Financial Forecast 111609
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Program VS Actual Working Draft-11/12/09-for Discussion Purposes Only
This is Confidential Information and cannot be used by outside parties Cheyenne Wyoming Housing Desired Rate/Square Foot =
$2.40
No TIF Units
2.4
Unit
Care
Type
Rate
Total
Housing
Unit
Number
Rate
Size
of Units
675
5
760
Rate
Monthly
Totals
Income
Sq Ft.
$8,100
3,375
One Bedroom Congregate
$-
$1,620
$1,620
One Bedroom- One Bath-IL
$-
$1,824
$1,824
25
$45,600
19,000
One Bedroom Den
$-
$2,160
$2,160
900
12
$25,920
10,800
16
$40,320
16,800
Two Bedroom-1 1/2 Bath
$-
$2,520
$2,520
1050
Two Bedroom/2 Bath
$-
$3,000
$3,000
1250
2
$6,000
2,500
Studio-AL Units
1800
$2,880
$1,080
450
9
$9,720
4,050
One Bedroom-AL Units
2000
$3,320
$1,320
550
18
$59,760
9,900
Two Bedroom-AL Units
1700
$3,860
$2,160
900
3
$11,580
2,700
Memory Care-Studio
3800
$4,640
$840
350
18
$15,120
6,300
Memory Care-1 Bed
3800
$5,000
$1,200
500
6
$7,200
3,000
Unused
$-
0
0
$-
-
Unused
$-
0
0
$-
-
688
114
Totals/Avg
$229,320 $2,751,840
Level
Amount
Units
11/27/2009
78,425 $2,751,840
Cheyenne Wyoming
Draft
For Planning Purposes Only
Senior Housing Partners, L.L.C.
Page 2
11/27/2009
Rev
Revenue Projections Cheyenne Wyoming Unit Mix / Rental Analysis Unit
Total
Care
Housing
Unit
Number
Percent
Total
Total
Type
Rate
Rate
Rate
Size
of Units
of Units
Sq. Ft.
Income
One Bedroom Congregate
$1,620
$-
$1,620
675
5
4.39%
3,375
$8,100
One Bedroom- One Bath-IL
$1,824
$-
$1,824
760
25
21.93%
19,000
$45,600
One Bedroom Den
$2,160
$-
$2,160
900
12
10.53%
10,800
$25,920
Two Bedroom-1 1/2 Bath
$2,520
$-
$2,520
1050
16
14.04%
16,800
$40,320
Two Bedroom/2 Bath
$3,000
$-
$3,000
1250
2
1.75%
2,500
$6,000
Studio-AL Units
$2,880
$1,800
$1,080
450
9
7.89%
4,050
$25,920
One Bedroom-AL Units
$3,320
$2,000
$1,320
550
18
15.79%
9,900
$59,760
Two Bedroom-AL Units
$3,860
$1,700
$2,160
900
3
2.63%
2,700
$11,580
Memory Care-Studio
$4,640
$3,800
$840
350
18
15.79%
6,300
$83,520
Memory Care-1 Bed
$5,000
$3,800
$1,200
500
6
5.26%
3,000
$30,000
Unused
$-
$-
0
0
Unused
$-
$-
Total units
$2,954 Level
$0
$-
0
0
688
0
0.00%
114 100.00%
78,425
Amount
Units
$-
$-
Included
0
0
$-
$-
F
Included
0
0
$-
Average/Totals
0
$$$336,720
0
0
Meal Income/Expense Meals Included per month per unit
-
Meals Included Annually Optional Meal Cost/Meal Expected % Meal utilization Optional Meals/Monthly
$100% 5,985 71,820 71,820 $$3.25
Optional Meals Annually Total Meals Optional Meal Revenues Raw Food Cost/meal Raw Food Cost/ Occupied Unit/Mo
###
$170.63 $5,700
Double Occupancy % of Double occ. units 2nd Occupant rate 2nd Occupant income Meal income Garage Income Telephone
10% 500 $5,700 $$675.00 $-
$Sub-Total
$5,700
Debt Service Reserve Income @ $3,770 4% #REF!
Page 3
Rev
Page 4
Dev Assump
Project Overview Cheyenne Wyoming Marketing Assumptions
Development Assumptions
% Stabilized Occupancy
93%
Land cost
Garage utilization
30%
City Fees
Monthly Fill-up Rate Preleased units
3 20
$950,000 0.00%
Architect Fees
$169,500 $574,009
VSSA Site Costs
% Preleased
17.54%
Development Fees
Marketing Cost/ unit
$3,500
Total Dev. Cost/Unit
Trending
$0 0.00%
$380,422 $-
Building Assumptions
Expense Trend Rate
3.00%
Unit Sq. Footage
78,425
Revenue Trend 2nd Year
3.00%
Commons/Circulation Sq. Ft.
40,500
Revenue Trend Yr 3+
3.00%
Operational Assumptions Management Fee Operational Reserves / Unit Replacement Reserves
Total Residential
4.0% 15000 3%
Utilities per Sq. Ft.
28,600
Unused Total Building (all in)
147,525
Building Efficiency Quotient
65.94%
Construction Assumptions
Gas/Heat
$0.45
Const Months
Electric
$0.40
Construction Interest
Water/Sewer
$0.30
Const cost/ft
Taxes & TIF 1st Year Taxes Estimated Taxes per unit Projected Taxes TIF Percent Tax After TIF TIF Rebate
Term in Years Equity Resident Deposit Equity Months of Interest Only Loan Proceeds Other Debt
$45,000 $1,500 $171,000 0% $171,000 $-
40 $5,000,000
763,000 $90.00 $13,277,250
3%
$398,318
Other Capital Assumptions Engineering & Survey
$35,000
FF & E
$508,500
Kitchen
$200,000
Other Cost of Issuance 6.00%
$$750,000
Builders Risk/Interupt
$35,000
Preopening Salaries
$50,000
Special Assessment
$-
$-
Site Costs
$75,000
$14
Legal & Organization
$75,000
$16,480,985 0 $1,131,000
Annual Principal
$1,088,167
Debt Service Coverage
Const contingency
Underwriter
Debt Service Reserve Monthly Principal
12 0.00%
Total Const. Cost
Financing Assumptions Interest Rate
118,925
Garages
$90,681 #REF!
