Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.

Appendix 1: Assumptions
Land Acquisition
Land Purchase Date

9-Apr-13

11/15/2012
%

Plot Size
Cost of Land and Existing Building Shell
Closing Cost (@ % of Cost of Land)
Land Preperation

$1,443.48
1.5%

Total Acquisition Costs

Value
23,000
$33,200,000
498,000
50,000
$33,748,000

Deposit on Land Purchase (@ 10% of Land Purchase)

10.0%

Development Timeline
Overall Project
Land Purchase
Construction Loan
Permanent Loan
Construction
Lease-Up
Stabilization Year
Operation
Sale

START
10/1/2012
10/1/2012
12/31/2012
12/31/2013
1/1/2013
1/1/2014
1/1/2015
1/1/2016
10/31/2018

END
12/31/2024
11/15/2012
12/31/2013
12/31/2023
12/31/2013
12/31/2014
12/31/2015
12/31/2018
12/31/2024

$3,320,000
Rental Income

Development Data

Amount
%

Units

Total BUA
Maximum Rentable Square Feet
Retail BUA
Studios
One Bedrooms
Two Bedrooms
Three Bedrooms
Total Units

550 Sqft/Unit
800 Sqft/Unit
1,000 Sqft/Unit
1,500 Sqft/Unit

SF

5
18
14
25
25
82

9,900
11,200
25,000
37,500
83,600

Total Residential BUA

Total GLA

83,600
88,600

Predevelopment Costs
Value
$45,000
3,500
13,000
$61,500

Engineer, Design, Architects, Fees & Costs

NYC Plumbing, Water, Steam Connection Permits
Land, Soil Tests, Environment Testing
Total Predevelopment Costs
Development Costs
%
Hard Costs @110% of Residential BUA
Soft Costs (% of Hard Costs)
Construction Cost
Other Costs
Total Development Cost

$/SF
110.0%
8.0%

Taxes
Benefit from Tax Exemption and Include Low income Housing?

$250

Value
22,990,000
1,839,200
$24,829,200
1,906,204
$26,735,404

No

Retail
Retail Lease Term
Monthly Retail Rents
Retail Vacancy & Credit Loss
Retail Rent Escalation
Retail V/C Expense Escalation

%
Monthly Per Unit Annual Total
7.00%

5 Year(s)
$250 / PSF/An.

Residential
Residential Lease Term
Studios
One Bedrooms
Two Bedrooms
Three Bedrooms

$1,250,000

$2,500
$3,200
$4,000
$6,200

$540,000
$537,600
$1,200,000
$1,860,000
$4,137,600

3 Year(s)
18
14
25
25

Residential Vacancy & Credit Loss

Residential Rent Escalation
Residential V/C Expense Escalation

2.00%
3.00%
3.50%

Expenses
Leasing Commissions
Leasing Commissions as % of First Year EGI
Lease Commission on Renewal
Real Estate Taxes
2012 - Annual Real Estate Taxes
November & December 2012
2013 Annual Real Estate Taxes
2014 Annual Real Estate Taxes

$20,833
4.00%
5.00%
2.00%

Annual Total
2.50%
2.50%

$27,500
$4,583
$27,500
$27,500

2 Month

50.00%
%

Ordinary Income Tax Rate

Capital Gain Tax Rate
Capital Gain Recapture Tax Rate
Equalization Rate
Real Estate Property Tax Rate

Years

Tenant Turnover
91,960
89,100
5,000

35.00%
15.00%
25.00%
4.45%
13.181%

Operating Expenses
2014 - Lease Up
2015 - Stabilization
Escalation after 2015

15.00%
10.00%
3.00%

Permanent Loan
%

Sale of Property
Date
12/31/2024

Sale Date
Going Out Cap Rate
Cost of Sale

Loan Closing Date

Total Cost of the Property

%
4.01%
1.50%

Construction Loan
%
Loan Closing Date
Loan Term
Interest rate
LTV
Loan Amount 1/13 - 4/13
Loan Amount 5/13 - 11/13
% of Mortgage Retainage at 12/13
Construction Financing Points
Lender's Legal Fees
Engineering Review
Borrower's Legal Fees
Total Construction Loan Closing Costs

Monthly Value

Annual Value

12/31/2012
12 Months

4 Months
7 Months

7.0%
90.0%
50.0%
50.0%
10.0%

$2,793,285
$1,596,163

$22,346,280
$11,173,140
$11,173,140
$2,234,628
$30,000
$15,000
$5,000
$10,000
$60,000

Investment Assumptions

Property Valuation @ 2014 NOI

LTV
Loan Amount
Interest rate
Term (Years)
Amortization Period (Years)

$59,674,752
Cap Rate

5.9%
75.0%

$57,414,197
$43,060,648

3.75%
10 Year(s)
30 Year(s)

Commitment Letter Issuing Charge (@ % of Loan Amount)

Commitment Letter Legal Fee
Other Costs
Borrower's Costs incl. legal fees
Total Commitment Letter Costs

0.15%

$64,591
$30,000
$15,000
$40,000
$149,591

Closing Points
Borrower's Legal Fees
Lender's Legal Fees
Other Fees
Total Closing Fees

0.10%

$43,061
$25,000
$15,000
$28,000
$111,061

Other Assumptions
%

Coupon Rate (Investor Required)

Sponsor Portion / Promote
Investor Portion / Promote
Discount Rate

Calculation

12/31/2013

$
7%
10%
90%
10%

Personal Property % of the Development

Depreciation Term
Capital Reserve - Escrow Account
Interest earned on Reserve

Years

%
10%

5 Years
$1,000,000
3.50%

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 2: Before Tax Cash Flow Projection - 2012 to 2025

9-Apr-13

2014

2015

2016

2017

2018

2019

10

11

2021

2022

2023

2024

2025

$ / USD
2013
Studios
1 Bedroom at Below Market
2 Bedroom
3 Bedroom
Total Residential Income
Retail Rental Income
Potential Gross Income
Residential V/C Loss
Retail V/C Loss
Total V/C Loss
Effective Gross Income

540,000
537,600
1,200,000
1,860,000
4,137,600
1,250,000

556,200
553,728
1,236,000
1,915,800
4,261,728
1,312,500

572,886
570,340
1,273,080
1,973,274
4,389,580
1,378,125

590,073
587,450
1,311,272
2,032,472
4,521,267
1,447,031

607,775
605,074
1,350,611
2,093,446
4,656,905
1,519,383

626,008
623,226
1,391,129
2,156,250
4,796,612
1,595,352

644,788
641,923
1,432,863
2,220,937
4,940,511
1,675,120

664,132
661,180
1,475,849
2,287,565
5,088,726
1,758,876

684,056
681,016
1,520,124
2,356,192
5,241,388
1,846,819

704,578
701,446
1,565,728
2,426,878
5,398,630
1,939,160

725,715
722,489
1,612,700
2,499,684
5,560,588
2,036,118

4,130,707

5,387,600

5,574,228

5,767,705

5,968,298

6,176,288

6,391,964

6,615,630

6,847,602

7,088,207

7,337,790

7,596,707

4,029,759

Net Operating Income

DSCR
Less: Debt Service
Less: Rent-Up Charges (Residential)
Less: Rent-Up Charges (Retail)
Before Tax Cash Flow From Operations
Less: Equity Contribution - Investors
Less: Equity Contribution - Sponsor
Less: Capital Reserve - Sponsor
Plus: Surplus from Permemant Loan
Plus: Sale Proceeds
Less: Cost of Sale
Less: Outstanding Mortgage Balance

416,250
439,040
925,000
1,433,750
3,214,040
916,667

(64,281)
(36,667)
(100,947)

Operating Expenses
Real Estate Taxes
Total Expenses

2020

(82,752)
(50,000)
(132,752)
5,254,848

(88,218)
(53,550)
(141,768)
5,432,460

(90,864)
(56,228)
(147,092)
5,620,613

(93,590)
(59,039)
(152,629)
5,815,669

(96,398)
(61,991)
(158,389)
6,017,899

(99,290)
(65,090)
(164,380)
6,227,584

(102,269)
(68,345)
(170,613)
6,445,017

(105,337)
(71,762)
(177,099)
6,670,503

(108,497)
(75,350)
(183,847)
6,904,360

(111,752)
(79,118)
(190,869)
7,146,920

(604,464)
(27,500)
(631,964)

