476.07
149,275.36
150,078.96
150,886.89
151,699.16
152,515.81
153,336.85
$41,936,551.84
$ 41,813,511.48
$ 41,689,808.75
$ 41,565,440.08
$ 41,440,401.90
$ 41,314,690.60
$ 41,188,302.55
$ 41,061,234.11
$ 40,933,481.62
$ 40,805,041.40
$ 40,675,909.74
$ 40,546,082.92
$ 40,415,557.20
$ 40,284,328.81
$ 40,152,393.98
$ 40,019,748.90
$ 39,886,389.75
$ 39,752,312.68
$ 39,617,513.83
$ 39,481,989.32
$ 39,345,735.23
$ 39,208,747.63
$ 39,071,022.59
$ 38,932,556.13
$ 38,793,344.26
$ 38,653,382.96
$ 38,512,668.20
$ 38,371,195.93
$ 38,228,962.07
$ 38,085,962.52
$ 37,942,193.15
$ 37,797,649.82
$ 37,652,328.37
$ 37,506,224.60
$ 37,359,334.31
$ 37,211,653.26
$ 37,063,177.20
$ 36,913,901.83
$ 36,763,822.87
$ 36,612,935.98
$ 36,461,236.82
$ 36,308,721.01
$ 36,155,384.16
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
194,636.48
193,806.58
192,972.20
192,133.34
191,289.95
190,442.03
189,589.54
188,732.47
187,870.78
187,004.45
186,133.45
185,257.77
184,377.38
183,492.24
182,602.34
181,707.65
180,808.14
179,903.79
178,994.58
178,080.46
177,161.43
176,237.45
175,308.49
174,374.54
173,435.55
172,491.51
171,542.39
170,588.16
169,628.80
168,664.26
167,694.54
166,719.59
165,739.40
164,753.93
163,763.16
162,767.05
161,765.58
160,758.72
159,746.43
158,728.70
157,705.49
156,676.77
155,642.51
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
154,162.32
154,992.22
155,826.60
156,665.46
157,508.85
158,356.77
159,209.26
160,066.33
160,928.02
161,794.35
162,665.35
163,541.03
164,421.42
165,306.56
166,196.46
167,091.15
167,990.66
168,895.01
169,804.22
170,718.34
171,637.37
172,561.35
173,490.31
174,424.26
175,363.25
176,307.29
177,256.41
178,210.64
179,170.00
180,134.54
181,104.26
182,079.21
183,059.40
184,044.87
185,035.64
186,031.75
187,033.22
188,040.09
189,052.37
190,070.10
191,093.31
192,122.03
193,156.29
$ 36,001,221.85
$ 35,846,229.62
$ 35,690,403.03
$ 35,533,737.56
$ 35,376,228.72
$35,217,871.95
$ 35,058,662.69
$ 34,898,596.36
$ 34,737,668.34
$ 34,575,873.98
$ 34,413,208.64
$ 34,249,667.61
$ 34,085,246.19
$ 33,919,939.63
$ 33,753,743.17
$ 33,586,652.02
$ 33,418,661.36
$ 33,249,766.36
$ 33,079,962.13
$ 32,909,243.80
$ 32,737,606.43
$ 32,565,045.07
$ 32,391,554.77
$ 32,217,130.50
$ 32,041,767.25
$ 31,865,459.97
$ 31,688,203.56
$ 31,509,992.92
$ 31,330,822.92
$ 31,150,688.38
$ 30,969,584.12
$ 30,787,504.91
$ 30,604,445.52
$ 30,420,400.65
$ 30,235,365.00
$ 30,049,333.25
$ 29,862,300.03
$ 29,674,259.94
$ 29,485,207.58
$ 29,295,137.48
$ 29,104,044.17
$ 28,911,922.14
$ 28,718,765.85
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
154,602.69
153,557.27
152,506.22
151,449.51
150,387.11
149,319.00
148,245.13
147,165.48
146,080.02
144,988.72
143,891.54
142,788.46
141,679.44
140,564.44
139,443.45
138,316.42
137,183.32
136,044.12
134,898.80
133,747.30
132,589.61
131,425.68
130,255.49
129,079.00
127,896.17
126,706.98
125,511.39
124,309.35
123,100.85
121,885.85
120,664.30
119,436.17
118,201.44
116,960.06
115,711.99
114,457.21
113,195.67
111,927.34
110,652.18
109,370.16
108,081.23
106,785.37
105,482.53
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
194,196.11
195,241.53
196,292.58
197,349.29
198,411.69
199,479.81
200,553.67
201,633.32
202,718.78
203,810.08
204,907.26
206,010.34
207,119.36
208,234.36
209,355.35
210,482.38
211,615.48
212,754.68
213,900.00
215,051.50
216,209.19
217,373.12
218,543.31
219,719.80
220,902.63
222,091.82
223,287.41
224,489.45
225,697.95
226,912.95
228,134.50
229,362.63
230,597.36
231,838.74
233,086.81
234,341.59
235,603.13
236,871.46
238,146.62
239,428.64
240,717.57
242,013.43
243,316.27
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
28,524,569.74
28,329,328.21
28,133,035.62
27,935,686.33
27,737,274.64
27,537,794.84
27,337,241.17
27,135,607.85
26,932,889.07
26,729,078.99
26,524,171.73
26,318,161.39
26,111,042.02
25,902,807.67
25,693,452.32
25,482,969.93
25,271,354.45
25,058,599.78
24,844,699.77
24,629,648.27
24,413,439.08
24,196,065.96
23,977,522.65
23,757,802.85
23,536,900.22
23,314,808.40
23,091,520.98
22,867,031.54
22,641,333.59
22,414,420.64
22,186,286.13
21,956,923.51
21,726,326.14
21,494,487.40
21,261,400.59
21,027,059.00
20,791,455.86
20,554,584.40
