PDF- Mixed Use Development Model

Contact Info:
Joshua Kahr
B: 212-566-4085
C: 646-286-0128
josh@kahrrealestate.com

The following is a PDF of the highlights of one of Kahrs custom

designed development models built specifically for a large mixed use
development project. The PDF contains 4 distinct sections:
-

Summary of Project Information

General Input Assumptions
Annual Cash Flow
Cost Curves for Development line items

Within every modeling project we take on, the objective is fourfold:

o To build highly flexible financial models with concise input assumptions that
allow for rapid scenario analysis.
o To integrate advanced functions such as controllable bell curves for phasing
and individual line item allocation.
o To create a user friendly interface without sacrificing complexity and user
control.
o To tailor a model to a clients specific project requirements while maintaining
the models reusability on future projects.

Project Summary
Summary and Returns

Page 1 of 2

Project Start
10/31/2007

Project End
10/31/2016

Rental Revenue
51,860
$
2,456,090
$ 61,591,730

Net Leasable Area

Potential Lease /YR
Total Proceeds

Project Timing
Analysis Start
10/31/2008

Project Duration (Mo)

110 months

Total Land Area

Total Bldg Area
Total Prkg Area

Analysis End
10/31/2016

Project Description and Sizing Assumptions

GSQFT
130,680
Residential
51,860
Retail
64,400
Retail 2
Total

# of Units
0
1
1
2

Development Cost Summary

% of Total

LAND
Remaining Prepaid Ground Rent $
Prepaid Ground Rent Deposit $

21
0

Land Closing Costs $

Impact Fees $

15% $

Total Land Costs

Project Name
Lot 1

GSQFT

NSQFT

47,200
4,660
51,860

47,200
4,660
51,860

2
4

2,713,401
37,722
232,564
492,670

78%
1%
0%
7%
14%

26.60

3,476,357

100%

Residential
0%
0%

Annual General Inflation

Annual Avg. Lease Escalations
Reimbursable Expenses ($/NSF)
Tenant Improvements
Tenant Lease Term
Renewal Probability
Leasing Commissions

Retail

Retail 2
0%
3%

$
$

$
60 $
120 mo
80%
6%

mo
0%

Yr 1 Stabilized
A&E
Civil Engineering
Title Insurance
Insurance

$
$
$
$

9.06
2.41
0.78
2.89

470,000
125,000
40,615
150,000

10%
3%
1%
3%

Income
Gross Potential Income
Parking Income (MPDU)- Residential Only
Vacancy

Taxes
Additional Proc. And Tap Fees
Development Fee
Project Overhead
Testing (Inc'l Concrete)
Legal
Inspection Fees
Acctg/Repro/Misc
Marketing Cost/FF&E
Leasing Commissions
Construction Loan Fee
Acquisition Fee
Front Money Interest Carry
Operating Cost Deficit
Tree Save
Soft Cost Contingency

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

2.29
6.94
13.38
2.62
1.54
4.82
0.66
1.04
28.42
2.40
2.83
2.89
1.93
2.12

119,006
360,000
694,035
136,000
80,000
250,000
34,000
54,000
1,473,654
124,455
146,880
150,000
100,000
110,198

3%
8%
15%
3%
2%
5%
1%
1%
0%
32%
3%
3%
3%
2%
0%
2%

Expense Recovery- Office and/or Retail

Collection Loss- Residential Only
Other Income
Other Income

19% $

89.04

4,617,843

100%

$
$
$
$
$
$

110.00
51.43
60.00
60.00

5,704,600
3,312,000
2,832,000
279,600

38%
22%
0%
0%
19%
2%

Hard Costs Contingency $

9.35

Residential Infrastructure $
Retail Infrastructure $
Office Infrastructure $

50.00
50.00

485,128
2,360,000
233,000

3%
0%
0%
16%
2%

15,206,328

100%

HARD COSTS

Total Revenue
Expenses
Salary & Related Costs
Marketing
Maintenance
Cleaning
Management Fees
Administrative Costs
Utilities
Insurance
Real Estate Taxes
TIP Fee & CAM
Total Expenses

Base Building
Below grade Parking
Above grade Parking
Surface Parking
Retail Tenant Improvements
Retail 2 Tenant Improvements