(525,485)
(350,025)
(875,510)

(541,249)
(360,526)
(901,775)

(541,249)
(360,526)
(901,775)

(541,249)
(360,526)
(901,775)

(541,249)
(360,526)
(901,775)

(541,249)
(360,526)
(901,775)

(541,249)
(360,526)
(901,775)

(541,249)
(360,526)
(901,775)

(541,249)
(360,526)
(901,775)

(541,249)
(360,526)
(901,775)

3,397,795
1.42x
(2,393,047)
(86,940)
(62,500)

4,379,338
1.83x
(2,393,047)
-

4,530,685
1.89x
(2,393,047)
(7,458)
-

4,718,838
1.97x
(2,393,047)
-

4,913,894
2.05x
(2,393,047)
(36,176)

5,116,124
2.14x
(2,393,047)
-

5,325,809
2.23x
(2,393,047)
-

5,543,242
2.32x
(2,393,047)
-

5,768,728
2.41x
(2,393,047)
-

6,002,585
2.51x
(2,393,047)
-

6,245,145
2.61x
(2,393,047)
-

1,986,291

2,130,180

2,325,791

2,484,672

2,723,077

2,932,762

3,150,195

3,375,681

3,609,538

3,852,099

855,308

2,130,180
4,523,227

2,325,791
4,718,838

2,484,672
4,877,719

2,723,077
5,116,124

2,932,762
5,325,809

3,150,195
5,543,242

3,375,681
5,768,728

3,609,538
6,002,585

Tier 1 Distribution - Preferred Return

Required Cash Flow
Coupon Factor
Minimum Payment
Current Year Excess/(Deficit)
Beginning Deficit Balance
Plus: New Deficit
Less: New Payments
Ending Deficit Balance
Total Tier 1 Distribution

2,567,804
7%
2,567,804
18,057,903
2,567,804

1,303,751
7%
1,303,751
682,540
1,303,751

1,255,973
7%
1,255,973
874,207
1,255,973

1,194,779
7%
1,194,779
1,131,012
1,194,779

1,115,608
7%
1,115,608
1,369,064
1,115,608

1,019,774
7%
1,019,774
1,703,304
1,019,774

900,542
7%
900,542
2,032,220
900,542

758,287
7%
758,287
2,391,908
758,287

590,853
7%
590,853
2,784,828
590,853

395,915
7%
395,915
3,213,623
395,915

170,962
7%
170,962
3,681,137
170,962

Tier 2 Distribution - Return of Capital

Beginning Capital Balance (Outstanding Equity)
Payment
Ending Capital Balance
Total Tier 2 Distribution

36,682,920
18,057,903
18,625,017
18,057,903

8,440,763
2,784,828
5,655,935
2,784,828

5,655,935
3,213,623
2,442,313
3,213,623

2,442,313
2,442,313
2,442,313

128,493,561
115,644,205
12,849,356

106,431,732
11,825,748
12,849,356
1,229,255

Tier 3 Distribution-Excess Cash Flow

Excess Cash Flow for Tier 3
Distribution to Investor
Distribution to Sponsor
Investor Cash Flow (Net & Pre Tax)
Sponsor Cash Flow (Net & Pre Tax)
Sponsor Promote (Net & Pre Tax)
Sponsor reverse on capital reserve
Leveraged - Cash On Cash
Leveraged NPV @ 10%
Project Leveraged - BTIRR
Project Unleveraged - BTIRR
Development Equity Multiple
BreakEven Date
Net Investor BTIRR
Net Investor Equity Multiple

(32,114,628)
(4,568,292)

18,563,136
2,062,571
56.23%

$41,728,118
23.59%
14.58%
4.8x
5/27/2019
23.42%
4.6x

1,787,662
198,629
5.41%

1,917,162
213,018
5.81%

2,093,212
232,579
6.34%

2,236,205
248,467
6.77%

14,568,195
1,703,304
12,864,891
1,703,304
2,450,770
272,308
7.42%

12,864,891
2,032,220
10,832,671
2,032,220
2,639,486
293,276
7.99%

10,832,671
2,391,908
8,440,763
2,391,908
2,835,175
315,019
8.59%

3,038,113
337,568
9.20%

1,986,291
4,379,338

15,937,258
1,369,064
14,568,195
1,369,064

20,625,707
3,248,355

17,068,270
1,131,012
15,937,258
1,131,012

6,496,754

(36,682,920)
(60,935,404)

17,942,477
874,207
17,068,270
874,207

(541,249)
(360,526)
(901,775)

19,770,398
-

18,625,017
682,540
17,942,477
682,540

7,398,529

(32,114,628)
(3,568,292)
(1,000,000)

Total Before Tax Cash Flow (Leveraged)

Total Before Tax Cash Flow (Unleveraged)

(115,104)
(83,074)
(198,178)

3,248,584
360,954
9.84%

162,171,371
(2,432,571)
(32,484,063)

131,106,836
165,983,946

357.41%

0%
-

0.00%

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 3: After Tax Cash Flow Projection

9-Apr-13

10

11

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

3,397,795
(1,614,774)
(41,480)
(26,065)
(848,512)
866,964

4,379,338
(1,584,759)
(41,480)
(26,065)
(848,512)
1,878,522

4,530,685
(1,553,619)
(41,480)
(26,065)
(848,512)
2,061,009

4,718,838
(1,521,311)
(12,500)
(26,065)
(848,512)
2,310,450

4,913,894
(1,487,791)
(12,500)
(26,065)
(848,512)
2,539,026

5,116,124
(1,453,015)
(12,500)
(26,065)
(848,512)
2,776,033

5,325,809
(1,416,934)
(12,500)
(26,065)
(848,512)
3,021,798

5,543,242
(1,379,500)
(12,500)
(26,065)
(848,512)
3,276,665

5,768,728
(1,340,662)
(12,500)
(26,065)
(848,512)
3,540,988

6,002,585
(1,300,368)
(12,500)
(26,065)
(848,512)
3,815,140

6,245,145
(1,258,563)
(12,500)
(26,065)
(848,512)
4,099,505

$ / USD
2013
Net Operating Income
Less: Loan Interest
Less: Rent-up Charges Amortization
Less: Financing Fee Amortization
Less: Property Depreciation
Taxable Income
Tax Payable at 35%
Before Tax Cash Flow
Less: Income Tax
After Tax Cash Flow From Operations
Less: Equity Contribution - Investors
Less: Equity Contribution - Sponsor
Less: Capital Reserve - Sponsor
Plus: Surplus from Permemant Loan
Plus: Sale Proceeds
Less: Cost of Sale
Less: Outstanding Mortgage Balance
Less: Recapture Tax @ 25%
Less: Capital Gain Tax @ 15%
Less: Deferred Tax Pay Back

303,437

657,483

721,353

808,657

888,659

971,611

1,057,629

1,146,833

1,239,346

1,335,299

1,434,827

855,308
303,437

1,986,291
657,483

2,130,180
721,353

2,325,791
808,657

2,484,672
888,659

2,723,077
971,611

2,932,762
1,057,629

3,150,195
1,146,833

3,375,681
1,239,346

3,609,538
1,335,299

3,852,099
1,434,827

551,871

1,328,809

1,408,827

1,517,134

1,596,013

1,751,466

1,875,133

2,003,362

2,136,335

2,274,239

2,417,272

(32,114,628)
(3,568,292)
(1,000,000)
-

19,770,398
-

(36,682,920)
(60,935,404)

