Page 17 - NOLASky_OfferingMemorandum_GSP

Sources $ % Per SF Per Unit

Senior Debt 23,424,592 65.0% 130.6 146,404
Equity 12,613,242 35.0% 70.3 78,833
Limited Partner (TBD) 85.00% 10,721,256 29.8% 59.8 67,008

General Partner (Sponsor) 15.00% 1,891,986 5.2% 10.5 11,825
Total Sources $36,037,834 100.0% $20.9 $225,236

Uses $ % Per SF Per Unit

Land Purchase Price $9,574,800 26.6% 53.4 $59,843
Site Development 4,023,980 11.2% 22.4 25,150
Fees & Permits 920,573 2.6% 5.1 5,754
FF&E + TI's 200,000 0.6% 1.1 1,250

Hard Cost 15,806,456 43.9% 88.1 98,790
Indirect Construction 1,542,708 4.3% 8.6 9,642
Marketing 230,000 0.6% 1.3 1,438
Leasing 274,000 0.8% 1.5 1,713
G&A Overhead 1,398,587 3.9% 7.8 8,741

Soft Cost Contingency 141,039 0.4% 0.8 881
Financing Closing Costs 117,123 0.3% 0.7 732
Senior Debt Origination Fee 234,246 0.7% 1.3 1,464
Investment Banking Fee 414,872 1.2% 2.3 2,593

Senior Debt Interest Reserve 1,159,451 3.2% 6.5 7,247
Total Uses $36,037,834 100.0% $200.9 $225,236

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