Page 5
Capital
PROJECTED SCHEDULE OF CAPITAL INVESTMENT Cheyenne Wyoming
Uses
Land Architect Fees Building Construction Development Contingency City Fees Marketing Cost Engineering & Survey FF & E Kitchen Underwriter Other Cost of Issuance Builders Risk/Interupt Preopening Salaries Special Assessment Site Costs Legal & Organization Subtotal
Development Costs Construction Interest Operating Reserve Debt Service Reserve Fund Subtotal Total Uses
Sources Loan Proceeds Equity Resident Deposit Equity Months of Interest Only Total Sources
Cost
% of Total
Cost/Unit
Cost/Sq Ft (all in)
$950,000 $574,009 $13,277,250 $398,318 $169,500 $399,000 $35,000 $508,500 $200,000 $$750,000 $35,000 $50,000 $$75,000 $75,000 $17,496,577
4.42% 2.67% 61.81% 1.85% 0.79% 1.86% 0.16% 2.37% 0.93% 0.00% 3.49% 0.16% 0.23% 0.00% 0.35% 0.35% 81.45%
$8,333 $5,035 $116,467 $3,494 $1,487 $3,500 $307 $4,461 $1,754 $$6,579 $307 $439 $$658 $658 $153,479
$6.44 $3.89 $90.00 $2.70 $1.15 $2.70 $0.24 $3.45 $1.36 $$5.08 $0.24 $0.34 $$0.51 $0.51 $118.60
$380,422 $763,000 $1,710,000 $1,131,000 $3,984,422
1.77% 3.55% 7.96% 5.27% 18.55%
$3,337 $6,693 $15,000 $9,921 $34,951
$2.58 $5.17 $11.59 $7.67 $27.01
$188,430
$145.61
$21,480,999
$16,480,985 $5,000,000 $$14
76.72% 23.28% 0.00% 0.00%
$21,480,999
100%
Page 6
Staff
Staffing Budgets Cheyenne Wyoming ***** Full Occupancy ***** Hour Annual Department Position Rate Rate Administration Director $28.00 ### Receptionist $12.50 ### Bookkeeper $10.00 ### Dept Total ### Marketing $23.00 ### Activity Director$18.00 ### Dietician $30.00 $3,120 Dept Total ###
Monthly Cost $4,853 $3,792 $867 $9,512
Sun Mon Tue Wed Thu Fri Sat 8 8 8 8 8 10 10 10 10 10 10 10 4 4 4 4 4 10 22 22 22 22 22 10
Total Hours 40 70 20 130
Social/Act
$3,987 $3,120 $260 $7,367
-
8 8 2 18
8 8 16
8 8 16
8 8 16
8 8 16
-
40 40 2 82
Plant Operations
$3,467 $832 $0 $0 $0 $0 $4,299
8 8
8 8
8 8
8 8
8 8
8 8
8 8
40 16 56
Engineer $20.00 ### Maintenance $12.00 $9,984 Unused $$0 Unused $$0 Unused $$0 Unused $$0 Dept Total ###
Housekeeping
Housekeeper $14.00 Housekeeper $12.00 Housekeeper $12.00
### ### ### ###
$2,184 $2,912 $2,912 $8,008
8 8 8 24
4 8 8 20
4 8 8 20
4 8 8 20
4 8 8 20
4 8 8 20
8 8 8 24
36 56 56 148
FS Manager Cook Kitchen Aide Wait Staff
### ### ### ### ###
$5,581 $6,795 $5,581 $9,100 $27,057
8 16 16 30
8 16 16 30
8 16 16 30
8 16 16 30
8 16 16 30
8 16 16 30
8 16 16 30
56 112 112 210
70
70
70
70
70
70
70
490
### ### ### ### ### ### ###
$1,109 $12,619 $12,619 $9,464 $16,016 $6,240 $58,067
###
$753,042
Dept Total Dietary
$23.00 $14.00 $11.50 $10.00
Dept Total Home Care
RN
$32
Al Day
$13
Al Night
$13
Al PM
$13
LPN
$22
Nurse Mgr
$36
Dept Total Total Salaries Benefits
21.00%
4
0
0
0
0
0
4
8
32
32
32
32
32
32
32
224
32
32
32
32
32
32
32
224
24
24
24
24
24
24
24
168
24
24
24
24
24
24
24
168
0
8
8
8
8
8
0
#####################
$158,139
Page 7
40
832
Oper Assump
EXPENSE OPERATING ASSUMPTIONS Account Social Services Activity Supplies Activity Programs Unused Unused Dietary Dietary Supplies & Miscellaneous Dietary Consult Food Minor Equipment Chemicals Linen, & Uniforms Housekeeping Hskg Supplies Laundry Linen Floor Care Unused Unused Maintenance/Engineering Maintenance Sup. Trash Purchased Services Building Repair Snow Removal Pest Control Elevator Utilities Gas/Heat Electric Water/Sewer Home Care Home Care Staff CBRF Training Medical Supplies On Call Administration License & Fees Legal & Trustee Dues & Fees Audit & Accounting Management Fees Telephone Monthly Service Long Distance Mileage Van Service Office Supplies Seminars Insurance Marketing Postage Employee Health Transportation Taxes & Related misc. allocation for Main Street Real EstateTaxes TIF Rebate Unused Replacement Reserves
Annual
Per Unit *
Monthly
Per Unit *
$2,500 $2,500 $0 $0
$22 $22 $0 $0
$208 $208 $0 $0
$1.83 $1.83 $0.00 $0.00
$3,500 $0 $233,415 $1,500 $3,500 $3,500
$31 $0 $2,048 $13 $31 $31
$292 $0 $19,451 $125 $292 $292
$2.56 $0.00 $170.63 $1.10 $2.56 $2.56
$4,500 $1,000 $0 $1,500 $0 $0
$39 $9 $0 $13 $0 $0
$375 $83 $0 $125 $0 $0
$3.29 $0.73 $0.00 $1.10 $0.00 $0.00
$10,000 $4,500 $15,500 $5,000 $2,500 $1,200 $5,400
$88 $39 $136 $44 $22 $11 $47
$833 $375 $1,292 $417 $208 $100 $450
$7.31 $3.29 $11.33 $3.65 $1.83 $0.88 $3.95
$66,386 $59,010 $44,258
$582 $518 $388
$5,532 $4,918 $3,688
$48.53 $43.14 $32.35
$696,800 $0 $3,000 $15,000
$6,112 $0 $26 $132
$58,067 $0 $250 $1,250
$509.36 $0.00 $2.19 $10.96
$1,500 $1,500 $1,000 $5,600 $0 $12,500 $1,000 $550 $15,000 $5,500 $1,200 $48,000 $45,000 $2,500 $0 $0
$13 $13 $9 $49 $0 $110 $9 $5 $132 $48 $11 $421 $395 $22 $0 $0
$125 $125 $83 $467 $0 $1,042 $83 $46 $1,250 $458 $100 $4,000 $3,750 $208 $0 $0
$1.10 $1.10 $0.73 $4.09 $0.00 $9.14 $0.73 $0.40 $10.96 $4.02 $0.88 $35.09 $32.89 $1.83 $0.00 $0.00
$0 $171,000 $0 $0
$0 $1,500 $0 $0
$0 $14,250 $0 $0
$0.00 $125.00 $0.00 $0.00
Page 8
Comments
Annual Operating Proforma Cheyenne Wyoming
Proforma
Seven Year Proforma
Units Rented
Year 1 37
Year 2 73
Year 3 103
Year 4 106
Year 5 106
Year 6 106
Year 7 106
Percent Occupancy
32%
64%
90%
93%
93%
93%
93%
31,121 175,200 99,587 154,914 23,053 99,587 212,829 44,492 320,893 115,263 -
63,670 358,440 203,745 316,936 47,163 203,745 469,745 91,025 656,511 235,816 -
90,173 507,642 288,554 448,862 66,795 288,554 665,278 128,914 929,786 333,975 -
92,878 522,871 297,211 462,328 68,799 297,211 685,236 132,782 957,679 343,994 -
95,665 538,557 306,127 476,198 70,863 306,127 705,793 136,765 986,410 354,314 -
98,535 554,714 315,311 490,484 72,989 315,311 726,967 140,868 1,016,002 364,943 -
101,491 571,355 324,770 505,198 75,178 324,770 748,776 145,094 1,046,482 375,892 -
Unused Unused Optional Meal Revenues 2nd Occupant income 21,900 Meal income Debt Service Reserve Income @ 4% 45,240 Garage Income 8,100 Telephone -
43,500 45,240 8,343 -
61,607 45,240 8,593 -
63,455 45,240 8,851 -
65,359 45,240 9,117 -
67,320 45,240 9,390 -
69,339 45,240 9,672 -
2,743,879
3,863,973
3,978,535
4,096,534
4,218,073
4,343,258
49,275 38,563 3,214 2,575 2,575 96,202
50,753 39,720 3,310 2,652 2,652 99,088
52,276 40,912 3,409 2,732 2,732 102,061
53,844 42,139 3,512 2,814 2,814 105,123
55,460 43,403 3,617 2,898 2,898 108,276