Total Hard Costs

64%

Construction Interest

2%

Residential NOI
Retail NOI
Retail 2 NOI

0%
0%
0%

10.18

0%
12%
60
120 mo
80%
6%

Leasing Proforma

SOFT COSTS

Total Soft Costs

Net Operating Income

Replacement Reserve

2,460,747 $
$
(123,037) $

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

2,337,709
2,337,709

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(10,372) $
$
2,327,337 $
$
2,327,337 $

Total Rental Revenue

Total Rental Sales Proceeds
Total REVENUE

$/Total NSF

$
$
$

$
$
$

47
(2)
45
45
(0)
45
45

Parking Assumptions
Parking Assumptions
Below grade Parking
Above grade Parking
Surface Parking

$
$
$

$/Stall
18,000
-

# of Stalls
Total Costs
184 $
3,312,000
$
$
-

528,006
Debt Financing

Total Costs

100%

%/Total
0%
91%
9%
100%

Project Assumptions
$/Amount

$/GSQFT

Holding Period
8 years

Construction Loan
Interest Rate
LTC

6.50%
65%

Permanent Loan
Interest Rate
Start Month

6.00%
16

Interest
Equity
Debt

$
$
$

528,006
8,271,687
15,556,846

Monthly PMT
Balloon PMT

$
$

77,784
15,556,846

23,828,533
Interest Only

% of Total
105%
0%
5%
0%
0%
0%
0%
0%
100%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
0%
0%
0%
100%
0%
100%

Page 2 of 2
Cash Flow Schedule

Unleveraged CF

Year 0
Year 1
(6,420,247) $ (12,105,268) $

Unleveraged IRR

Leveraged CF

Year 2
(3,031,963) $

Year 3
2,362,731

Year 4
2,416,817

Year 5
2,472,255

17.28%

Year 0
(6,420,247) $

Leveraged IRR

Year 1
(1,851,441) $

Year 2
1,120,775

Year 3
1,429,320

Year 4
1,483,406

Year 5
1,538,844

Year 6
2,529,079

Year 7
2,587,324

Year 11
-

Year 12
-

Year 6
1,595,669

Year 7
1,653,913

Year 11
$

26.52%

Year 12
$

Year 8
47,480,474

Year 9
$

Year 13

Year 14
-

Year 8
30,990,217

Year 13
$

Year 10
-

Year 15

Year 9
$
Year 14
$

Year 10

Year 15
$

Partnership Split
Investor
Leveraged Cumulative CF

31,540,458

Total Pre-Dev Preferred Return

Total Line of Credit

$
$

Interest
(22,411)
-

Total Amount Available for Distribution

31,518,047

Line of Credit
Rounded Cr L Period
Sale of the Asset

mo
mo
96 mo

Return

Duration
12 mo $
mo $

11%
0%

Investor
$
Developer/Bank $
Entity
$

Balance
Ending in Period
6,442,658
Month
Month

Equity In
Equity Out
(7,049,983) $ 26,025,634
(1,244,115) $ 13,786,512
(8,294,098) $ 39,812,145

$
$
$

Total
18,975,650
12,542,397
31,518,047

Developer/Bank

Entity

Tier 1
up to 11%

5,369,872 $
85%

947,624 $
15%

6,317,496
100%

Tier 2
11% to 15%

3,519,261 $
70%

1,508,255 $
30%

5,027,515
100%

Tier 3
over 15%

10,086,518 $
50%

10,086,518 $ 20,173,036
50%
100%

Total

18,975,652

12,542,397

IRR

22.52%

39.75%

$ 31,518,049
26.52%

Net Sales Proceeds

Date of Sale 10/31/2016

Residential
Retail
Retail 2
Total

Next Year's NOI

$
$
2,508,927
$
234,822
$
2,743,750

Year Ending
Investor
Tier 1

Tier 2
Tier 3

$
$

Developer/Bank
Tier 1
Tier 2
Tier 3

Cap Rate
0% $
6% $
6% $
$

7/31/2009

7/31/2010

(7,049,983) $
-

$
(0) $

657,390
-

Sales Price Closing Costs

0%
41,815,458
2%
3,913,704
2%
45,729,162

7/31/2011
$
$
$

1,203,641
-

Closing Costs
Net Sales Proceeds
$
$
$
836,309 $ 40,979,149
$
78,274 $
3,835,430
$
914,583 $ 44,814,579

7/31/2012
$
$
$

1,249,332
-

7/31/2013
$
$
$

1,296,165
-

7/31/2014
$
$
$

1,344,169
-

Net Sales Proceeds

Less Debt Balloon

$ 44,814,579
$ (15,556,846)