20,322,270
2,365,157

1,328,809
3,839,680

1,408,827
4,036,540

1,517,134
4,287,861

1,596,013
4,515,012

1,751,466
4,824,198

1,875,133
5,107,272

2,003,362
5,400,807

2,136,335
5,705,213

2,274,239
6,020,920

109,891,873
146,307,041

Tier 1 Distribution - Preferred Return

Required Cash Flow
Coupon Factor
Minimum Payment
Current Year Excess/(Deficit)
Beginning Deficit Balance
Plus: New Deficit
Less: New Payments
Ending Deficit Balance
Total Tier 1 Distribution

2,567,804
7%
2,567,804
17,754,465
2,567,804

1,324,992
7%
1,324,992
3,817
1,324,992

1,324,725
7%
1,324,725
84,102
1,324,725

1,318,837
7%
1,318,837
198,296
1,318,837

1,304,957
7%
1,304,957
291,056
1,304,957

1,284,583
7%
1,284,583
466,883
1,284,583

1,251,901
7%
1,251,901
623,232
1,251,901

1,208,275
7%
1,208,275
795,087
1,208,275

1,152,619
7%
1,152,619
983,716
1,152,619

1,083,759
7%
1,083,759
1,190,481
1,083,759

1,000,425
7%
1,000,425
108,891,449
1,000,425

Tier 2 Distribution - Return of Capital

Beginning Capital Balance (Outstanding Equity)
Payment
Ending Capital Balance
Total Tier 2 Distribution

36,682,920
17,754,465
18,928,455
17,754,465

Total After Tax Cash Flow (Leveraged)

Total After Tax Cash Flow (Unleveraged)

Tier 3 Distribution-Excess Cash Flow

Excess Cash Flow for Tier 3
Distribution to Investor
Distribution to Sponsor
Investor Cash Flow (Net & Pre Tax)
Sponsor Cash Flow (Net & Pre Tax)
Sponsor Promote (Net & Pre Tax)
Sponsor reverse on capital reserve
Leveraged - Cash On Cash
Leveraged NPV @ 10%
Project Leveraged - ATIRR
Project Unleveraged - ATIRR
Development Equity Multiple
BreakEven Date
Net Investor ATIRR
Net Investor Equity Multiple

(32,114,628)
(4,568,292)

18,290,043
2,032,227
55.40%

$29,160,497
20.30%
13.08%
4.0x
10/11/2019
20.15%
3.8x

18,928,455
3,817
18,924,638
3,817

1,195,928
132,881
3.62%

18,924,638
84,102
18,840,535
84,102

1,267,944
140,883
3.84%

18,840,535
198,296
18,642,239
198,296

1,365,420
151,713
4.14%

18,642,239
291,056
18,351,183
291,056

1,436,411
159,601
4.35%

18,351,183
466,883
17,884,300
466,883

1,576,319
175,147
4.77%

17,884,300
623,232
17,261,069
623,232

1,687,620
187,513
5.11%

17,261,069
795,087
16,465,981
795,087

1,803,026
200,336
5.46%

16,465,981
983,716
15,482,265
983,716

1,922,702
213,634
5.82%

15,482,265
1,190,481
14,291,784
1,190,481

2,046,815
227,424
6.20%

162,171,371
(2,432,571)
(32,484,063)
(2,981,580)
(16,798,555)
-

14,291,784
14,291,784
14,291,784

94,599,665
85,139,698
9,459,966
90,388,716
10,043,191
9,459,966
1,229,255
299.57%

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 4: Development Budget - 1/1/2012 - 12/31/2012

9-Apr-13

Equity

Cost of Land and Existing Building Shell

Demolition Cost
Closing Cost (@ % of Cost of Land)

Total
$

PSF
$

100%
0%
0%

$33,200,000
$0
$0

0%
100%
100%

$0
$50,000
$498,000

$33,200,000
$50,000
$498,000

$361.03
$0.54
$5.42

$548,000

$33,748,000

$366.99

$45,000
$3,500
$13,000

$45,000
$3,500
$13,000

$0.49
$0.04
$0.14

$61,500

$61,500

$0.67

$20,691,000
$1,655,280

$22,990,000
$1,839,200

$250.00
$20.00

$22,346,280

$24,829,200

$270.00

$60,000
$943,969

$60,000
$943,969

$0.65
$10.26

$1,003,969

$1,003,969

$10.92

$4,583
$27,500

$4,583
$27,500

$0.05
$0.30

$0

$32,083

$32,083

$0.35

$35,682,920

$23,991,832

$59,674,752

$648.92

$149,591
$111,061

$149,591
$111,061

$1.63
$1.21

Total Acquisition Costs

Engineer, Design, Architects, Fees & Costs
NYC Plumbing, Water, Steam Connection Permits
Land, Soil Tests, Environment Testing

$33,200,000
0%
0%
0%

Predevelopment Costs
Hard Costs @110% of Residential BUA
Soft Costs (% of Hard Costs)

10%
10%

0%
0%

0%
0%

Total Cost of the Property

Financing Costs - Permanent loan

Sponsor Capital Reserves
Total Development Costs

$2,299,000
$183,920

90%
90%

$0
$0

100%
100%

$0

Real estate taxes

Total Commitment Letter Costs

Total Closing Fees

100%
100%
100%

$2,482,920

Financing Costs - Construction Loan

Year 2012
Year 2013

$0
$0
$0
$0

Construction Costs
Construction financing fees
Construction loan interest

Loan

$0
$0

100%
100%

0%
0%

$0
$0

100%
100%

$0
$1,000,000

$260,652

$260,652

$2.83

100%

$35,682,920

$24,252,484

$59,935,404

$651.76

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 5: Assumptions
Key Metrics
Leveraged NPV @ 10%
Net Investor BTIRR
Net Investor Equity Multiple
Net Investor ATIRR
Net Investor Equity Multiple
DSCR

9-Apr-13

Variable Metircs
LTV Permenant Loan
Interest Rate
Rent Escalation
Ingoing Cap Rate
Hurdle Rate
Discount Rate

$41,728,118
23.42%
4.58x
20.15%
3.83x
1.42x

Before Tax IRR

Cap Rate Assumptions

LTV
Interest Rate
Equity Rate
Amortization
Maturity
Future Apreciation

75.00%
3.75%
3.00%
5.92%
4.01%
10.00%

23.42%
7.92%
6.92%
5.92%
4.92%
3.92%

60.00%
17.92%
18.68%
19.84%
21.85%
26.17%

65.00%
18.66%
19.54%
20.92%
23.39%
28.94%

70.00%
19.44%
20.47%
22.11%
25.13%
32.25%

LTV
75.00%
20.27%
21.47%
23.42%
27.09%
36.08%

80.00%
21.16%
22.55%
24.85%
29.34%
40.63%

85.00%
22.11%
23.72%
26.44%
31.90%
46.09%

90.00%
23.13%
24.99%
28.19%
34.80%
52.53%

20.15%
7.92%
6.92%
5.92%
4.92%
3.92%

60.00%
14.85%
15.56%
16.64%
18.54%
22.74%

65.00%
15.57%
16.39%
17.70%
20.05%
25.57%

70.00%
16.33%
17.30%
18.86%
21.77%
29.01%

LTV
75.00%
17.15%
18.29%
20.15%
23.75%
33.06%

80.00%
18.02%
19.35%
21.57%
26.04%
37.92%

85.00%
18.96%
20.51%
23.16%
28.69%
43.83%

90.00%
19.97%
21.77%
24.92%
31.74%
51.14%

141.99%
5.75%
4.75%
3.75%
2.75%
1.75%

60.00%
1.67x
1.75x
1.84x
1.95x
2.09x

65.00%
1.54x
1.60x
1.68x
1.77x
1.88x

70.00%
1.43x
1.48x
1.54x
1.61x
1.70x

LTV
75.00%
1.33x
1.37x
1.42x
1.48x
1.54x

80.00%
1.25x
1.28x
1.31x
1.36x
1.41x

85.00%
1.18x
1.20x
1.22x
1.25x
1.29x

90.00%
1.11x
1.12x
1.14x
1.16x
1.18x

Leveraged NPV @ 10%

$41,728,118
12.00%
11.00%
Discount Rate
10.00%
9.00%
8.00%

2.51%
59,254,166
66,834,778
75,238,783
84,567,078
94,934,121

3.01%
47,044,570
53,359,219
60,352,714
68,107,903
76,718,741

3.51%
38,317,356
43,727,117
49,712,404
56,343,162
63,698,695

Hurdle Rate
4.01%
31,768,622
36,499,372
41,728,118
47,515,125
53,928,701

4.51%
26,673,191
30,875,616
35,515,714
40,646,216
46,326,875

5.01%
22,595,603
26,375,240
30,544,276
35,149,415
40,243,561

5.51%
19,258,573
22,692,207
26,475,734
30,650,923
35,265,078

Ingoing Cap
Rate

After Tax IRR

Ingoing Cap
Rate

DSCR

Interest Rates

75.00%
3.75%
7.00%
30
10
10.00%

Variables Calculation
Mortgage Constant
Sinking Fund
Part Paid off
Cap Rate Calculation
Step 1
Step 2
Basic Rate
Step 3
Step 4
Capitalization Rate
Ingoing Cap Rate
Hurdle Rate