57,123 44,705 3,725 2,985 2,985 111,524
68,985 83,982 68,985 112,476 3,605 152,897 1,545 3,605 3,605 499,686
71,055 86,502 71,055 115,850 3,713 216,541 1,591 3,713 3,713 573,733
73,186 89,097 73,186 119,326 3,825 223,037 1,639 3,825 3,825 590,945
75,382 91,769 75,382 122,906 3,939 229,728 1,688 3,939 3,939 608,674
77,644 94,523 77,644 126,593 4,057 236,620 1,739 4,057 4,057 626,934
79,973 97,358 79,973 130,391 4,179 243,719 1,791 4,179 4,179 645,742
**Revenues** One Bedroom Congregate One Bedroom- One Bath-IL One Bedroom Den Two Bedroom-1 1/2 Bath Two Bedroom/2 Bath Studio-AL Units One Bedroom-AL Units Two Bedroom-AL Units Memory Care-Studio Memory Care-1 Bed Unused Unused
Total Revenue
1,352,179
**Expenses** Social Services Marketing 47,840 Activity Director 37,440 Dietician 3,120 Activity Supplies 2,500 Activity Programs 2,500 Unused Unused Total Social Services 93,400 Dietary FS Manager 66,976 Cook 81,536 Kitchen Aide 66,976 Wait Staff 109,200 Dietary Supplies & Miscellaneous 3,500 Dietary Consult Food 74,734 Minor Equipment 1,500 Chemicals 3,500 Linen, & Uniforms 3,500 Total Dietary 411,422 Housekeeping Housekeeper
26,208
26,994
27,804
28,638
29,497
30,382
31,294
Housekeeper
34,944
35,992
37,072
38,184
39,330
40,510
41,725
34,944 4,500 1,000 1,500 103,096
35,992 4,635 1,030 1,545 106,189
37,072 4,774 1,061 1,591 109,375
38,184 4,917 1,093 1,639 112,656
39,330 5,065 1,126 1,688 116,035
40,510 5,217 1,159 1,739 119,517
41,725 5,373 1,194 1,791 123,102
Housekeeper Hskg Supplies Laundry Linen Floor Care Unused Unused Total Housekeeping Maintenance/Engineering
Page 9
Engineer 41,600 Maintenance 9,984 Unused Unused Unused Unused Maintenance Sup. 10,000 Trash 4,500 Purchased Services 15,500 Building Repair 5,000 Snow Removal 2,500 Pest Control 1,200 Elevator 5,400 Total Maintenance/Engineering 95,684 Utilities Gas/Heat 66,386 Electric 59,010 Water/Sewer 44,258 Total Utilities 169,654 Home Care Home Care Staff 223,098 CBRF Training Medical Supplies 3,000 On Call 15,000 Total Home Care 241,098 Administration Director 58,240 Receptionist 45,500 Bookkeeper 10,400 Employee Benefits 168,727 License & Fees 1,500 Legal & Trustee 1,500 Dues & Fees 1,000 Audit & Accounting 5,600 Management Fees 54,087 Telephone Monthly Service 12,500 Long Distance 1,000 Mileage 550 Van Service 15,000 Office Supplies 5,500 Seminars 1,200 Insurance 48,000 Marketing 45,000 Postage 2,500 Employee Health Transportation Total Administration 477,804 Taxes & Related misc. allocation for Main Street Real EstateTaxes 171,000 TIF Rebate Unused Total Tax & Related 171,000 Total Operating Expense
1,763,158
NOI Replacement Reserves Cash Flow b4 Debt Loan Interest Loan Principal Cash Flow
(410,979) 40,565 (451,544) 986,082 102,085 (1,499,146)
Debt Coverage Ratio
42,848 10,284 10,300 4,635 15,965 5,150 2,575 1,236 5,562 98,555
44,133 10,592 10,609 4,774 16,444 5,305 2,652 1,273 5,729 101,511
45,457 Proforma 10,910 10,927 4,917 16,937 5,464 2,732 1,311 5,901 104,556
46,821 11,237 11,255 5,065 17,445 5,628 2,814 1,351 6,078 107,693
48,226 11,574 11,593 5,217 17,969 5,796 2,898 1,391 6,260 110,924
49,673 11,921 11,941 5,373 18,508 5,970 2,985 1,433 6,448 114,252
68,378 60,780 45,585 174,743
70,429 62,604 46,953 179,986
72,542 64,482 48,361 185,385
74,718 66,416 49,812 190,947
76,960 68,409 51,307 196,675
79,269 70,461 52,846 202,575
456,435 3,090 15,450 474,975
646,427 3,183 15,914 665,523
665,820 3,278 16,391 685,489
685,794 3,377 16,883 706,053
706,368 3,478 17,389 727,235
727,559 3,582 17,911 749,052
59,987 46,865 10,712 173,789 1,545 1,545 1,030 5,768 109,755 12,875 1,030 567 15,450 5,665 1,236 49,440 46,350 2,575 546,184
61,787 48,271 11,033 179,002 1,591 1,591 1,061 5,941 154,559 13,261 1,061 583 15,914 5,835 1,273 50,923 47,741 2,652 604,080
63,640 49,719 11,364 184,373 1,639 1,639 1,093 6,119 159,141 13,659 1,093 601 16,391 6,010 1,311 52,451 49,173 2,732 622,148
65,550 51,211 11,705 189,904 1,688 1,688 1,126 6,303 163,861 14,069 1,126 619 16,883 6,190 1,351 54,024 50,648 2,814 640,759
67,516 52,747 12,056 195,601 1,739 1,739 1,159 6,492 168,723 14,491 1,159 638 17,389 6,376 1,391 55,645 52,167 2,898 659,927
69,542 54,329 12,418 201,469 1,791 1,791 1,194 6,687 173,730 14,926 1,194 657 17,911 6,567 1,433 57,315 53,732 2,985 679,671
176,130 176,130
181,414 181,414
186,856 186,856
192,462 192,462
198,236 198,236
204,183 204,183
2,172,663
2,514,710
2,590,097
2,667,745
2,747,723
2,830,101
1,349,264 115,919 1,233,344 973,101 115,067 145,177
1,388,439 119,356 1,269,082 966,004 122,164 180,915
1,428,789 122,896 1,305,893 958,469 129,698 217,725
1,470,350 126,542 1,343,807 950,470 137,698 255,640
1,513,157 130,298 1,382,859 941,977 146,191 294,692
1.24
1.28
1.31
1.35
1.39
571,217 82,316 488,900 979,786 108,382 (599,267) 0.52
Page 10
Loan Amort Loan Amortization Schedule Loan Amount Interest Rate (annual) Interest Rate (monthly) Term in Years Term in Months Annual PI Monthly PI Payment Number 1 2 3 4 5 6 7 8 9 10 11 12 Year 1 total
$16,480,985 6.00% 0.500% 40 480 $1,088,167 $90,680.62 Interest Principal $82,405 $8,276 $82,364 $8,317 $82,322 $8,359 $82,280 $8,400 $82,238 $8,442 $82,196 $8,485 $82,154 $8,527 $82,111 $8,570 $82,068 $8,613 $82,025 $8,656 $81,982 $8,699 $81,938 $8,742 $986,082 $102,085
Total Payment Balance $90,681 $16,472,709 $90,681 $16,464,392 $90,681 $16,456,033 $90,681 $16,447,633 $90,681 $16,439,190 $90,681 $16,430,705 $90,681 $16,422,178 $90,681 $16,413,609 $90,681 $16,404,996 $90,681 $16,396,340 $90,681 $16,387,641 $90,681 $16,378,899 $1,088,167
13 14 15 16 17 18 19 20 21 22 23 24
$81,894 $81,851 $81,806 $81,762 $81,717 $81,673 $81,628 $81,582 $81,537 $81,491 $81,445 $81,399 $979,786
$8,786 $8,830 $8,874 $8,919 $8,963 $9,008 $9,053 $9,098 $9,144 $9,190 $9,235 $9,282 $108,382
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $1,088,167
$16,370,113 $16,361,283 $16,352,409 $16,343,490 $16,334,527 $16,325,519 $16,316,466 $16,307,368 $16,298,224 $16,289,034 $16,279,799 $16,270,517
25 26 27 28 29 30 31 32 33 34 35
$81,353 $81,306 $81,259 $81,212 $81,165 $81,117 $81,069 $81,021 $80,973 $80,924 $80,876
