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Moulton Plaza -- Pro-Forma for City Council |
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Sources & Uses of Funds |
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Land |
Total Cost |
Per SF |
Per Unit |
Construction |
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Comments |
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Sources of Funds |
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Acquisition |
$ 1,250,001 |
$ 19.23 |
$ 18,939 |
$ 1,250,001 |
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Title & Escrow -- Land Closing |
$ 10,000 |
$ 0.15 |
$ 152 |
$ 10,000 |
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See "Assumptions" |
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Construction Sources |
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Permanent Sources |
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Legal -- Land Closing |
$ 3,500 |
$ 0.05 |
$ 53 |
$ 3,500 |
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Construction Loan |
$ 9,713,190 |
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1st Mortgage |
$ 5,694,882 |
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Subtotal, Land Costs |
$ 1,263,501 |
$ 19.43 |
$ 19,144 |
$ 1,263,501 |
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Value of Donated Land |
$ 1,250,001 |
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Value of Donated Land |
$ 1,250,001 |
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Tax Credit Investor Proceeds |
$ 4,764,808 |
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Hard Costs |
Total Cost |
Per SF |
Per Unit |
Construction |
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Comments |
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MPHC Equity |
$ 360,971 |
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Demolition |
$ 50,000 |
$ 0.77 |
$ 758 |
$ 50,000 |
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Est. from Italian Gardens |
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Deferred Developer Fee |
$ 210,029 |
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Off-Sites |
$ - |
$ - |
$ - |
$ - |
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Unknown |
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Sunnyvale Housing Fund |
$ 992,000 |
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Sunnyvale Housing Fund |
$ 992,000 |
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Site Improvements |
$ 812,728 |
$ 12.50 |
$ 12,314 |
$ 812,728 |
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AHP |
$ 390,000 |
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AHP |
$ 390,000 |
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Residential Buildings |
$ 5,025,525 |
$ 88.00 |
$ 76,144 |
$ 5,025,525 |
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Residential + Circulation |
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Housing Trust Loan |
$ 500,000 |
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Housing Trust Loan |
$ 500,000 |
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Community Space |
$ 561,610 |
$ 71.00 |
$ 8,509 |
$ 561,610 |
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Sunnyvale HOME |
$ 800,000 |
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Sunnyvale HOME |
$ 800,000 |
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Common Furnishings |
$ 49,500 |
$ 0.76 |
$ 750 |
$ 49,500 |
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Gap |
$ (344) |
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Gap |
$ (344) |
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Commercial Space |
$ - |
$ 70.00 |
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$ - |
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Total |
$ 13,644,847 |
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Total |
$ 14,962,347 |
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Commercial TIs |
$ - |
$ 22.00 |
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$ - |
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Podium Parking |
$ 1,793,315 |
$ 43.00 |
$ 27,171 |
$ 1,793,315 |
$ 15,070 |
per space |
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Contractor Overhead & Profit |
$ 1,071,548 |
$ 16.48 |
$ 16,236 |
$ 1,071,548 |
13% |
of construction items |
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Contingency |
$ 468,211 |
$ 7.20 |
$ 7,094 |
$ 468,211 |
5% |
of hard costs |
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Subtotal, Hard Costs |
$ 9,832,438 |
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$ 148,976 |
$ 9,832,438 |
$ 144.02 |
per gross sq ft, excl. contingency |
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$ 116.44 |
" " over podium |
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Soft Costs |
Total Cost |
Per SF |
Per Unit |
Construction |
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Comments |
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Local Permits & Fees |
$ 814,533 |
$ 12.53 |
$ 12,341 |
$ 814,533 |
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From "Fees" worksheet |
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Architectural |
$ 390,109 |
$ 6.00 |
$ 5,911 |
$ 390,109 |
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Estimated from comparables |
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Soils, Survey, Civil, Testing, Envt'l etc. |
$ 75,000 |
$ 1.15 |
$ 1,136 |
$ 75,000 |
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Construction Loan Fees |
$ 232,579 |
$ 3.58 |
$ 3,524 |
$ 232,579 |
2.50% |
plus expenses |
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Construction Period Interest |