0.0556
(0.0724)
0.2189
0.0417
0.0175
0.0592
(0.0119)
(0.0072)
0.0401
5.92%
4.01%

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 6: Lease-up Schedule for 2014 (Month by Month)

9-Apr-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Residential
Studios
Units leased
Occupancy
Gross Income
Leasing Commission

4
20%
$9,000
$2,700

6
35%
$15,750
$2,025

9
50%
$22,500
$2,025

12
65%
$29,250
$2,025

14
75%
$33,750
$1,350

15
85%
$38,250
$1,350

17
95%
$42,750
$1,350

18
100%
$45,000
$675

18
100%
$45,000
$0

18
100%
$45,000
$0

18
100%
$45,000
$0

18
100%
$45,000
$0

1 Bedroom
Units leased
Occupancy
Gross Income
Leasing Commission

5
35%
$15,680
$4,704

6
45%
$20,160
$1,344

8
55%
$24,640
$1,344

10
70%
$31,360
$2,016

11
80%
$35,840
$1,344

13
95%
$42,560
$2,016

14
100%
$44,800
$672

14
100%
$44,800
$0

14
100%
$44,800
$0

14
100%
$44,800
$0

14
100%
$44,800
$0

14
100%
$44,800
$0

2 Bedroom
Units leased
Occupancy
Gross Income
Leasing Commission

5
20%
$20,000
$6,000

9
35%
$35,000
$4,500

13
50%
$50,000
$4,500

16
65%
$65,000
$4,500

19
75%
$75,000
$3,000

21
85%
$85,000
$3,000

24
95%
$95,000
$3,000

25
100%
$100,000
$1,500

25
100%
$100,000
$0

25
100%
$100,000
$0

25
100%
$100,000
$0

25
100%
$100,000
$0

3 Bedroom
Units leased
Occupancy
Gross Income
Leasing Commission

5
20%
$31,000
$6,000

9
35%
$54,250
$4,500

13
50%
$77,500
$4,500

16
65%
$100,750
$4,500

19
75%
$116,250
$3,000

21
85%
$131,750
$3,000

24
95%
$147,250
$3,000

25
100%
$155,000
$1,500

25
100%
$155,000
$0

25
100%
$155,000
$0

25
100%
$155,000
$0

25
100%
$155,000
$0

$1,433,750
$30,000

$226,360
$13,041

$260,840
$8,694

$297,560
$9,366

$329,800
$8,022

$344,800
$3,675

$344,800
$0

$344,800
$0

$344,800
$0

$344,800
$0

$3,214,040
$86,940

Total Res. Income

Total Res. Leasing Comm.

$75,680
$19,404

$125,160
$12,369

$174,640
$12,369

Total
$2,500
18
$416,250
$13,500
$3,200
14
$439,040
$13,440
$4,000
25
$925,000
$30,000
$6,200
25

Retail
Retail Units
Units leased
% leased
Total Ret. Income
Total Ret. Leasing Comm.

3
60%
$62,500
$37,500

3
60%
$62,500
$0

3
60%
$62,500
$0

3
60%
$62,500
$0

3
60%
$62,500
$0

3
60%
$62,500
$0

4
80%
$83,333
$12,500

4
80%
$83,333
$0

4
80%
$83,333
$0

4
80%
$83,333
$0

5
100%
$104,167
$12,500

5
100%
$104,167
$0

$20,833
5

$916,667
$62,500

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 7: Lease-up Year Proforma (2014)
Jan-14
Rentals
Studios
1 Bedroom
2 Bedroom
3 Bedroom
Total Residential Income
Retail Rental Income
Potential Gross Income
Residential V/C Loss
Retail V/C Loss
Effective Gross Income
Operating Expenses
Real Estate Taxes
Total Expenses
Net Operating Income
Less: Debt Service
Less: Residential Rent-Up Charges
Less: Retail Rent-Up Charges
Plus: Net Permanent Loan
Before Tax Cash Flow

Feb-14

9-Apr-13

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Total

$9,000
$15,680
$20,000
$31,000

$15,750
$20,160
$35,000
$54,250

$22,500
$24,640
$50,000
$77,500

$29,250
$31,360
$65,000
$100,750

$33,750
$35,840
$75,000
$116,250

$38,250
$42,560
$85,000
$131,750

$42,750
$44,800
$95,000
$147,250

$45,000
$44,800
$100,000
$155,000

$45,000
$44,800
$100,000
$155,000

$45,000
$44,800
$100,000
$155,000

$45,000
$44,800
$100,000
$155,000

$45,000
$44,800
$100,000
$155,000

$416,250
439,040
925,000
1,433,750

$75,680

$125,160

$174,640

$226,360

$260,840

$297,560

$329,800

$344,800

$344,800

$344,800

$344,800

$344,800

$3,214,040

$62,500

$62,500

$62,500

$62,500

$62,500

$62,500

$83,333

$83,333

$83,333

$83,333

$104,167

$104,167

$916,667

$138,180

$187,660

$237,140

$288,860

$323,340

$360,060

$413,133

$428,133

$428,133

$428,133

$448,967

$448,967

$4,130,707

$1,514
$2,500

$2,503
$2,500

$3,493
$2,500

$4,527
$2,500

$5,217
$2,500

$5,951
$2,500

$6,596
$3,333

$6,896
$3,333

$6,896
$3,333

$6,896
$3,333

$6,896
$4,167

$6,896
$4,167

$64,281
36,667

$134,166

$182,657

$231,147

$281,833

$315,623

$351,609

$403,204

$417,904

$417,904

$417,904

$437,904

$437,904

$4,029,759

$20,125
$2,292

$27,399
$2,292

$34,672
$2,292

$42,275
$2,292

$47,343
$2,292

$52,741
$2,292

$60,481
$2,292

$62,686
$2,292

$62,686
$2,292

$62,686
$2,292

$65,686
$2,292

$65,686
$2,292

$604,464
$27,500

$22,417

$29,690

$36,964

$44,567

$49,635

$55,033

$62,772

$64,977

$64,977

$64,977

$67,977

$67,977

$631,964

$111,750

$152,967

$194,183

$237,266

$265,988

$296,576

$340,432

$352,927

$352,927

$352,927

$369,927

$369,927

$3,397,795

($199,421)
($19,404)
($37,500)
$19,770,398

($199,421)
($12,369)
$0
$0

($199,421)
($12,369)
$0
$0

($199,421)
($13,041)
$0
$0

($199,421)
($8,694)
$0
$0

($199,421)
($9,366)
$0
$0

($199,421)
($8,022)
($12,500)
$0

($199,421)
($3,675)
$0
$0

($199,421)
$0
$0
$0

($199,421)
$0
$0
$0

($199,421)
$0
($12,500)
$0

($199,421)
$0
$0
$0

($2,393,047)
(86,940)
(62,500)
19,770,398

$19,625,824

($58,823)

($17,606)