$9,328 $9,375 $9,422 $9,469 $9,516 $9,564 $9,611 $9,659 $9,708 $9,756 $9,805
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681
$16,261,189 $16,251,814 $16,242,393 $16,232,924 $16,223,408 $16,213,845 $16,204,233 $16,194,574 $16,184,866 $16,175,110 $16,165,305
Year 2 total
Page 11
Loan Amort 36
$80,827 $973,101
$9,854 $115,067
$90,681 $1,088,167
$16,155,451
37 38 39 40 41 42 43 44 45 46 47 48
$80,777 $80,728 $80,678 $80,628 $80,578 $80,527 $80,476 $80,425 $80,374 $80,323 $80,271 $80,219 $966,004
$9,903 $9,953 $10,003 $10,053 $10,103 $10,153 $10,204 $10,255 $10,307 $10,358 $10,410 $10,462 $122,164
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $1,088,167
$16,145,547 $16,135,594 $16,125,592 $16,115,539 $16,105,436 $16,095,283 $16,085,078 $16,074,823 $16,064,517 $16,054,159 $16,043,749 $16,033,287
49 50 51 52 53 54 55 56 57 58 59 60
$80,166 $80,114 $80,061 $80,008 $79,955 $79,901 $79,847 $79,793 $79,738 $79,684 $79,629 $79,573 $958,469
$10,514 $10,567 $10,620 $10,673 $10,726 $10,780 $10,834 $10,888 $10,942 $10,997 $11,052 $11,107 $129,698
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $1,088,167
$16,022,773 $16,012,206 $16,001,586 $15,990,914 $15,980,188 $15,969,408 $15,958,574 $15,947,687 $15,936,744 $15,925,748 $15,914,696 $15,903,588
61 62 63 64 65 66 67 68 69 70 71 72
$79,518 $79,462 $79,406 $79,350 $79,293 $79,236 $79,179 $79,121 $79,064 $79,005 $78,947 $78,888 $950,470
$11,163 $11,218 $11,275 $11,331 $11,388 $11,445 $11,502 $11,559 $11,617 $11,675 $11,734 $11,792 $137,698
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $1,088,167
$15,892,426 $15,881,207 $15,869,933 $15,858,602 $15,847,214 $15,835,770 $15,824,268 $15,812,709 $15,801,091 $15,789,416 $15,777,683 $15,765,891
73 74 75 76 77
$78,829 $78,770 $78,711 $78,651 $78,591
$11,851 $11,910 $11,970 $12,030 $12,090
$90,681 $90,681 $90,681 $90,681 $90,681
$15,754,039 $15,742,129 $15,730,159 $15,718,129 $15,706,039
Year 3 total
Year 4 total
Year 5 total
Year 6 total
Page 12
Loan Amort 78 79 80 81 82 83 84 Year 7 total
$78,530 $78,469 $78,408 $78,347 $78,285 $78,223 $78,161 $941,977
$12,150 $12,211 $12,272 $12,334 $12,395 $12,457 $12,520 $146,191
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $1,088,167
Page 13
$15,693,889 $15,681,678 $15,669,405 $15,657,072 $15,644,676 $15,632,219 $15,619,700
Loan Amort
Payment Number Interest Principal Total Payment Balance
1
2
3
4
5
6
7
$82,405
$82,364
$82,322
$82,280
$82,238
$82,196
$82,154
$8,276
$8,317
$8,359
$8,400
$8,442
$8,485
$8,527
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,472,709
$16,464,392
$16,456,033
$16,447,633
$16,439,190
$16,430,705
$16,422,178
Page 14
Loan Amort
Page 15
Loan Amort
Page 16
Loan Amort
8
9
10
11
12
13
14
15
16
17
$82,111
$82,068
$82,025
$81,982
$81,938
$81,894
$81,851
$81,806
$81,762
$81,717
$8,570
$8,613
$8,656
$8,699
$8,742
$8,786
$8,830
$8,874
$8,919
$8,963
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,413,609
$16,404,996
$16,396,340
$16,387,641
$16,378,899
$16,370,113
$16,361,283
$16,352,409
$16,343,490
$16,334,527
Page 17
Loan Amort
Page 18
Loan Amort
Page 19
Loan Amort
18
19
20
21
22
23
24
25
26
27
$81,673
$81,628
$81,582
$81,537
$81,491
$81,445
$81,399
$81,353
$81,306
$81,259
$9,008
$9,053
$9,098
$9,144
$9,190
$9,235
$9,282
$9,328
$9,375
$9,422
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,325,519
$16,316,466
$16,307,368
$16,298,224
$16,289,034
$16,279,799
$16,270,517
$16,261,189
$16,251,814
$16,242,393
Page 20
Loan Amort
Page 21
Loan Amort
Page 22
Loan Amort
28
29
30
31
32
33
34
35
36
37
$81,212
$81,165
$81,117
$81,069
$81,021
$80,973
$80,924
$80,876
$80,827
$80,777
$9,469
$9,516
$9,564
$9,611
$9,659
$9,708
$9,756
$9,805
$9,854
$9,903
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,232,924
$16,223,408
$16,213,845
$16,204,233
$16,194,574
$16,184,866
$16,175,110
$16,165,305
$16,155,451
$16,145,547
Page 23
Loan Amort
Page 24
Loan Amort
Page 25
Loan Amort
38
39
40
41
42
43
44
45
46
47
$80,728
$80,678
$80,628
$80,578
$80,527
$80,476
$80,425
$80,374
$80,323
$80,271 $10,410
$9,953
$10,003
$10,053
$10,103
$10,153
$10,204
$10,255
$10,307
$10,358
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,135,594
$16,125,592
$16,115,539
$16,105,436
$16,095,283
$16,085,078
$16,074,823
$16,064,517
$16,054,159
$16,043,749
Page 26
Loan Amort
Page 27
Loan Amort
Page 28
Loan Amort
48
49
50
51
52
53
54
55
56
57
$80,219
$80,166
$80,114
$80,061
$80,008
$79,955
$79,901
$79,847
$79,793
$79,738
$10,462
$10,514
$10,567
$10,620
$10,673
$10,726
$10,780
$10,834
$10,888
$10,942
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,033,287
$16,022,773
$16,012,206
$16,001,586
$15,990,914
$15,980,188
$15,969,408
$15,958,574
$15,947,687
$15,936,744
Page 29
Loan Amort
Page 30
Loan Amort
Page 31
Loan Amort
58
59
60
61
62
63
64
65
66
67
$79,684
$79,629
$79,573
$79,518
$79,462
$79,406
$79,350
$79,293
$79,236
$79,179
$10,997
$11,052
$11,107
$11,163
$11,218
$11,275
$11,331
$11,388
$11,445
$11,502
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$15,925,748
$15,914,696
$15,903,588
$15,892,426
$15,881,207
$15,869,933
$15,858,602
$15,847,214
$15,835,770
$15,824,268
Page 32
Loan Amort
Page 33
Loan Amort
Page 34
Loan Amort
68
69
70
71
72
73
74
75
76
77
$79,121
$79,064
$79,005
$78,947
$78,888
$78,829
$78,770
$78,711
$78,651
$78,591
$11,559
$11,617
$11,675
$11,734
$11,792
$11,851
$11,910
$11,970
$12,030
$12,090
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$15,812,709
$15,801,091
$15,789,416
$15,777,683
$15,765,891
$15,754,039
$15,742,129
$15,730,159
$15,718,129
$15,706,039
Page 35
Loan Amort
Page 36
Loan Amort
Page 37
Loan Amort
78
79
80
81
82
83
84
$78,530
$78,469
$78,408
$78,347
$78,285
$78,223
$78,161
$12,150
$12,211
$12,272
$12,334
$12,395
$12,457
$12,520
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$15,693,889
$15,681,678
$15,669,405
$15,657,072
$15,644,676
$15,632,219
$15,619,700
Page 38
Loan Amort
Page 39
Loan Amort
Page 40
This is Confidential Information and cannot be used by outside parties Cheyenne Wyoming Housing Desired Rate/Square Foot =
$2.40
No TIF Units
2.4
Unit
Care
Type
Rate
Total
Housing
Unit
Number
Rate
Size
of Units
675
5
760
Rate
Monthly
Totals
Income
Sq Ft.