$ 409,704 |
$ 6.30 |
$ 6,208 |
$ 409,704 |
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See "Assumptions" sheet |
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Construction Inspection (CHFA) |
$ 24,000 |
$ 0.37 |
$ 364 |
$ 24,000 |
$1,500 |
per month of construction |
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Appraisal |
$ 12,000 |
$ 0.18 |
$ 182 |
$ 12,000 |
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Real Estate Taxes During Const. |
$ 14,000 |
$ 0.22 |
$ 212 |
$ 14,000 |
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Insurance During Construction |
$ 144,209 |
$ 2.22 |
$ 2,185 |
$ 144,209 |
$1.10 |
per $100 of hard costs per year |
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Permanent Loan Fees & Expenses |
$ 85,923 |
$ 1.32 |
$ 1,302 |
$ 85,923 |
1.50% |
of mortgage plus expenses |
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Permanent Loan Fee -- Application |
$ 2,000 |
$ 0.03 |
$ 30 |
$ 2,000 |
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Audit |
$ 10,000 |
$ 0.15 |
$ 152 |
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Tax Credit Monitoring Fee |
$ 74,756 |
$ 1.15 |
$ 1,133 |
$ 74,756 |
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Legal Fees -- Organization |
$ 5,500 |
$ 0.08 |
$ 83 |
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Legal Fees -- Const. Loan Closing |
$ 15,000 |
$ 0.23 |
$ 227 |
$ 15,000 |
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Legal Fees -- Mortgage Loan Closing |
$ 3,000 |
$ 0.05 |
$ 45 |
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Legal Fees -- Syndication |
$ 25,000 |
$ 0.38 |
$ 379 |
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Syndication Consultant |
$ 35,000 |
$ 0.54 |
$ 530 |
$ 17,500 |
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Title & Escrow -- Construction Loan |
$ 20,000 |
$ 0.31 |
$ 303 |
$ 20,000 |
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Title & Escrow -- Mortgage Loan |
$ 10,000 |
$ 0.15 |
$ 152 |
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Marketing |
$ 33,000 |
$ 0.51 |
$ 500 |
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Developer Fee |
$ 1,200,000 |
$ 18.46 |
$ 18,182 |
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Maximum allowed in basis |
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Capiltalized Operating Reserves |
$ 155,283 |
$ 2.39 |
$ 2,353 |
$ 155,283 |
3 |
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Soft Cost Contingency |
$ 75,812 |
$ 1.17 |
$ 1,149 |
$ 75,812 |
2% |
of soft costs |
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Subtotal, Soft Costs |
$ 3,866,409 |
$ 59.47 |
$ 58,582 |
$ 2,562,409 |
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Total Development Cost |
$ 14,962,347 |
$ 78.69 |
$ 226,702 |
$ 13,644,847 |
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constr. loan expenses |
$ 232,579 |
$ 227,273 |
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$ 9,070,907 |
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constr. loan interest |
$ 409,704 |
$ 394,962 |
(Term = Const Period + 3 mos.) |
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Summary for Pasting into Funding Applications |
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Land (Acquisition & Closing) |
$ 1,264,000 |
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Hard Costs |
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Site Improvements |
$ 813,000 |
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Residential Buildings |
$ 5,637,000 |
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Commercial Space |
$ - |
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Parking Podium |
$ 1,793,000 |
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Contractor Overhead & Profit |
$ 1,072,000 |
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Contingency |
$ 468,000 |
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Subtotal, Hard Costs |
$ 9,783,000 |
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Soft Costs |
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Local Permits & Fees |
$ 815,000 |
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Architectural |
$ 390,000 |
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Construction Period Interest |
$ 410,000 |
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Developer Fee |
$ 1,200,000 |
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Other Soft Costs |
$ 952,000 |
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Soft Cost Contingency |
$ 76,000 |
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Subtotal, Soft Costs |
$ 3,843,000 |
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Total Development Cost |
$ 14,962,000 |
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1st Mortgage |
$ 5,695,000 |
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Value of Donated Land |
$ 1,250,000 |
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Tax Credit Investor Proceeds |
$ 4,765,000 |
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MPHC Equity |
$ 361,000 |
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Deferred Developer Fee |
$ 210,000 |
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Sunnyvale Housing Fund |
$ 992,000 |
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AHP |
$ 390,000 |
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Housing Trust Loan |
$ 500,000 |
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Sunnyvale HOME |
$ 800,000 |
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Gap |
$ - |
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Total |
$ 14,962,000 |
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