Available for Distribution from Sale

Avail. for Distribution from Operations
Total Available from Operations

$ 29,257,733
$
2,260,314
$ 31,518,047

7/31/2015
$

1,393,373

$
$

7/31/2016
$
$
$

1,454,501
-

7/31/2017

7/31/2018

3,821,286

$
$

3,519,261
10,086,518

$
$

$
$
$

(1,244,115) $
$
(0) $

116,010
-

$
$
$

212,407
-

$
$
$

220,470
-

$
$
$

228,735
-

$
$
$

237,206
-

$
$
$

245,889
-

$
$
$

256,677
-

$
$
$

674,345
1,508,255
10,086,518

$
$
$

(8,294,098) $

773,400

1,416,048

1,469,802

1,524,900

1,581,375

1,639,263

1,711,177

29,696,181

Entity
All Tiers

Year Ending
Investor
Tier 1
Tier 2
Tier 3

7/31/2019

7/31/2020

7/31/2021

7/31/2022

7/31/2023

NET

$
$
$

$
$
$

$
$
$

$
$
$

$
$
$

$
$
$

5,369,872
3,519,261
10,086,518

Developer/Bank
Tier 1
Tier 2
Tier 3

$
$
$

$
$
$

$
$
$

$
$
$

$
$
$

$
$
$

947,624
1,508,255
10,086,518

31,518,047

Entity
All Tiers

Input Assumptions
Page 1 of 3

All input assumption cells are in blue.

Project Overview

Timing Assumptions

General Timeline

Approx. Date

Project Start

10/31/2007

Analysis Start

Reporting Start (Closing Date)*

10/31/2008

Project Start

10/31/2016

Land Purchase

8 years

Total Project Size GSF

51,860

Total Project Development Cost

23,828,533

Total Project Cost PSF

459.48

Overall Project Timing

Starting # of mo Approx. Min
from R.S.
Duration

Analysis End
Holding Period (Yrs) *Max 20 Yrs

10/31/2008

-12 mo

Approx. Start
Dates

108 mo

Approx. End
Dates

10/31/2007

mo

10/31/2016

10/31/2008

Pre-Development/ Pre Dev Interest

-12 mo

12 mo

10/31/2007

Construction/ Construction Loans

mo

16 mo

10/31/2008

10/31/2008
2/28/2010

Permanent Loans

16 mo

80 mo

2/28/2010

10/31/2016

Leasing Start

16 mo

mo

2/28/2010

2/28/2010

Sale of the Asset/ Perm Loan Payoff/ Analysis End

96 mo

10/31/2016

* All month references and inputs project months from this date unless indicated otherwise

Leasing Timing Assumptions

General Inflation

Leasing Start
After Closing

Rentals

Lease Term ( #
of mo)

Months of Sale
Market Inflation Factor

Residential
Retail

16 mo

120 mo

96 mo

12 mo
108 mo Annual Inflation

Retail 2

16 mo

120 mo

96 mo

108 mo

0.00%

Costs Assumptions
* There is a separate worksheet to input, allocate and distribute costs assumptions. This section is used to make separate calculations to determine $ amounts to enter in the separate sheet.

Project Sizing

Components

GSF

Residential
Retail
Retail 2
Total Rental

Distribution

47,200
4,660
51,860

0%
91%
9%
100%

Cost Dist-n

Components

2,713,401
2,713,401

$
$

50.00
50.00

Components

Below grade

Cost Dist-n

2,360,000
233,000
2,593,000

Parking Type

0%
91%
9%
100%

Above grade

92 stalls
92 stalls
184 stalls

37,722

$/ Stall

Below grade
Above grade
Surface

Totals

stalls

Residential
Retail
Retail 2
Totals

Above grade

32,200
32,200
64,400

Below grade

stalls
92 stalls
92 stalls
184 stalls

$0
$1,656,000
$1,656,000
$3,312,000

Total
-

Below grade

32,200
32,200
64,400

0%
50%
50%
100%

Residential
Retail
Retail 2
Totals

$/Unit or GSF

$
$

9.50
9.50

Total $ Amount
$
$
$
$

Cost Dist-n

448,400
44,270
492,670

0%
91%
9%
100%

% at Closing

3%

Rate
6%
6%

Tenant Improvements
* Inputs are in Market Leasing Assumptions below
* The calculations are based on the 1st (stabilized)
leasing
TI's
Residential
Retail
$
2,832,000
Retail 2
$
279,600
Total
$
3,111,600