$8,100
3,375
One Bedroom Congregate
$-
$1,620
$1,620
One Bedroom- One Bath-IL
$-
$1,824
$1,824
25
$45,600
19,000
One Bedroom Den
$-
$2,160
$2,160
900
12
$25,920
10,800
16
$40,320
16,800
Two Bedroom-1 1/2 Bath
$-
$2,520
$2,520
1050
Two Bedroom/2 Bath
$-
$3,000
$3,000
1250
2
$6,000
2,500
Studio-AL Units
1800
$2,880
$1,080
450
9
$9,720
4,050
One Bedroom-AL Units
2000
$3,320
$1,320
550
18
$59,760
9,900
Two Bedroom-AL Units
1700
$3,860
$2,160
900
3
$11,580
2,700
Memory Care-Studio
3800
$4,640
$840
350
18
$15,120
6,300
Memory Care-1 Bed
3800
$5,000
$1,200
500
6
$7,200
3,000
Unused
$-
0
0
$-
-
Unused
$-
0
0
$-
-
688
114
Totals/Avg
$229,320 $2,751,840
Level
Amount
Units
11/27/2009
78,425 $2,751,840
Cheyenne Wyoming
Draft
For Planning Purposes Only
Senior Housing Partners, L.L.C.
Page 2
11/27/2009
Rev
Revenue Projections Cheyenne Wyoming Unit Mix / Rental Analysis Unit
Total
Care
Housing
Unit
Number
Percent
Total
Total
Type
Rate
Rate
Rate
Size
of Units
of Units
Sq. Ft.
Income
One Bedroom Congregate
$1,620
$-
$1,620
675
5
4.39%
3,375
$8,100
One Bedroom- One Bath-IL
$1,824
$-
$1,824
760
25
21.93%
19,000
$45,600
One Bedroom Den
$2,160
$-
$2,160
900
12
10.53%
10,800
$25,920
Two Bedroom-1 1/2 Bath
$2,520
$-
$2,520
1050
16
14.04%
16,800
$40,320
Two Bedroom/2 Bath
$3,000
$-
$3,000
1250
2
1.75%
2,500
$6,000
Studio-AL Units
$2,880
$1,800
$1,080
450
9
7.89%
4,050
$25,920
One Bedroom-AL Units
$3,320
$2,000
$1,320
550
18
15.79%
9,900
$59,760
Two Bedroom-AL Units
$3,860
$1,700
$2,160
900
3
2.63%
2,700
$11,580
Memory Care-Studio
$4,640
$3,800
$840
350
18
15.79%
6,300
$83,520
Memory Care-1 Bed
$5,000
$3,800
$1,200
500
6
5.26%
3,000
$30,000
Unused
$-
$-
0
0
Unused
$-
$-
Total units
$2,954 Level
$0
$-
0
0
688
0
0.00%
114 100.00%
78,425
Amount
Units
$-
$-
Included
0
0
$-
$-
F
Included
0
0
$-
Average/Totals
0
$$$336,720
0
0
Meal Income/Expense Meals Included per month per unit
-
Meals Included Annually Optional Meal Cost/Meal Expected % Meal utilization Optional Meals/Monthly
$100% 5,985 71,820 71,820 $$3.25
Optional Meals Annually Total Meals Optional Meal Revenues Raw Food Cost/meal Raw Food Cost/ Occupied Unit/Mo
###
$170.63 $5,700
Double Occupancy % of Double occ. units 2nd Occupant rate 2nd Occupant income Meal income Garage Income Telephone
10% 500 $5,700 $$675.00 $-
$Sub-Total
$5,700
Debt Service Reserve Income @ $3,770 4% #REF!
Page 3
Rev
Page 4
Dev Assump
Project Overview Cheyenne Wyoming Marketing Assumptions
Development Assumptions
% Stabilized Occupancy
93%
Land cost
Garage utilization
30%
City Fees
Monthly Fill-up Rate Preleased units
3 20
$950,000 0.00%
Architect Fees
$169,500 $574,009
VSSA Site Costs
% Preleased
17.54%
Development Fees
Marketing Cost/ unit
$3,500
Total Dev. Cost/Unit
Trending
$0 0.00%
$380,422 $-
Building Assumptions
Expense Trend Rate
3.00%
Unit Sq. Footage
78,425
Revenue Trend 2nd Year
3.00%
Commons/Circulation Sq. Ft.
40,500
Revenue Trend Yr 3+
3.00%
Operational Assumptions Management Fee Operational Reserves / Unit Replacement Reserves
Total Residential
4.0% 15000 3%
Utilities per Sq. Ft.
28,600
Unused Total Building (all in)
147,525
Building Efficiency Quotient
65.94%
Construction Assumptions
Gas/Heat
$0.45
Const Months
Electric
$0.40
Construction Interest
Water/Sewer
$0.30
Const cost/ft
Taxes & TIF 1st Year Taxes Estimated Taxes per unit Projected Taxes TIF Percent Tax After TIF TIF Rebate
Term in Years Equity Resident Deposit Equity Months of Interest Only Loan Proceeds Other Debt
$45,000 $1,500 $171,000 0% $171,000 $-
40 $5,000,000
763,000 $90.00 $13,277,250
3%
$398,318
Other Capital Assumptions Engineering & Survey
$35,000
FF & E
$508,500
Kitchen
$200,000
Other Cost of Issuance 6.00%
$$750,000
Builders Risk/Interupt
$35,000
Preopening Salaries
$50,000
Special Assessment
$-
$-
Site Costs
$75,000
$14
Legal & Organization
$75,000
$16,480,985 0 $1,131,000
Annual Principal
$1,088,167
Debt Service Coverage
Const contingency
Underwriter
Debt Service Reserve Monthly Principal
12 0.00%
Total Const. Cost
Financing Assumptions Interest Rate
118,925
Garages
$90,681 #REF!