$24,805

$57,873

$87,789

$120,489

$149,831

$153,506

$153,506

$158,006

$170,506

$20,625,707

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 8: Amortization Schedules

9-Apr-13

Fees & Assumptions

Total Commitment Letter Costs
Total Closing Fees
Total Fees
Annual Amortization
Loan Term (Yrs)

$149,591
$111,061
$260,652
$26,065
10

Financing Costs: Rent-Up Charges & Assumptions

Residential Rent-Up Charges
Retail Rent-Up Charges
Total Rent-Up Charges
Residential Lease Terms (Years)
Retail Lease Terms (Years)

$86,940
$62,500
$149,440
3
5

Financing Costs Schedule

Annual Amortization
Unamortized Amount
Rent-Up Charges Schedule
Annual Residential Amortization
Annual Retail Amortization
Total Annual Amortization
Unamortized Residential Rent-Up Charges
Unamortized Retail Rent-Up Charges
Total Unamortized Rent-Up Charges

2014
$26,065
$234,586

2015
$26,065
$208,521

2016
$26,065
$182,456

2017
$26,065
$156,391

2018
$26,065
$130,326

1
2014
$28,980
$12,500
$41,480
$57,960
$50,000
$107,960

2
2015
$28,980
$12,500
$41,480
$28,980
$37,500
$66,480

3
2016
$28,980
$12,500
$41,480
$0
$25,000
$25,000

4
2017
$0
$12,500
$12,500
$0
$12,500
$12,500

5
2018
$0
$12,500
$12,500
$0
$0
$0

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 9: Depreciation Schedules

9-Apr-13

Assumptions
Total
Land Purchase Cost
Closing Costs
Demolition Costs

$33,200,000
498,000
50,000

Basis of Land

$33,748,000

Total Cost of Property

Less: Land Basis
Basis of Improvements
Personal Property
Real Property Deperciable Basis
Depreciable Years on Improvements
Depreciable Years on Personal Property

$59,674,752
(33,748,000)
$25,926,752
$2,592,675
$23,334,077
27.5
5.0

Schedule
2014
Real Property
Personal Property
Accumulated Depreciation
Basis of Improvements
Less: Accumulated Depreciation
Plus: Basis of Land
Adjusted Basis

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

$848,512
$518,535

$848,512
$518,535

$848,512
$518,535

$848,512
$518,535

$848,512
$518,535

$848,512
$0

$848,512
$1

$848,512
$2

$848,512
$3

$848,512
$4

$848,512
$5

$1,367,047

$2,734,094

$4,101,141

$5,468,188

$6,835,235

$7,683,747

$8,532,260

$9,380,773

$10,229,288

$11,077,804

$11,926,321

$25,926,752
(1,367,047)
33,748,000

$25,926,752
(2,734,094)
33,748,000

$25,926,752
(4,101,141)
33,748,000

$25,926,752
(5,468,188)
33,748,000

$25,926,752
(6,835,235)
33,748,000

$25,926,752
(7,683,747)
33,748,000

$25,926,752
(8,532,260)
33,748,000

$25,926,752
(9,380,773)
33,748,000

$25,926,752
(10,229,288)
33,748,000

$25,926,752
(11,077,804)
33,748,000

$25,926,752
(11,926,321)
33,748,000

$58,307,706

$56,940,659

$55,573,612

$54,206,565

$52,839,518

$51,991,006

$51,142,493

$50,293,979

$49,445,464

$48,596,948

$47,748,431

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 10: Tax Calculations

9-Apr-13

Real Estate Taxes

Total Construction Cost
Plus: Land (Acquisition Cost)
Market Value
Equalization Rate
Assessed Valuation

$25,926,752
$33,748,000
$59,674,752
4.45%
$2,655,526

Real Property Tax Rate

Real Property Tax

13.181%
$350,025

Real Estate Tax Exemption

Acquisition
Construction
Lease-up
Stabilized
Operation
Operation
Operation
Operation

Year
2012
2013
2014
2015
2016
2017
2018
2019

RE Tax
$4,583
27,500
27,500
350,025
350,025
350,025
350,025
350,025

Exemption %
0%
0%
0%
0%
0%
0%
0%
0%

Adjusted RE Tax
$4,583
27,500
27,500
350,025
350,025
350,025
350,025
350,025

Capital Gain Taxes in 2018

Sale Price
Less: Cost of Sale
Less: Mortgage Balance
Before Tax Proceeds
Less: Recapture Tax @ 25%
Less: Capital Gain Tax @ 15%
After Tax Proceeds

$162,171,371
($2,432,571)
($32,484,063)
$127,254,737
($2,981,580)
($16,798,555)
$107,474,602

Gain on Sale
Sale Price
Less: Cost of Sale
Net Sale Proceeds
Less: Total Adjusted Basis
Gain on Sale
Long Term Capital Gain
Tax on Recaptured Depreciation
Tax on Long Term Capital Gain

$162,171,371
($2,432,571)
$159,738,800
($47,748,431)
$111,990,369
$111,990,369
$2,981,580
$16,798,555

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 11: Construction Loan Schedule

9-Apr-13

Construction Loan Assumptions

Loan amount
Annual Interest Rate
Monthly Interest Rate
Retainage
Schedule
Period
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Total

Amount

10.0%

$22,346,280
7.0%
0.58%
2,234,628

Interest

Loan Balance

Retainage

Actual Draw

$2,793,285
$2,793,285
$2,793,285
$2,793,285
$1,596,163
$1,596,163
$1,596,163
$1,596,163
$1,596,163
$1,596,163
$1,596,163
$0
$0

$279,329
$279,329
$279,329
$279,329
$159,616
$159,616
$159,616
$159,616
$159,616
$159,616
$159,616
$0
$0

$2,513,957
$2,513,957
$2,513,957
$2,513,957
$1,436,547
$1,436,547
$1,436,547
$1,436,547
$1,436,547
$1,436,547
$1,436,547
$2,234,628
$0

$0
$14,665
$29,415
$44,251
$59,174
$67,899
$76,675
$85,502
$94,381
$103,311
$112,294
$121,329
$135,072

$2,513,957
$5,042,578
$7,585,949
$10,144,157
$11,639,878
$13,144,324
$14,657,546
$16,179,595
$17,710,522
$19,250,380
$20,799,220
$23,155,177
$23,290,249

$22,346,280

$2,234,628

$22,346,280

$943,969

$23,290,249

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 12: Permanent Loan Schedule

9-Apr-13

Permanent Loan Assumptions

Loan amount
Permanent Loan less Construction Loan Balance
Annual Interest Rate
Monthly Interest Rate
Amortization Period (Years)
Amortization Period (Months)
Monthly Payment
Annual Debt Service
Loan closing date

$43,060,648
$19,770,398
3.75%
0.313%
30
360
$199,421
$2,393,047
Dec-13

Schedule (1)

Payment Dates
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20

Contd. (2)
Beginning
Balance
$43,060,648
$42,995,792
$42,930,733
$42,865,471
$42,800,005
$42,734,334
$42,668,459
$42,602,377
$42,536,089
$42,469,593
$42,402,890
$42,335,979
$42,268,858
$42,201,528
$42,133,987
$42,066,235
$41,998,272
$41,930,096
$41,861,707
$41,793,104
$41,724,287
$41,655,254
$41,586,007
$41,516,542
$41,446,861
$41,376,962
$41,306,844
$41,236,507
$41,165,951
$41,095,174
$41,024,176
$40,952,956
$40,881,513
$40,809,847
$40,737,958
$40,665,843
$40,593,503
$40,520,937
$40,448,145
$40,375,125
$40,301,876
$40,228,399
$40,154,692
$40,080,755
$40,006,587
$39,932,187
$39,857,555
$39,782,689
$39,707,589
$39,632,255
$39,556,685
$39,480,879
$39,404,836
$39,328,556
$39,252,037
$39,175,279
$39,098,281
$39,021,043
$38,943,563
$38,865,841
$38,787,876
$38,709,668
$38,631,215
$38,552,517
$38,473,573
$38,394,382
$38,314,944
$38,235,258
$38,155,322
$38,075,137
$37,994,701
$37,914,014
$37,833,075
$37,751,883
$37,670,437
$37,588,736
$37,506,781
$37,424,569
$37,342,100
$37,259,373
$37,176,388