350

Above grade

Surface

$0
$0
$0
$0

Totals
$0
$0
$0
$0

$0
$1,656,000
$1,656,000
$3,312,000

Above grade

Surface

0%
0%
0%
0%

Totals
0%
0%
0%
0%

0%
50%
50%
100%

Total Exp. Rent

22,353,920
2,206,976
24,560,896

Cost Dist-n
91%
9%
100%

694,035

Annual Tax Rate

Cost Contingency
0.8830%
6 mo

Allocations
15%

104,105

Even Spread During Construction (choose time)

65%

451,123

At Constr. Completion

138,807

20%

LC $ Amount
1,341,235
132,419
1,473,654

Real Estate Taxes

Escrow every
At Closing

0%
91%
9%
100%

50%

Retail
Retail 2
Total

Development Fee
Development Fee (% of Totals)

Cost Dist-n

5,192,000
512,600
5,704,600

Leasing Commissions

Impact Fees
Components

$
$
$
$

Parking Partitioning
Surface

110.00
110.00

Parking Costs $ Amounts

Surface

stalls

Below grade

$
$
$

GSF per Stall

$18,000

Parking Stall GSF

Components

Bldg Costs/GSF Total $ Amount

0%
100%
0%
100%

37,722

Parking Stall Allocation

Residential
Retail
Retail 2
Totals

Cost Dist-n

Parking Costs by Type

Infra Costs/GSF Total $ Amount

$
$
$
$

Prepaid Deposit

0%
100% $
0%
100%

Infrastructure Costs

Residential
Retail
Retail 2
Total Rental

Building Hard Costs

Land Costs
Remaining
Balance

Construction Loan Duration

% of Total
Soft Cost Cont
Hard Cost Cont

5.00%
4.00%

$ Totals
$
$

110,198
485,128

16 mo
Other Fees

Last escrow cycle

Costs Assessment Offset

4 mo
6 mo

Acquisition Fee (% of Total)

0.75%
Construction Loan Fee (% of Constr. Loan)0.80%

Page 2 of 3
Legal Fees
Fee Amount

Real Estate Tax PMT Calculations

250,000

Payments #
1
2
3
4
5
6
7
8
Total

Month
mo
7 mo
8 mo
9 mo
10 mo
11 mo
12 mo
13 mo

Percentage
50%
5%
5%
5%
5%
5%
5%
20%
100%

$ Amount
125,000
12,500
12,500
12,500
12,500
12,500
12,500
50,000
250,000

Payment #
1
2
3
4
5
6
7
8

Months
6 mo
12 mo
16 mo
20 mo
24 mo
28 mo
32 mo
36 mo

Assessment
$ Assessment
Prepaid Ground Rent
2,751,123
6 mos prior
11,674,584
4 mos prior
18,793,821
6 mos prior
19,446,113
6 mos prior
6 mos prior
6 mos prior
6 mos prior
-