Page 5
Capital
PROJECTED SCHEDULE OF CAPITAL INVESTMENT Cheyenne Wyoming
Uses
Land Architect Fees Building Construction Development Contingency City Fees Marketing Cost Engineering & Survey FF & E Kitchen Underwriter Other Cost of Issuance Builders Risk/Interupt Preopening Salaries Special Assessment Site Costs Legal & Organization Subtotal
Development Costs Construction Interest Operating Reserve Debt Service Reserve Fund Subtotal Total Uses
Sources Loan Proceeds Equity Resident Deposit Equity Months of Interest Only Total Sources
Cost
% of Total
Cost/Unit
Cost/Sq Ft (all in)
$950,000 $574,009 $13,277,250 $398,318 $169,500 $399,000 $35,000 $508,500 $200,000 $$750,000 $35,000 $50,000 $$75,000 $75,000 $17,496,577
4.42% 2.67% 61.81% 1.85% 0.79% 1.86% 0.16% 2.37% 0.93% 0.00% 3.49% 0.16% 0.23% 0.00% 0.35% 0.35% 81.45%
$8,333 $5,035 $116,467 $3,494 $1,487 $3,500 $307 $4,461 $1,754 $$6,579 $307 $439 $$658 $658 $153,479
$6.44 $3.89 $90.00 $2.70 $1.15 $2.70 $0.24 $3.45 $1.36 $$5.08 $0.24 $0.34 $$0.51 $0.51 $118.60
$380,422 $763,000 $1,710,000 $1,131,000 $3,984,422
1.77% 3.55% 7.96% 5.27% 18.55%
$3,337 $6,693 $15,000 $9,921 $34,951
$2.58 $5.17 $11.59 $7.67 $27.01
$188,430
$145.61
$21,480,999
$16,480,985 $5,000,000 $$14
76.72% 23.28% 0.00% 0.00%
$21,480,999
100%
Page 6
Staff
Staffing Budgets Cheyenne Wyoming ***** Full Occupancy ***** Hour Annual Department Position Rate Rate Administration Director $28.00 ### Receptionist $12.50 ### Bookkeeper $10.00 ### Dept Total ### Marketing $23.00 ### Activity Director$18.00 ### Dietician $30.00 $3,120 Dept Total ###
Monthly Cost $4,853 $3,792 $867 $9,512
Sun Mon Tue Wed Thu Fri Sat 8 8 8 8 8 10 10 10 10 10 10 10 4 4 4 4 4 10 22 22 22 22 22 10
Total Hours 40 70 20 130
Social/Act
$3,987 $3,120 $260 $7,367
-
8 8 2 18
8 8 16
8 8 16
8 8 16
8 8 16
-
40 40 2 82
Plant Operations
$3,467 $832 $0 $0 $0 $0 $4,299
8 8
8 8
8 8
8 8
8 8
8 8
8 8
40 16 56
Engineer $20.00 ### Maintenance $12.00 $9,984 Unused $$0 Unused $$0 Unused $$0 Unused $$0 Dept Total ###
Housekeeping
Housekeeper $14.00 Housekeeper $12.00 Housekeeper $12.00
### ### ### ###
$2,184 $2,912 $2,912 $8,008
8 8 8 24
4 8 8 20
4 8 8 20
4 8 8 20
4 8 8 20
4 8 8 20
8 8 8 24
36 56 56 148
FS Manager Cook Kitchen Aide Wait Staff
### ### ### ### ###
$5,581 $6,795 $5,581 $9,100 $27,057
8 16 16 30
8 16 16 30
8 16 16 30
8 16 16 30
8 16 16 30
8 16 16 30
8 16 16 30
56 112 112 210
70
70
70
70
70
70
70
490
### ### ### ### ### ### ###
$1,109 $12,619 $12,619 $9,464 $16,016 $6,240 $58,067
###
$753,042
Dept Total Dietary
$23.00 $14.00 $11.50 $10.00
Dept Total Home Care
RN
$32
Al Day
$13
Al Night
$13
Al PM
$13
LPN
$22
Nurse Mgr
$36
Dept Total Total Salaries Benefits
21.00%
4
0
0
0
0
0
4
8
32
32
32
32
32
32
32
224
32
32
32
32
32
32
32
224
24
24
24
24
24
24
24
168
24
24
24
24
24
24
24
168
0
8
8
8
8
8
0
#####################
$158,139
Page 7
40
832
Oper Assump
EXPENSE OPERATING ASSUMPTIONS Account Social Services Activity Supplies Activity Programs Unused Unused Dietary Dietary Supplies & Miscellaneous Dietary Consult Food Minor Equipment Chemicals Linen, & Uniforms Housekeeping Hskg Supplies Laundry Linen Floor Care Unused Unused Maintenance/Engineering Maintenance Sup. Trash Purchased Services Building Repair Snow Removal Pest Control Elevator Utilities Gas/Heat Electric Water/Sewer Home Care Home Care Staff CBRF Training Medical Supplies On Call Administration License & Fees Legal & Trustee Dues & Fees Audit & Accounting Management Fees Telephone Monthly Service Long Distance Mileage Van Service Office Supplies Seminars Insurance Marketing Postage Employee Health Transportation Taxes & Related misc. allocation for Main Street Real EstateTaxes TIF Rebate Unused Replacement Reserves
Annual
Per Unit *
Monthly
Per Unit *
$2,500 $2,500 $0 $0
$22 $22 $0 $0
$208 $208 $0 $0
$1.83 $1.83 $0.00 $0.00
$3,500 $0 $233,415 $1,500 $3,500 $3,500
$31 $0 $2,048 $13 $31 $31
$292 $0 $19,451 $125 $292 $292
$2.56 $0.00 $170.63 $1.10 $2.56 $2.56
$4,500 $1,000 $0 $1,500 $0 $0
$39 $9 $0 $13 $0 $0
$375 $83 $0 $125 $0 $0
$3.29 $0.73 $0.00 $1.10 $0.00 $0.00
$10,000 $4,500 $15,500 $5,000 $2,500 $1,200 $5,400
$88 $39 $136 $44 $22 $11 $47
$833 $375 $1,292 $417 $208 $100 $450
$7.31 $3.29 $11.33 $3.65 $1.83 $0.88 $3.95
$66,386 $59,010 $44,258
$582 $518 $388
$5,532 $4,918 $3,688
$48.53 $43.14 $32.35
$696,800 $0 $3,000 $15,000
$6,112 $0 $26 $132
$58,067 $0 $250 $1,250
$509.36 $0.00 $2.19 $10.96
$1,500 $1,500 $1,000 $5,600 $0 $12,500 $1,000 $550 $15,000 $5,500 $1,200 $48,000 $45,000 $2,500 $0 $0
$13 $13 $9 $49 $0 $110 $9 $5 $132 $48 $11 $421 $395 $22 $0 $0
$125 $125 $83 $467 $0 $1,042 $83 $46 $1,250 $458 $100 $4,000 $3,750 $208 $0 $0
$1.10 $1.10 $0.73 $4.09 $0.00 $9.14 $0.73 $0.40 $10.96 $4.02 $0.88 $35.09 $32.89 $1.83 $0.00 $0.00
$0 $171,000 $0 $0
$0 $1,500 $0 $0
$0 $14,250 $0 $0
$0.00 $125.00 $0.00 $0.00
Page 8
Comments
Annual Operating Proforma Cheyenne Wyoming
Proforma
Seven Year Proforma
Units Rented
Year 1 37
Year 2 73
Year 3 103
Year 4 106
Year 5 106
Year 6 106
Year 7 106
Percent Occupancy
32%
64%
90%
93%
93%
93%
93%
31,121 175,200 99,587 154,914 23,053 99,587 212,829 44,492 320,893 115,263 -
63,670 358,440 203,745 316,936 47,163 203,745 469,745 91,025 656,511 235,816 -
90,173 507,642 288,554 448,862 66,795 288,554 665,278 128,914 929,786 333,975 -
92,878 522,871 297,211 462,328 68,799 297,211 685,236 132,782 957,679 343,994 -
95,665 538,557 306,127 476,198 70,863 306,127 705,793 136,765 986,410 354,314 -
98,535 554,714 315,311 490,484 72,989 315,311 726,967 140,868 1,016,002 364,943 -
101,491 571,355 324,770 505,198 75,178 324,770 748,776 145,094 1,046,482 375,892 -
Unused Unused Optional Meal Revenues 2nd Occupant income 21,900 Meal income Debt Service Reserve Income @ 4% 45,240 Garage Income 8,100 Telephone -
43,500 45,240 8,343 -
61,607 45,240 8,593 -
63,455 45,240 8,851 -
65,359 45,240 9,117 -
67,320 45,240 9,390 -
69,339 45,240 9,672 -
2,743,879
3,863,973
3,978,535
4,096,534
4,218,073
4,343,258
49,275 38,563 3,214 2,575 2,575 96,202
50,753 39,720 3,310 2,652 2,652 99,088
52,276 40,912 3,409 2,732 2,732 102,061