Debt Service
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421

Interest Paid
$134,565
$134,362
$134,159
$133,955
$133,750
$133,545
$133,339
$133,132
$132,925
$132,717
$132,509
$132,300
$132,090
$131,880
$131,669
$131,457
$131,245
$131,032
$130,818
$130,603
$130,388
$130,173
$129,956
$129,739
$129,521
$129,303
$129,084
$128,864
$128,644
$128,422
$128,201
$127,978
$127,755
$127,531
$127,306
$127,081
$126,855
$126,628
$126,400
$126,172
$125,943
$125,714
$125,483
$125,252
$125,021
$124,788
$124,555
$124,321
$124,086
$123,851
$123,615
$123,378
$123,140
$122,902
$122,663
$122,423
$122,182
$121,941
$121,699
$121,456
$121,212
$120,968
$120,723
$120,477
$120,230
$119,982
$119,734
$119,485
$119,235
$118,985
$118,733
$118,481
$118,228
$117,975
$117,720
$117,465
$117,209
$116,952
$116,694
$116,436
$116,176

Principal
Amortized
$64,856
$65,059
$65,262
$65,466
$65,671
$65,876
$66,082
$66,288
$66,495
$66,703
$66,912
$67,121
$67,330
$67,541
$67,752
$67,964
$68,176
$68,389
$68,603
$68,817
$69,032
$69,248
$69,464
$69,681
$69,899
$70,118
$70,337
$70,556
$70,777
$70,998
$71,220
$71,443
$71,666
$71,890
$72,114
$72,340
$72,566
$72,793
$73,020
$73,248
$73,477
$73,707
$73,937
$74,168
$74,400
$74,632
$74,866
$75,100
$75,334
$75,570
$75,806
$76,043
$76,280
$76,519
$76,758
$76,998
$77,238
$77,480
$77,722
$77,965
$78,208
$78,453
$78,698
$78,944
$79,191
$79,438
$79,686
$79,935
$80,185
$80,436
$80,687
$80,939
$81,192
$81,446
$81,700
$81,956
$82,212
$82,469
$82,727
$82,985
$83,244

Outstanding
Balance
$42,995,792
$42,930,733
$42,865,471
$42,800,005
$42,734,334
$42,668,459
$42,602,377
$42,536,089
$42,469,593
$42,402,890
$42,335,979
$42,268,858
$42,201,528
$42,133,987
$42,066,235
$41,998,272
$41,930,096
$41,861,707
$41,793,104
$41,724,287
$41,655,254
$41,586,007
$41,516,542
$41,446,861
$41,376,962
$41,306,844
$41,236,507
$41,165,951
$41,095,174
$41,024,176
$40,952,956
$40,881,513
$40,809,847
$40,737,958
$40,665,843
$40,593,503
$40,520,937
$40,448,145
$40,375,125
$40,301,876
$40,228,399
$40,154,692
$40,080,755
$40,006,587
$39,932,187
$39,857,555
$39,782,689
$39,707,589
$39,632,255
$39,556,685
$39,480,879
$39,404,836
$39,328,556
$39,252,037
$39,175,279
$39,098,281
$39,021,043
$38,943,563
$38,865,841
$38,787,876
$38,709,668
$38,631,215
$38,552,517
$38,473,573
$38,394,382
$38,314,944
$38,235,258
$38,155,322
$38,075,137
$37,994,701
$37,914,014
$37,833,075
$37,751,883
$37,670,437
$37,588,736
$37,506,781
$37,424,569
$37,342,100
$37,259,373
$37,176,388
$37,093,144

Interest Paid
$91,906
$91,570
$91,233
$90,894

Principal
Amortized
$107,515
$107,851
$108,188
$108,526

Outstanding
Balance
$29,302,253
$29,194,402
$29,086,214
$28,977,688

Contd. (3)

Payment Dates
Jul-27
Aug-27
Sep-27
Oct-27

Payment Dates
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Jan-26
Feb-26
Mar-26
Apr-26
May-26
Jun-26
Jul-26
Aug-26
Sep-26
Oct-26
Nov-26
Dec-26
Jan-27
Feb-27
Mar-27
Apr-27
May-27
Jun-27

Beginning
Balance
$37,093,144
$37,009,639
$36,925,874
$36,841,847
$36,757,557
$36,673,004
$36,588,186
$36,503,104
$36,417,755
$36,332,140
$36,246,258
$36,160,107
$36,073,687
$35,986,996
$35,900,035
$35,812,802
$35,725,296
$35,637,517
$35,549,464
$35,461,136
$35,372,531
$35,283,650
$35,194,491
$35,105,053
$35,015,335
$34,925,338
$34,835,059
$34,744,498
$34,653,654
$34,562,526
$34,471,113
$34,379,415
$34,287,430
$34,195,158
$34,102,597
$34,009,747
$33,916,607
$33,823,176
$33,729,453
$33,635,437
$33,541,127
$33,446,522
$33,351,622
$33,256,425
$33,160,931
$33,065,138
$32,969,046
$32,872,654
$32,775,960
$32,678,965
$32,581,666
$32,484,063
$32,386,155
$32,287,941
$32,189,421
$32,090,592
$31,991,455
$31,892,007
$31,792,249
$31,692,179
$31,591,797
$31,491,101
$31,390,090
$31,288,763
$31,187,120
$31,085,159
$30,982,880
$30,880,281
$30,777,361
$30,674,120
$30,570,556
$30,466,668
$30,362,456
$30,257,918
$30,153,053
$30,047,861
$29,942,340
$29,836,489
$29,730,308
$29,623,794
$29,516,948

Debt Service
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421

Interest Paid
$115,916
$115,655
$115,393
$115,131
$114,867
$114,603
$114,338
$114,072
$113,805
$113,538
$113,270
$113,000
$112,730
$112,459
$112,188
$111,915
$111,642
$111,367
$111,092
$110,816
$110,539
$110,261
$109,983
$109,703
$109,423
$109,142
$108,860
$108,577
$108,293
$108,008
$107,722
$107,436
$107,148
$106,860
$106,571
$106,280
$105,989
$105,697
$105,405
$105,111
$104,816
$104,520
$104,224
$103,926
$103,628
$103,329
$103,028
$102,727
$102,425
$102,122
$101,818
$101,513
$101,207
$100,900
$100,592
$100,283
$99,973
$99,663
$99,351
$99,038
$98,724
$98,410
$98,094
$97,777
$97,460
$97,141
$96,821
$96,501
$96,179
$95,857
$95,533
$95,208
$94,883
$94,556
$94,228
$93,900
$93,570
$93,239
$92,907
$92,574
$92,240

Principal
Amortized
$83,504
$83,765
$84,027
$84,290
$84,553
$84,817
$85,082
$85,348
$85,615
$85,883
$86,151
$86,420
$86,690
$86,961
$87,233
$87,506
$87,779
$88,053
$88,328
$88,605
$88,881
$89,159
$89,438
$89,717
$89,998
$90,279
$90,561
$90,844
$91,128
$91,413
$91,698
$91,985
$92,272
$92,561
$92,850
$93,140
$93,431
$93,723
$94,016
$94,310
$94,605
$94,900
$95,197
$95,494
$95,793
$96,092
$96,392
$96,694
$96,996
$97,299
$97,603
$97,908
$98,214
$98,521
$98,829
$99,137
$99,447
$99,758
$100,070
$100,383
$100,696
$101,011
$101,327
$101,643
$101,961
$102,279
$102,599
$102,920
$103,241
$103,564
$103,888
$104,212
$104,538
$104,865
$105,192
$105,521
$105,851
$106,182
$106,513
$106,846
$107,180