$ Taxes
12,146
51,543
55,316
-

Debt Financing
10/31/2008

Start

Duration

LTC/LTV

Annl Int

Monthly Int

Construction Loan

Entire Phase

Application

mo

16 mo

64.50%

6.50%

0.54%

Permanent Loan

Entire Phase

16 mo

-16 mo

6.00%

0.50%

Line of Credit

Entire Phase

mo

mo

Interest Rate Cap Cost paid at Closing

n/a

Amortization

NOI %*

9999 yrs

0.00%

Residential

25%

Retail

0%

Retail 2
0%
* Percentage applied to NOI prior to stabilization

Revenue Asssumptions
Residential Rent Revenue by Units
Approx
GSF/Unit

Unit Type
0
0
0
0
0
0
0
0

# Of
Units
-

Total
GSF
-

Total
Net SF

Net
SF/Unit

Total Monthly
Rent

Totals
Totals and Averages
MPDU
Market Rent

Monthly
Rent/ Unit

Month
Rent/SF

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Average
0.00

0.00

Total

Averages
0

Yearly
Rent/S.F

Lease Absorption

# of Units/ Mo

Ave. SF/Mo

Residential
Retail
Retail 2

47,200
4,660

Monthly growth rate before stabilization

Market rent at stabilization

Rent Escalation

Ave. Rent Rev./

Mo
$
$
$

Lease-Up
Period

Stabilized SF

186,283
18,391

44,840
4,427

Stabilization
from Closing

1
1

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

mo
17 mo
17 mo

3%
$

Market Leasing Assumptions

Leasing Start
Components
Residential
Retail
Retail 2

Probability
%

NET SF
47,200
4,660

mo
16 mo
16 mo

80%
80%

Market
$/SF/year
$0.00
$47.36
$47.36

Annual Market Rent

Renewal

Blended

$48.00
$48.00

$0.00
$47.87
$47.87

Average
7.25%

Market*
Components
Residential
Retail
Retail 2

Tenant Improvements
Renewal**
Blended***
%/NSF

Market
# months

Rent Abatement
Renewal

Blended

Market
# months

Months Vacant
Renewal

$0.00/nsf
0
$
60
$12.00/nsf
0
$
60
$12.00/nsf
0
* This goes into Costs Assumptions and is taken out by the construction loan
3,111,600 **This is a rate you would use for the next tenant
***This rate blends the rates according to renewal probability, and will be used for the rental revenue calculations

Residential

Retail
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%
2.50%

Retail 2
0.00%
0.00%
0.00%
0.00%
0.00%
12.00%
0.00%
0.00%
0.00%
0.00%
12.00%
0.00%
0.00%
0.00%
0.00%

0%
3%
* annual rates compounding monthly

12%

Blended
0
0
0

622,320

Other Income
MPDU Parking
Income
Monthly Income
Calculations
Per Stall
Rentals
Residential
Retail
Retail 2

Total # of
Parking Stalls
92
92

MPDU Prkng
Stalls

Annual MPDU
Parking Income Other Income I
Annual
$0
$0
$0

Sale of the Asset

Annual Trend

Other Income II
Annual
$
220,698

Annual Trend

Exit Closing
Costs
%

Exit Cap
%
6%
6%

2%
2%

Page 3 of 3
Expenses
General
Vacancy

NSF
Residential
Retail
Retail 2

47,200
4,660

Collection Loss

Reimb
Expenses

Replacement
Reserve

% Fixed

Repl. Reserve
Growth

% Fixed

*$/unit/yr for residential, $/sf/yr for commercial

5%
5%

$
$

0.200
0.200

Operating Expenses
Salary & Related

Marketing

Maintenance

Change time for Mngmt Fee (%

mgmt fee
of EGI)

Cleaning

Residential
% Fixed

Admin Costs

Utilities

Real Estate
Taxes

Insurance

TIP Fee & CAM

from stabilization

Retail
% Fixed
Retail 2
% Fixed
Annual Trend

3%

3%

3%

3%

3%

3%

3%

3%

3%

Tier 1
11%

Tier 2
15%

Tier 3

Developer/Bank

15%

30%

50%

Investor
Total/ SumCheck

85%
100%

70%
100%

50%
100%

Partnership Split Assumptions

Sponsor
Developer

Investor 1
Bank

Preferred Return to Investor 1

Investor 2
Investor

Annual Hurdle
11%

Annual Master CF
Construction / Project Costs

Totals

% of Totals

Year 0

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

1,383,872

11,187,028

3,391,140

12,105,268

4,775,013

2,817,123
(140,856)
-

2,676,267

Total Land Costs

3,476,357

15%

3,476,357

Total Soft Costs

4,617,843

20%

2,315,730

918,241

Total Hard Costs

15,206,328

65%

628,160

Total Development Costs

23,300,528

100%

6,420,247

17,732,944
(886,647)
16,846,297

105%
0%
-5%
0%
0%
0%
0%

1,842,067
(92,103)
-

2,498,003
(124,900)
-

2,554,936
(127,747)
-

2,613,292
(130,665)
-

2,673,107
(133,655)
-

2,734,417
(136,721)
-

100%

1,749,964

2,373,103

2,427,189

2,482,627

2,539,451

2,597,696

16,846,297

-----------

Project Revenue
Revenue
Gross Potential Income
Parking Income (MPDU)- Residential Only
Vacancy
Expense Recovery- Office and/or Retail
Collection Loss- Residential Only
Other Income
Other Income
Total Revenue
Expenses
Salary & Related Costs
Marketing
Maintenance
Cleaning
Management Fees
Administrative Costs
Utilities
Insurance
Real Estate Taxes
TIP Fee & CAM
Total Expenses
Net Operating Income
Replacement Reserve
Development / Residual
Development Equity
Net Residual Value
CASH FLOW BEFORE DEBT