20,316,437.78
20,077,009.14
19,836,291.57
19,594,278.14
19,350,961.87
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
104,172.68
102,855.77
101,531.78
100,200.66
98,862.37
97,516.88
96,164.15
94,804.13
93,436.79
92,062.09
90,680.00
89,290.46
87,893.44
86,488.90
85,076.79
83,657.09
82,229.74
80,794.71
79,351.96
77,901.44
76,443.11
74,976.92
73,502.85
72,020.84
70,530.85
69,032.84
67,526.77
66,012.59
64,490.26
62,959.73
61,420.96
59,873.91
58,318.53
56,754.78
55,182.61
53,601.98
52,012.83
50,415.13
48,808.84
47,193.89
45,570.25
43,937.87
42,296.70
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
244,626.12
245,943.03
247,267.02
248,598.14
249,936.43
251,281.92
252,634.65
253,994.67
255,362.01
256,736.71
258,118.80
259,508.34
260,905.36
262,309.90
263,722.01
265,141.71
266,569.06
268,004.09
269,446.84
270,897.36
272,355.69
273,821.88
275,295.95
276,777.96
278,267.95
279,765.96
281,272.03
282,786.21
284,308.54
285,839.07
287,377.84
288,924.89
290,480.27
292,044.02
293,616.19
295,196.83
296,785.97
298,383.67
299,989.96
301,604.91
303,228.55
304,860.93
306,502.10
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
19,106,335.75
18,860,392.72
18,613,125.70
18,364,527.56
18,114,591.13
17,863,309.22
17,610,674.56
17,356,679.90
17,101,317.89
16,844,581.18
16,586,462.38
16,326,954.03
16,066,048.67
15,803,738.77
15,540,016.76
15,274,875.05
15,008,305.99
14,740,301.91
14,470,855.06
14,199,957.70
13,927,602.01
13,653,780.13
13,378,484.18
13,101,706.22
12,823,438.27
12,543,672.31
12,262,400.28
11,979,614.07
11,695,305.53
11,409,466.45
11,122,088.62
10,833,163.73
10,542,683.46
10,250,639.44
9,957,023.24
9,661,826.42
9,365,040.45
9,066,656.79
8,766,666.82
8,465,061.91
8,161,833.36
7,856,972.43
7,550,470.33
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
40,646.70
38,987.81
37,320.00
35,643.20
33,957.38
32,262.49
30,558.47
28,845.27
27,122.86
25,391.17
23,650.16
21,899.77
20,139.97
18,370.69
16,591.88
14,803.50
13,005.49
11,197.80
9,380.39
7,553.18
5,716.14
3,869.22
2,012.35
145.48
(1,731.44)
(3,618.46)
(5,515.64)
(7,423.03)
(9,340.69)
(11,268.68)
(13,207.04)
(15,155.84)
(17,115.13)
(19,084.96)
(21,065.41)
(23,056.51)
(25,058.33)
(27,070.93)
(29,094.36)
(31,128.68)
$
308,152.10
$
309,810.99
$
311,478.80
$
313,155.60
$
314,841.42
$
316,536.31
$
318,240.33
$
319,953.53
$
321,675.95
$
323,407.63
$
325,148.65
$
326,899.03
$
328,658.84
$
330,428.12
$
332,206.92
$
333,995.30
$
335,793.31
$
337,601.00
$
339,418.41
$
341,245.62
$
343,082.66
$
344,929.58
$
346,786.46
$
348,653.32
$
350,530.24
$
352,417.26
$
354,314.44
$
356,221.83
$
358,139.49
$
360,067.48
$
362,005.84
$
363,954.64
$
365,913.93
$
367,883.76
$
369,864.21
$
371,855.31
$
373,857.13
$
375,869.73
$
377,893.16
$ (5,782,417.97)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,242,318.23
6,932,507.24
6,621,028.44
6,307,872.84
5,993,031.42
5,676,495.11
5,358,254.78
5,038,301.25
4,716,625.30
4,393,217.67
4,068,069.02
3,741,169.99
3,412,511.16
3,082,083.04
2,749,876.12
2,415,880.82
2,080,087.52
1,742,486.52
1,403,068.10
1,061,822.49
718,739.83
373,810.25
27,023.79
(321,629.53)
(672,159.77)
(1,024,577.03)
(1,378,891.47)
(1,735,113.30)
(2,093,252.79)
(2,453,320.27)
(2,815,326.11)
(3,179,280.75)
(3,545,194.68)
(3,913,078.45)
(4,282,942.65)
(4,654,797.96)
(5,028,655.09)
(5,404,524.82)
(5,782,417.97)
-
Beginning
$
$
$
$
$
$
$
$
$
$
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
$
$
$
$
$
$
$
$
$
$
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
$
$
$
$
$
$
$
$
$
$
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
110,086.99
Prin Pmt
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Phase
Beginning
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
110,086.99 $
3 Acquisition & Construction Loan
Pmt
Int Pmt
Prin Pmt
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
128,522.94
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
End
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
$
$
$
$
$
$
$
$
$
$
$
$
$
$
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
33,108,868.33
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
End
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91
38,653,515.91