Page 17 - Solana101_OfferingMemorandum_GSP

FINANCING REQUEST

LOAN REQUEST SOURCES & USES

TYPE Senior Construction Loan SUMMARY S&U $ % PER SF
AMOUNT $53,060,000 Senior Debt 53,050,400 65.0% 575

TERM 3+1+1 Equity 28,565,600 35.0% 310
RATE STRUCTURE Floating TOTAL SOURCES $81,616,000 100.0% $885
RECOURSE Non-Recourse with Standard Carve Outs Land Acquisition 12,371,000 15.2% 134
Hard Costs & Contingency 43,015,000 52.7% 466
171
LOAN METRICS Soft Costs & Contingency 15,764,000 19.3% 60
5,555,000
Tenant Improvements
6.8%
LOAN BASIS $53,060,000 Financing Costs 4,911,000 6.0% 53
LOAN BASIS PER SF $575 TOTAL USES $81,616,000 100.0% $885
STABILIZED NET CASH FLOW $5,254,591
STABILIZED DEBT YIELD 9.9% *Ability to release individual parcels through Partial Paydown
STABILIZED RETURN ON COST 6.4%
STABILIZED VALUE - 4.76% CAP RATE $106,000,000
STABILIZED VALUE PER SF $1,149
LOAN TO STABILIZED VALUE 50.1%

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