53,844 42,139 3,512 2,814 2,814 105,123
55,460 43,403 3,617 2,898 2,898 108,276
57,123 44,705 3,725 2,985 2,985 111,524
68,985 83,982 68,985 112,476 3,605 152,897 1,545 3,605 3,605 499,686
71,055 86,502 71,055 115,850 3,713 216,541 1,591 3,713 3,713 573,733
73,186 89,097 73,186 119,326 3,825 223,037 1,639 3,825 3,825 590,945
75,382 91,769 75,382 122,906 3,939 229,728 1,688 3,939 3,939 608,674
77,644 94,523 77,644 126,593 4,057 236,620 1,739 4,057 4,057 626,934
79,973 97,358 79,973 130,391 4,179 243,719 1,791 4,179 4,179 645,742
**Revenues** One Bedroom Congregate One Bedroom- One Bath-IL One Bedroom Den Two Bedroom-1 1/2 Bath Two Bedroom/2 Bath Studio-AL Units One Bedroom-AL Units Two Bedroom-AL Units Memory Care-Studio Memory Care-1 Bed Unused Unused
Total Revenue
1,352,179
**Expenses** Social Services Marketing 47,840 Activity Director 37,440 Dietician 3,120 Activity Supplies 2,500 Activity Programs 2,500 Unused Unused Total Social Services 93,400 Dietary FS Manager 66,976 Cook 81,536 Kitchen Aide 66,976 Wait Staff 109,200 Dietary Supplies & Miscellaneous 3,500 Dietary Consult Food 74,734 Minor Equipment 1,500 Chemicals 3,500 Linen, & Uniforms 3,500 Total Dietary 411,422 Housekeeping Housekeeper
26,208
26,994
27,804
28,638
29,497
30,382
31,294
Housekeeper
34,944
35,992
37,072
38,184
39,330
40,510
41,725
34,944 4,500 1,000 1,500 103,096
35,992 4,635 1,030 1,545 106,189
37,072 4,774 1,061 1,591 109,375
38,184 4,917 1,093 1,639 112,656
39,330 5,065 1,126 1,688 116,035
40,510 5,217 1,159 1,739 119,517
41,725 5,373 1,194 1,791 123,102
Housekeeper Hskg Supplies Laundry Linen Floor Care Unused Unused Total Housekeeping Maintenance/Engineering
Page 9
Engineer 41,600 Maintenance 9,984 Unused Unused Unused Unused Maintenance Sup. 10,000 Trash 4,500 Purchased Services 15,500 Building Repair 5,000 Snow Removal 2,500 Pest Control 1,200 Elevator 5,400 Total Maintenance/Engineering 95,684 Utilities Gas/Heat 66,386 Electric 59,010 Water/Sewer 44,258 Total Utilities 169,654 Home Care Home Care Staff 223,098 CBRF Training Medical Supplies 3,000 On Call 15,000 Total Home Care 241,098 Administration Director 58,240 Receptionist 45,500 Bookkeeper 10,400 Employee Benefits 168,727 License & Fees 1,500 Legal & Trustee 1,500 Dues & Fees 1,000 Audit & Accounting 5,600 Management Fees 54,087 Telephone Monthly Service 12,500 Long Distance 1,000 Mileage 550 Van Service 15,000 Office Supplies 5,500 Seminars 1,200 Insurance 48,000 Marketing 45,000 Postage 2,500 Employee Health Transportation Total Administration 477,804 Taxes & Related misc. allocation for Main Street Real EstateTaxes 171,000 TIF Rebate Unused Total Tax & Related 171,000 Total Operating Expense
1,763,158
NOI Replacement Reserves Cash Flow b4 Debt Loan Interest Loan Principal Cash Flow
(410,979) 40,565 (451,544) 986,082 102,085 (1,499,146)
Debt Coverage Ratio
42,848 10,284 10,300 4,635 15,965 5,150 2,575 1,236 5,562 98,555
44,133 10,592 10,609 4,774 16,444 5,305 2,652 1,273 5,729 101,511
45,457 Proforma 10,910 10,927 4,917 16,937 5,464 2,732 1,311 5,901 104,556
46,821 11,237 11,255 5,065 17,445 5,628 2,814 1,351 6,078 107,693
48,226 11,574 11,593 5,217 17,969 5,796 2,898 1,391 6,260 110,924
49,673 11,921 11,941 5,373 18,508 5,970 2,985 1,433 6,448 114,252
68,378 60,780 45,585 174,743
70,429 62,604 46,953 179,986
72,542 64,482 48,361 185,385
74,718 66,416 49,812 190,947
76,960 68,409 51,307 196,675
79,269 70,461 52,846 202,575
456,435 3,090 15,450 474,975
646,427 3,183 15,914 665,523
665,820 3,278 16,391 685,489
685,794 3,377 16,883 706,053
706,368 3,478 17,389 727,235
727,559 3,582 17,911 749,052
59,987 46,865 10,712 173,789 1,545 1,545 1,030 5,768 109,755 12,875 1,030 567 15,450 5,665 1,236 49,440 46,350 2,575 546,184
61,787 48,271 11,033 179,002 1,591 1,591 1,061 5,941 154,559 13,261 1,061 583 15,914 5,835 1,273 50,923 47,741 2,652 604,080
63,640 49,719 11,364 184,373 1,639 1,639 1,093 6,119 159,141 13,659 1,093 601 16,391 6,010 1,311 52,451 49,173 2,732 622,148
65,550 51,211 11,705 189,904 1,688 1,688 1,126 6,303 163,861 14,069 1,126 619 16,883 6,190 1,351 54,024 50,648 2,814 640,759
67,516 52,747 12,056 195,601 1,739 1,739 1,159 6,492 168,723 14,491 1,159 638 17,389 6,376 1,391 55,645 52,167 2,898 659,927
69,542 54,329 12,418 201,469 1,791 1,791 1,194 6,687 173,730 14,926 1,194 657 17,911 6,567 1,433 57,315 53,732 2,985 679,671
176,130 176,130
181,414 181,414
186,856 186,856
192,462 192,462
198,236 198,236
204,183 204,183
2,172,663
2,514,710
2,590,097
2,667,745
2,747,723
2,830,101
1,349,264 115,919 1,233,344 973,101 115,067 145,177
1,388,439 119,356 1,269,082 966,004 122,164 180,915
1,428,789 122,896 1,305,893 958,469 129,698 217,725
1,470,350 126,542 1,343,807 950,470 137,698 255,640
1,513,157 130,298 1,382,859 941,977 146,191 294,692
1.24
1.28
1.31
1.35
1.39
571,217 82,316 488,900 979,786 108,382 (599,267) 0.52
Page 10
Loan Amort Loan Amortization Schedule Loan Amount Interest Rate (annual) Interest Rate (monthly) Term in Years Term in Months Annual PI Monthly PI Payment Number 1 2 3 4 5 6 7 8 9 10 11 12 Year 1 total
$16,480,985 6.00% 0.500% 40 480 $1,088,167 $90,680.62 Interest Principal $82,405 $8,276 $82,364 $8,317 $82,322 $8,359 $82,280 $8,400 $82,238 $8,442 $82,196 $8,485 $82,154 $8,527 $82,111 $8,570 $82,068 $8,613 $82,025 $8,656 $81,982 $8,699 $81,938 $8,742 $986,082 $102,085
Total Payment Balance $90,681 $16,472,709 $90,681 $16,464,392 $90,681 $16,456,033 $90,681 $16,447,633 $90,681 $16,439,190 $90,681 $16,430,705 $90,681 $16,422,178 $90,681 $16,413,609 $90,681 $16,404,996 $90,681 $16,396,340 $90,681 $16,387,641 $90,681 $16,378,899 $1,088,167
13 14 15 16 17 18 19 20 21 22 23 24
$81,894 $81,851 $81,806 $81,762 $81,717 $81,673 $81,628 $81,582 $81,537 $81,491 $81,445 $81,399 $979,786
$8,786 $8,830 $8,874 $8,919 $8,963 $9,008 $9,053 $9,098 $9,144 $9,190 $9,235 $9,282 $108,382
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $1,088,167
$16,370,113 $16,361,283 $16,352,409 $16,343,490 $16,334,527 $16,325,519 $16,316,466 $16,307,368 $16,298,224 $16,289,034 $16,279,799 $16,270,517
25 26 27 28 29 30 31 32 33 34 35
