Olinda Apartments

01The Build

02Cost Basis

03Lease-Up

04Stabilized

05Perm Loan

06Refi & Equity

07Returns

08Summary

09Sensitivity

The build

10898 W Olinda St, Sun Valley CA — 3-story Type V-A, fully sprinklered, delivered RTI. Ground-up new construction on 38,000 GSF.

Total units

Unit mix

64 1BR · 2 2BR

Gross SF

38k sf

Parking

Unit mix by floor

Floor 120 units — all 1BR

Floor 223 units — 22 1BR, 1 2BR

Floor 323 units — 22 1BR, 1 2BR

1BR avg SF471 sf

2BR avg SF580 sf

Total rentable SF31,322 sf

GSF efficiency (est.)82.4%

Parking & delivery

Parking spots-

Parking rate-

Ratio (spaces/unit)-

DeliveryRTI — permits included in land

Construction typeType V-A wood frame

Stories3

SprinkleredFully sprinklered

Cost basis

Total development cost = land + hard + soft + interest carry + origination. Construction loan sized at - of basis. Equity is the difference.

Total dev cost

Construction loan

Equity at close

Interest carry

Uses — where the money goes

Land (RTI, incl. A&E)$1,725,000

Hard costs-

Soft costs-

Permits & fees (50%)-

Legal & closing (25%)-

Contingency (25%)-

Interest carry-

Origination (1%)-

Total dev cost-

Sources — how it gets funded

Construction loan-

Equity-

Total-

Carry formula

Capital structure

Loan

Equity

Lease-up & stabilized income

Income built from actual rent roll. OpEx at - of EGI covers tax, insurance, management, maintenance, utilities, and admin.

Gross potential rent

EGI (after vacancy + parking)

NOI / yr

NOI / mo

Income & expenses	Monthly	Annual
Studios	-	-
1BR income	-	-
2BR income	-	-
Gross potential rent	-	-
Vacancy	-	-
Parking	-	-
Effective gross income	-	-
OpEx	-	-
NOI	-	-

Operating metrics	Value
Blended rent / unit	-
Expense ratio	-
OpEx / unit / yr	-
Parking income / yr	-
Breakeven occupancy	-
NOI / unit / yr	-
NOI / unit / mo	-

Rent roll — all 66 units by floor

Total units

Gross rent / yr

Avg rent / unit

Avg rent / sf

Unit	Floor	Type	SF	Monthly	Annual	$/sf/mo

Stabilized value

In-place cap rate is what you built it for — your yield on cost. Exit cap rate is what the market pays for stabilized product. The spread between them is your development margin.

In-place cap (yield on cost)

NOI / TDC

Yield on cost breakdown

Stabilized NOI-

Total dev cost-

In-place cap rate-

Stabilized value

NOI / exit cap

Exit valuation

Stabilized NOI-

Exit cap rate-

Stabilized value-

Less TDC-

Value creation-

Permanent loan

Sized from the DSCR test: maximum loan the NOI can support at 1.25x debt service coverage. LTV of stabilized value is shown as a reference ceiling — the DSCR test drives the number.

Perm loan

Annual debt service

DSCR

1.25x minimum

LTV ceiling (ref only)

Loan sizing

Stabilized value-

LTV ceiling (- of stab. value, ref only)-

DSCR-constrained max (1.25x)-

Perm loan (DSCR-driven)-

Effective LTV-

Debt service

Loan rate-

Amortization-

Monthly P&I-

Annual debt service-

DSCR check-

Refi & equity waterfall

At stabilization, the construction loan is retired with permanent loan proceeds. Cash left over is returned to equity. What remains is your ongoing basis in a stabilized, de-risked asset.

Perm loan proceeds

Retire const. loan

Cash returned

Net equity remaining

Construction to permanent transition

Perm

Retained

Perm loan

Returned

Gap (if any)

Retained equity

Waterfall

Equity invested at close-

Perm loan proceeds-

Retire construction loan-

Net cash at refi-

Cash returned to equity-

Net equity remaining in deal-

What this means

Returns

Cash flow before and after debt service. CoC shown on original equity at close (primary) and on net equity remaining post-refi (secondary).

Monthly income (before debt)

NOI / 12

Monthly mortgage (P&I)

Perm loan payment

Monthly cash flow (after debt)

NOI minus mortgage

Annual cash flow

Cash-on-cash returns

Cash flow / yr-

Equity at close-

CoC on equity at close-

Net equity post-refi-

CoC on net equity (post-refi)-

Yield on cost-

5-yr hold (3% NOI growth, sold at exit cap)

Year 5 NOI-

Year 5 value-

Loan balance at Yr 5-

Sale costs (3.5%)-

Net proceeds at sale-

Equity multiple-

Deal summary

One-pager. Export to print.

Olinda Apartments

10898 W Olinda St, Sun Valley, CA

Confidential

The deal

Units-

Unit mix-

Gross SF38,000 sf

Parking-

ConstructionType V-A

Cost basis

TDC-

Const. loan-

Equity-

Equity / unit-

Cost / unit-

Operations

1BR rent-

2BR rent-

GPR / yr-

EGI / yr-

NOI / yr-

Valuation

In-place cap-

Exit cap-

Stabilized value-

Perm loan-

DSCR-

Returns

Monthly NOI-

Monthly mortgage-

Cash flow / yr-

CoC at close-

CoC post-refi-

Refi proceeds-

Yield on cost-

Confidential — for discussion purposes only as of -. Not an offer to sell or solicitation to buy any security.

Sensitivity analysis

Two live sliders show instant return impact of Section 8 mix and property tax exemption. Grid tables show full matrix across rent and exit cap ranges.

Section 8 units

% of building S80%

S8 rates: 1BR +$250/mo ($2,000) 2BR +$200/mo ($2,350) applied to both types

NOI

CoC close

CoC post-refi

Property tax exemption

% of prop tax exempt0%

Prop tax ~1.25% of TDC/yr. Full exempt = -/yr NOI addback

NOI

CoC close

CoC post-refi

Returns vs 1BR rent — exit cap: 5.50%

1BR rent$1,750

NOI

DSCR

CoC

Stabilized value vs exit cap — 1BR rent: $1,750

Exit cap5.50%

Stab. value

Perm loan

Eq. multiple

Section 8 mix vs exit cap -- CoC post-refi

Property tax exemption vs exit cap -- CoC post-refi

Gold border = current assumptions. Click any cell to load those inputs.

Refi proceeds -- pull out vs leave in — CoC post-refi across exit caps

Rows = % of available refi cash you pull out. 0% = leave all in deal. 100% = full cash-out. CoC shown on remaining equity.