Outstanding
Balance
$37,009,639
$36,925,874
$36,841,847
$36,757,557
$36,673,004
$36,588,186
$36,503,104
$36,417,755
$36,332,140
$36,246,258
$36,160,107
$36,073,687
$35,986,996
$35,900,035
$35,812,802
$35,725,296
$35,637,517
$35,549,464
$35,461,136
$35,372,531
$35,283,650
$35,194,491
$35,105,053
$35,015,335
$34,925,338
$34,835,059
$34,744,498
$34,653,654
$34,562,526
$34,471,113
$34,379,415
$34,287,430
$34,195,158
$34,102,597
$34,009,747
$33,916,607
$33,823,176
$33,729,453
$33,635,437
$33,541,127
$33,446,522
$33,351,622
$33,256,425
$33,160,931
$33,065,138
$32,969,046
$32,872,654
$32,775,960
$32,678,965
$32,581,666
$32,484,063
$32,386,155
$32,287,941
$32,189,421
$32,090,592
$31,991,455
$31,892,007
$31,792,249
$31,692,179
$31,591,797
$31,491,101
$31,390,090
$31,288,763
$31,187,120
$31,085,159
$30,982,880
$30,880,281
$30,777,361
$30,674,120
$30,570,556
$30,466,668
$30,362,456
$30,257,918
$30,153,053
$30,047,861
$29,942,340
$29,836,489
$29,730,308
$29,623,794
$29,516,948
$29,409,768

Beginning
Balance
$17,970,404
$17,827,141
$17,683,430
$17,539,270

Debt Service
$199,421
$199,421
$199,421
$199,421

Interest Paid
$56,158
$55,710
$55,261
$54,810

Principal
Amortized
$143,263
$143,711
$144,160
$144,610

Outstanding
Balance
$17,827,141
$17,683,430
$17,539,270
$17,394,660

Contd. (4)
Beginning
Balance
$29,409,768
$29,302,253
$29,194,402
$29,086,214

Debt Service
$199,421
$199,421
$199,421
$199,421

Payment Dates
Mar-35
Apr-35
May-35
Jun-35

Proposed Development - 225 East 13th Street, New York

Valhalla Real Estate Development Company LLC.
Appendix 12: Permanent Loan Schedule
Nov-27
Dec-27
Jan-28
Feb-28
Mar-28
Apr-28
May-28
Jun-28
Jul-28
Aug-28
Sep-28
Oct-28
Nov-28
Dec-28
Jan-29
Feb-29
Mar-29
Apr-29
May-29
Jun-29
Jul-29
Aug-29
Sep-29
Oct-29
Nov-29
Dec-29
Jan-30
Feb-30
Mar-30
Apr-30
May-30
Jun-30
Jul-30
Aug-30
Sep-30
Oct-30
Nov-30
Dec-30
Jan-31
Feb-31
Mar-31
Apr-31
May-31
Jun-31
Jul-31
Aug-31
Sep-31
Oct-31
Nov-31
Dec-31
Jan-32
Feb-32
Mar-32
Apr-32
May-32
Jun-32
Jul-32
Aug-32
Sep-32
Oct-32
Nov-32
Dec-32
Jan-33
Feb-33
Mar-33
Apr-33
May-33
Jun-33
Jul-33
Aug-33
Sep-33
Oct-33
Nov-33
Dec-33
Jan-34
Feb-34
Mar-34
Apr-34
May-34
Jun-34
Jul-34
Aug-34
Sep-34
Oct-34
Nov-34
Dec-34
Jan-35
Feb-35

$28,977,688
$28,868,823
$28,759,617
$28,650,070
$28,540,181
$28,429,949
$28,319,372
$28,208,449
$28,097,180
$27,985,563
$27,873,597
$27,761,282
$27,648,615
$27,535,597
$27,422,225
$27,308,499
$27,194,417
$27,079,979
$26,965,183
$26,850,029
$26,734,515
$26,618,640
$26,502,402
$26,385,802
$26,268,837
$26,151,506
$26,033,809
$25,915,744
$25,797,310
$25,678,507
$25,559,331
$25,439,784
$25,319,862
$25,199,566
$25,078,894
$24,957,845
$24,836,418
$24,714,611
$24,592,424
$24,469,855
$24,346,902
$24,223,566
$24,099,844
$23,975,735
$23,851,239
$23,726,354
$23,601,078
$23,475,411
$23,349,351
$23,222,897
$23,096,048
$22,968,802
$22,841,159
$22,713,117
$22,584,675
$22,455,832
$22,326,586
$22,196,936
$22,066,881
$21,936,419
$21,805,550
$21,674,272
$21,542,583
$21,410,483
$21,277,970
$21,145,043
$21,011,701
$20,877,942
$20,743,765
$20,609,169
$20,474,152
$20,338,713
$20,202,851
$20,066,564
$19,929,852
$19,792,712
$19,655,143
$19,517,145
$19,378,716
$19,239,854
$19,100,558
$18,960,826
$18,820,658
$18,680,052
$18,539,007
$18,397,521
$18,255,592
$18,113,221

$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421

$90,555
$90,215
$89,874
$89,531
$89,188
$88,844
$88,498
$88,151
$87,804
$87,455
$87,105
$86,754
$86,402
$86,049
$85,694
$85,339
$84,983
$84,625
$84,266
$83,906
$83,545
$83,183
$82,820
$82,456
$82,090
$81,723
$81,356
$80,987
$80,617
$80,245
$79,873
$79,499
$79,125
$78,749
$78,372
$77,993
$77,614
$77,233
$76,851
$76,468
$76,084
$75,699
$75,312
$74,924
$74,535
$74,145
$73,753
$73,361
$72,967
$72,572
$72,175
$71,778
$71,379
$70,978
$70,577
$70,174
$69,771
$69,365
$68,959
$68,551
$68,142
$67,732
$67,321
$66,908
$66,494
$66,078
$65,662
$65,244
$64,824
$64,404
$63,982
$63,558
$63,134
$62,708
$62,281
$61,852
$61,422
$60,991
$60,558
$60,125
$59,689
$59,253
$58,815
$58,375
$57,934
$57,492
$57,049
$56,604

9-Apr-13

$108,865
$109,206
$109,547
$109,889
$110,233
$110,577
$110,923
$111,269
$111,617
$111,966
$112,316
$112,667
$113,019
$113,372
$113,726
$114,082
$114,438
$114,796
$115,154
$115,514
$115,875
$116,237
$116,601
$116,965
$117,330
$117,697
$118,065
$118,434
$118,804
$119,175
$119,548
$119,921
$120,296
$120,672
$121,049
$121,427
$121,807
$122,187
$122,569
$122,952
$123,337
$123,722
$124,109
$124,496
$124,885
$125,276
$125,667
$126,060
$126,454
$126,849
$127,245
$127,643
$128,042
$128,442
$128,843
$129,246
$129,650
$130,055
$130,462
$130,869
$131,278
$131,688
$132,100
$132,513
$132,927
$133,342
$133,759
$134,177
$134,596
$135,017
$135,439
$135,862
$136,287
$136,713
$137,140
$137,568
$137,998
$138,429
$138,862
$139,296
$139,731
$140,168
$140,606
$141,045
$141,486
$141,928
$142,372
$142,817

$28,868,823
$28,759,617
$28,650,070
$28,540,181
$28,429,949
$28,319,372
$28,208,449
$28,097,180
$27,985,563
$27,873,597
$27,761,282
$27,648,615
$27,535,597
$27,422,225
$27,308,499
$27,194,417
$27,079,979
$26,965,183
$26,850,029
$26,734,515
$26,618,640
$26,502,402
$26,385,802
$26,268,837
$26,151,506
$26,033,809
$25,915,744
$25,797,310
$25,678,507
$25,559,331
$25,439,784
$25,319,862
$25,199,566
$25,078,894
$24,957,845
$24,836,418
$24,714,611
$24,592,424
$24,469,855
$24,346,902
$24,223,566
$24,099,844
$23,975,735
$23,851,239
$23,726,354
$23,601,078
$23,475,411
$23,349,351
$23,222,897
$23,096,048
$22,968,802
$22,841,159
$22,713,117
$22,584,675
$22,455,832
$22,326,586
$22,196,936
$22,066,881
$21,936,419
$21,805,550
$21,674,272
$21,542,583
$21,410,483
$21,277,970
$21,145,043
$21,011,701
$20,877,942
$20,743,765
$20,609,169
$20,474,152
$20,338,713
$20,202,851
$20,066,564
$19,929,852
$19,792,712
$19,655,143
$19,517,145
$19,378,716
$19,239,854
$19,100,558
$18,960,826
$18,820,658
$18,680,052
$18,539,007
$18,397,521
$18,255,592
$18,113,221
$17,970,404