$81,353 $81,306 $81,259 $81,212 $81,165 $81,117 $81,069 $81,021 $80,973 $80,924 $80,876
$9,328 $9,375 $9,422 $9,469 $9,516 $9,564 $9,611 $9,659 $9,708 $9,756 $9,805
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681
$16,261,189 $16,251,814 $16,242,393 $16,232,924 $16,223,408 $16,213,845 $16,204,233 $16,194,574 $16,184,866 $16,175,110 $16,165,305
Year 2 total
Page 11
Loan Amort 36
$80,827 $973,101
$9,854 $115,067
$90,681 $1,088,167
$16,155,451
37 38 39 40 41 42 43 44 45 46 47 48
$80,777 $80,728 $80,678 $80,628 $80,578 $80,527 $80,476 $80,425 $80,374 $80,323 $80,271 $80,219 $966,004
$9,903 $9,953 $10,003 $10,053 $10,103 $10,153 $10,204 $10,255 $10,307 $10,358 $10,410 $10,462 $122,164
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $1,088,167
$16,145,547 $16,135,594 $16,125,592 $16,115,539 $16,105,436 $16,095,283 $16,085,078 $16,074,823 $16,064,517 $16,054,159 $16,043,749 $16,033,287
49 50 51 52 53 54 55 56 57 58 59 60
$80,166 $80,114 $80,061 $80,008 $79,955 $79,901 $79,847 $79,793 $79,738 $79,684 $79,629 $79,573 $958,469
$10,514 $10,567 $10,620 $10,673 $10,726 $10,780 $10,834 $10,888 $10,942 $10,997 $11,052 $11,107 $129,698
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $1,088,167
$16,022,773 $16,012,206 $16,001,586 $15,990,914 $15,980,188 $15,969,408 $15,958,574 $15,947,687 $15,936,744 $15,925,748 $15,914,696 $15,903,588
61 62 63 64 65 66 67 68 69 70 71 72
$79,518 $79,462 $79,406 $79,350 $79,293 $79,236 $79,179 $79,121 $79,064 $79,005 $78,947 $78,888 $950,470
$11,163 $11,218 $11,275 $11,331 $11,388 $11,445 $11,502 $11,559 $11,617 $11,675 $11,734 $11,792 $137,698
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $1,088,167
$15,892,426 $15,881,207 $15,869,933 $15,858,602 $15,847,214 $15,835,770 $15,824,268 $15,812,709 $15,801,091 $15,789,416 $15,777,683 $15,765,891
73 74 75 76 77
$78,829 $78,770 $78,711 $78,651 $78,591
$11,851 $11,910 $11,970 $12,030 $12,090
$90,681 $90,681 $90,681 $90,681 $90,681
$15,754,039 $15,742,129 $15,730,159 $15,718,129 $15,706,039
Year 3 total
Year 4 total
Year 5 total
Year 6 total
Page 12
Loan Amort 78 79 80 81 82 83 84 Year 7 total
$78,530 $78,469 $78,408 $78,347 $78,285 $78,223 $78,161 $941,977
$12,150 $12,211 $12,272 $12,334 $12,395 $12,457 $12,520 $146,191
$90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $90,681 $1,088,167
Page 13
$15,693,889 $15,681,678 $15,669,405 $15,657,072 $15,644,676 $15,632,219 $15,619,700
Loan Amort
Payment Number Interest Principal Total Payment Balance
1
2
3
4
5
6
7
$82,405
$82,364
$82,322
$82,280
$82,238
$82,196
$82,154
$8,276
$8,317
$8,359
$8,400
$8,442
$8,485
$8,527
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,472,709
$16,464,392
$16,456,033
$16,447,633
$16,439,190
$16,430,705
$16,422,178
Page 14
Loan Amort
Page 15
Loan Amort
Page 16
Loan Amort
8
9
10
11
12
13
14
15
16
17
$82,111
$82,068
$82,025
$81,982
$81,938
$81,894
$81,851
$81,806
$81,762
$81,717
$8,570
$8,613
$8,656
$8,699
$8,742
$8,786
$8,830
$8,874
$8,919
$8,963
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,413,609
$16,404,996
$16,396,340
$16,387,641
$16,378,899
$16,370,113
$16,361,283
$16,352,409
$16,343,490
$16,334,527
Page 17
Loan Amort
Page 18
Loan Amort
Page 19
Loan Amort
18
19
20
21
22
23
24
25
26
27
$81,673
$81,628
$81,582
$81,537
$81,491
$81,445
$81,399
$81,353
$81,306
$81,259
$9,008
$9,053
$9,098
$9,144
$9,190
$9,235
$9,282
$9,328
$9,375
$9,422
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,325,519
$16,316,466
$16,307,368
$16,298,224
$16,289,034
$16,279,799
$16,270,517
$16,261,189
$16,251,814
$16,242,393
Page 20
Loan Amort
Page 21
Loan Amort
Page 22
Loan Amort
28
29
30
31
32
33
34
35
36
37
$81,212
$81,165
$81,117
$81,069
$81,021
$80,973
$80,924
$80,876
$80,827
$80,777
$9,469
$9,516
$9,564
$9,611
$9,659
$9,708
$9,756
$9,805
$9,854
$9,903
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,232,924
$16,223,408
$16,213,845
$16,204,233
$16,194,574
$16,184,866
$16,175,110
$16,165,305
$16,155,451
$16,145,547
Page 23
Loan Amort
Page 24
Loan Amort
Page 25
Loan Amort
38
39
40
41
42
43
44
45
46
47
$80,728
$80,678
$80,628
$80,578
$80,527
$80,476
$80,425
$80,374
$80,323
$80,271 $10,410
$9,953
$10,003
$10,053
$10,103
$10,153
$10,204
$10,255
$10,307
$10,358
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,135,594
$16,125,592
$16,115,539
$16,105,436
$16,095,283
$16,085,078
$16,074,823
$16,064,517
$16,054,159
$16,043,749
Page 26
Loan Amort
Page 27
Loan Amort
Page 28
Loan Amort
48
49
50
51
52
53
54
55
56
57
$80,219
$80,166
$80,114
$80,061
$80,008
$79,955
$79,901
$79,847
$79,793
$79,738
$10,462
$10,514
$10,567
$10,620
$10,673
$10,726
$10,780
$10,834
$10,888
$10,942
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$16,033,287
$16,022,773
$16,012,206
$16,001,586
$15,990,914
$15,980,188
$15,969,408
$15,958,574
$15,947,687
$15,936,744
Page 29
Loan Amort
Page 30
Loan Amort
Page 31
Loan Amort
58
59
60
61
62
63
64
65
66
67
$79,684
$79,629
$79,573
$79,518
$79,462
$79,406
$79,350
$79,293
$79,236
$79,179
$10,997
$11,052
$11,107
$11,163
$11,218
$11,275
$11,331
$11,388
$11,445
$11,502
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$15,925,748
$15,914,696
$15,903,588
$15,892,426
$15,881,207
$15,869,933
$15,858,602
$15,847,214
$15,835,770
$15,824,268
Page 32
Loan Amort
Page 33
Loan Amort
Page 34
Loan Amort
68
69
70
71
72
73
74
75
76
77
$79,121
$79,064
$79,005
$78,947
$78,888
$78,829
$78,770
$78,711
$78,651
$78,591
$11,559
$11,617
$11,675
$11,734
$11,792
$11,851
$11,910
$11,970
$12,030
$12,090
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$15,812,709
$15,801,091
$15,789,416
$15,777,683
$15,765,891
$15,754,039
$15,742,129
$15,730,159
$15,718,129
$15,706,039
Page 35
Loan Amort
Page 36
Loan Amort
Page 37
Loan Amort
78
79
80
81
82
83
84
$78,530
$78,469
$78,408
$78,347
$78,285
$78,223
$78,161
$12,150
$12,211
$12,272
$12,334
$12,395
$12,457
$12,520
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$90,681
$15,693,889
$15,681,678
$15,669,405
$15,657,072
$15,644,676
$15,632,219
$15,619,700
Page 38
Loan Amort
Page 39
Loan Amort
Page 40
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