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Amanda Village

Amanda Village

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Amanda Village

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  1. Amanda Village Equity & Debt Proposal

  2. Development Summary • 100 Unit New Construction Project in Dekalb County • 36 units set aside for recovering addicts and units fully furnished • 98% PBRA- 10 year commitment • Service Provider- 3 year commitment for services per DCA guidelines • Brownfield Site • Non Profit GP/ Developer • Tax Credit allocation-750k

  3. Development Budget Acquisition of Property $ 925,000 3rd Party Cost $ 95,000 Professional Fees $ 463,000 Financing/Tax Credit Cost $ 425,598 Required Reserves $ 360,500 Construction Contract $9,625,000 Developer Fee $ 1,133,000 Total Development Budget $13,027,098

  4. Proposed Rents Unit Type Rent 2BR(Mkt) Manager 2BR(30%) $200 2BR(50%) $609- PBRA 2BR(60%) $609 3BR(30%) $278 3BR(50%) $729-PBRA 3BR(60%) $750

  5. Financial Projections • Income- $701,240 • Expenses- $458,271 • NOI- $242,969 • Debt Svc- $194,988 • Cash Flow- $47,981

  6. Proforma

  7. Construction Sources • Construction Loan- 3.5% $1,890,655 • Home Loan- 0.0% $1,200,000 • 3rd Loan- 0.0% $1,500,000 • Equity- $7,280,430 • Construction Sources $11,871,085

  8. Proposed Permanent Sources First Mortgage 5.75% $1,327,998 HOME Loan 3% $1,200,000 3rd Loan(soft) 3.4% $1,500,000 Federal Investor(.90) $6,749,325 State Investor(.30) $2,249,775 Total Sources $13,027,098

  9. Business Points Non profit Corporate Guarantee Limited Guarantees based on IRS Guidelines for non profit Adjusters treated as capital contributions/loans Right of First Refusal at end of compliance period Fee Payout 25/closing 25/completion 50/8609 Cash Flow 90% GP 10% LP