Jul-35
Aug-35
Sep-35
Oct-35
Nov-35
Dec-35
Jan-36
Feb-36
Mar-36
Apr-36
May-36
Jun-36
Jul-36
Aug-36
Sep-36
Oct-36
Nov-36
Dec-36
Jan-37
Feb-37
Mar-37
Apr-37
May-37
Jun-37
Jul-37
Aug-37
Sep-37
Oct-37
Nov-37
Dec-37
Jan-38
Feb-38
Mar-38
Apr-38
May-38
Jun-38
Jul-38
Aug-38
Sep-38
Oct-38
Nov-38
Dec-38
Jan-39
Feb-39
Mar-39
Apr-39
May-39
Jun-39
Jul-39
Aug-39
Sep-39
Oct-39
Nov-39
Dec-39
Jan-40
Feb-40
Mar-40
Apr-40
May-40
Jun-40
Jul-40
Aug-40
Sep-40
Oct-40
Nov-40
Dec-40
Jan-41
Feb-41
Mar-41
Apr-41
May-41
Jun-41
Jul-41
Aug-41
Sep-41
Oct-41
Nov-41
Dec-41
Jan-42
Feb-42
Mar-42
Apr-42
May-42
Jun-42
Jul-42
Aug-42
Sep-42
Oct-42
Nov-42
Dec-42
Jan-43
Feb-43
Mar-43
Apr-43
May-43
Jun-43
Jul-43
Aug-43
Sep-43
Oct-43
Nov-43
Dec-43

$17,394,660
$17,249,597
$17,104,082
$16,958,112
$16,811,685
$16,664,801
$16,517,458
$16,369,654
$16,221,389
$16,072,660
$15,923,467
$15,773,807
$15,623,680
$15,473,083
$15,322,016
$15,170,477
$15,018,464
$14,865,976
$14,713,012
$14,559,569
$14,405,647
$14,251,244
$14,096,359
$13,940,989
$13,785,134
$13,628,792
$13,471,962
$13,314,641
$13,156,829
$12,998,523
$12,839,723
$12,680,427
$12,520,632
$12,360,339
$12,199,544
$12,038,247
$11,876,446
$11,714,140
$11,551,326
$11,388,003
$11,224,170
$11,059,825
$10,894,966
$10,729,592
$10,563,702
$10,397,293
$10,230,364
$10,062,913
$9,894,939
$9,726,440
$9,557,415
$9,387,861
$9,217,778
$9,047,163
$8,876,014
$8,704,331
$8,532,112
$8,359,354
$8,186,057
$8,012,217
$7,837,835
$7,662,908
$7,487,434
$7,311,411
$7,134,839
$6,957,715
$6,780,037
$6,601,804
$6,423,014
$6,243,666
$6,063,756
$5,883,285
$5,702,250
$5,520,649
$5,338,480
$5,155,742
$4,972,433
$4,788,552
$4,604,095
$4,419,063
$4,233,452
$4,047,261
$3,860,488
$3,673,131
$3,485,189
$3,296,660
$3,107,541
$2,917,832
$2,727,529
$2,536,632
$2,345,139
$2,153,047
$1,960,354
$1,767,060
$1,573,161
$1,378,657
$1,183,545
$987,823
$791,489
$594,542
$396,979
$198,799

$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421
$199,421

$54,358
$53,905
$53,450
$52,994
$52,537
$52,078
$51,617
$51,155
$50,692
$50,227
$49,761
$49,293
$48,824
$48,353
$47,881
$47,408
$46,933
$46,456
$45,978
$45,499
$45,018
$44,535
$44,051
$43,566
$43,079
$42,590
$42,100
$41,608
$41,115
$40,620
$40,124
$39,626
$39,127
$38,626
$38,124
$37,620
$37,114
$36,607
$36,098
$35,588
$35,076
$34,562
$34,047
$33,530
$33,012
$32,492
$31,970
$31,447
$30,922
$30,395
$29,867
$29,337
$28,806
$28,272
$27,738
$27,201
$26,663
$26,123
$25,581
$25,038
$24,493
$23,947
$23,398
$22,848
$22,296
$21,743
$21,188
$20,631
$20,072
$19,511
$18,949
$18,385
$17,820
$17,252
$16,683
$16,112
$15,539
$14,964
$14,388
$13,810
$13,230
$12,648
$12,064
$11,479
$10,891
$10,302
$9,711
$9,118
$8,524
$7,927
$7,329
$6,728
$6,126
$5,522
$4,916
$4,308
$3,699
$3,087
$2,473
$1,858
$1,241
$621

$145,062
$145,516
$145,970
$146,426
$146,884
$147,343
$147,804
$148,265
$148,729
$149,194
$149,660
$150,127
$150,597
$151,067
$151,539
$152,013
$152,488
$152,964
$153,442
$153,922
$154,403
$154,885
$155,369
$155,855
$156,342
$156,831
$157,321
$157,812
$158,305
$158,800
$159,296
$159,794
$160,294
$160,795
$161,297
$161,801
$162,307
$162,814
$163,323
$163,833
$164,345
$164,859
$165,374
$165,891
$166,409
$166,929
$167,451
$167,974
$168,499
$169,025
$169,554
$170,084
$170,615
$171,148
$171,683
$172,220
$172,758
$173,298
$173,839
$174,382
$174,927
$175,474
$176,022
$176,572
$177,124
$177,678
$178,233
$178,790
$179,349
$179,909
$180,471
$181,035
$181,601
$182,169
$182,738
$183,309
$183,882
$184,456
$185,033
$185,611
$186,191
$186,773
$187,357
$187,942
$188,529
$189,119
$189,710
$190,302
$190,897
$191,494
$192,092
$192,692
$193,294
$193,899
$194,504
$195,112
$195,722
$196,334
$196,947
$197,563
$198,180
$198,799

$17,249,597
$17,104,082
$16,958,112
$16,811,685
$16,664,801
$16,517,458
$16,369,654
$16,221,389
$16,072,660
$15,923,467
$15,773,807
$15,623,680
$15,473,083
$15,322,016
$15,170,477
$15,018,464
$14,865,976
$14,713,012
$14,559,569
$14,405,647
$14,251,244
$14,096,359
$13,940,989
$13,785,134
$13,628,792
$13,471,962
$13,314,641
$13,156,829
$12,998,523
$12,839,723
$12,680,427
$12,520,632
$12,360,339
$12,199,544
$12,038,247
$11,876,446
$11,714,140
$11,551,326
$11,388,003
$11,224,170
$11,059,825
$10,894,966
$10,729,592
$10,563,702
$10,397,293
$10,230,364
$10,062,913
$9,894,939
$9,726,440
$9,557,415
$9,387,861
$9,217,778
$9,047,163
$8,876,014
$8,704,331
$8,532,112
$8,359,354
$8,186,057
$8,012,217
$7,837,835
$7,662,908
$7,487,434
$7,311,411
$7,134,839
$6,957,715
$6,780,037
$6,601,804
$6,423,014
$6,243,666
$6,063,756
$5,883,285
$5,702,250
$5,520,649
$5,338,480
$5,155,742
$4,972,433
$4,788,552
$4,604,095
$4,419,063
$4,233,452
$4,047,261
$3,860,488
$3,673,131
$3,485,189
$3,296,660
$3,107,541
$2,917,832
$2,727,529
$2,536,632
$2,345,139
$2,153,047
$1,960,354
$1,767,060
$1,573,161
$1,378,657
$1,183,545
$987,823
$791,489
$594,542
$396,979
$198,799
$0