(69,147)

38,291,202

--

27%

0%

1,749,964
(6,915)

2,373,103

2,427,189

2,482,627

2,539,451

2,597,696

(10,372)

(10,372)

(10,372)

(10,372)

(10,372)

44,814,579

2,676,267
(10,372)

(6,420,247)
-

(12,105,268)
-

(4,775,013)
-

100%

(6,420,247)

(12,105,268)

(3,031,963)

2,362,731

2,416,817

2,472,255

2,529,079

2,587,324

47,480,474

0%

(6,420,247)

(12,105,268)

(3,031,963)

2,362,731

2,416,817

2,472,255

2,529,079

2,587,324

47,480,474

10,253,828
-

4,775,013
(15,556,846)

(933,411)
(15,556,846)

30,990,217

Leveraged CF Debt Service

Total Unleveraged Cash Flow Stream
Draws from Construction Loan 1
Payments To Construction Loan 1
Debt Proceeds
Payment to Permanent Loan
Balloon PMT
CASH FLOW AFTER DEBT

38,291,202
15,028,840
(15,556,846)
15,556,846
(6,222,738)
(15,556,846)
31,540,458

0%
0%

0%
0%
0%

0%

(6,420,247)

(1,851,441)

15,556,846
(622,274)
1,120,775

(933,411)
1,429,320

(933,411)
1,483,406

(933,411)
1,538,844

(933,411)
1,595,669

(933,411)
1,653,913

Project Operating Cash Flow by Component

Residential Operating Cash Flow
Residential Rental Sales Proceeds
Retail Operating Cash Flow
Retail Rental Sales Proceeds
Retail 2 Operating Cash Flow
Retail 2 Rental Sales Proceeds
Total Cash Flow from Rental Buildings

0%
0%

15,349,271
40,979,149

25%
67%

1,586,423
-

2,154,000
-

2,208,086
-

2,263,524
-

2,320,349
-

2,378,593
-

2,438,294
40,979,149

1,427,880
3,835,430

2%
6%

156,626
-

208,731
-

208,731
-

208,731
-

208,731
-

208,731
-

227,600
3,835,430

61,591,730

100%

1,743,049

2,362,731

2,416,817

2,472,255

2,529,079

2,587,324

47,480,474

Cost Input Over Time

Analysis Scenario Start Date

1/1/2008

# of Line
Items

Cost

Amount

Time Start

Length

Middle Month

A&E

$1,000,000

99

50

Civil Engineering

$3,455,664

99

50

Exponential Increase

Title Insurance

$456,676

78

39

Drop From Peak

Insurance

$7,675,367

88

44

Taxes

$7,623,345

90

45

Additional Proc. And Tap Fees

$123,452

90

45

Development Fee

$1,600,000

91

46

Project Overhead

$2,300,000

88

44

Testing (Inc'l Concrete)

$4,500,000

87

44

10% skewed dist.

10

Legal

$456,778

86

43

60% skewed dist.

If Applicable
Middle Month
Override
Peakness

Exponential
Growth Rate

Cost Distribution
Drop From Peak

Drop From Peak

Grow To Peak
Exponential Decrease
Bi-Modal
Normal S Curve

11

Inspection Fees

$756,777

85

43

20% skewed dist.

12

Acctg/Repro/Misc

$4,500,000

80

40

30% skewed dist.

13

Marketing Cost/FF&E

$7,000,000

80

40

Exponential Decrease

14

Leasing Commissions

$670,000

80

40

Grow To Peak

15

Construction Loan Fee

$1,200,000

90

45

50-50 Split

16

Acquisition Fee

$8,500,000

90

45

Bi-Modal

17

Front Money Interest Carry

$2,500,000

90

45

18

Operating Cost Deficit

$12,300,000

Bi-Modal

19

Tree Save

$3,456,678

10

Straight Line Even

20

Soft Cost Contingency

$890,000

20

10

Normal S Curve

22

Total Soft Costs

$500,000

40

20

Normal S Curve
Beginning,
Middle, and End

24

HARD COSTS

$1,230,000

60

30

Normal
S Curve
LumpSum
Start

25

Base Building

$456,000

70

35

50-50 Split

Grow To Peak