Page 54 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

Property Information Guardian Place I & II

Guardian Place I & II General Partner United Methodist Family Services
1620 north Hamilton Street Management Dominion Partners
richmond, Va 23230 Projected Closing Date April 1, 2022
richmond City County Hold Period 12 Years
Hold Period 12 Years Opportunity Zone No

Phase I Phase II
Year Built 1994 Year Built/Renovated 2000 / 2004
Number of Units 121 Number of Units 115
Property Type LIHTC - Senior (62+) Property Type LIHTC - Market Rate/Senior (55+)
Limited Partner Unknown Limited Partner Unknown
Placed In Service December 1, 1994 Placed In Service November 2, 2000
End of TCCP December 31, 2009 End of TCCP December 31, 2015
Final Year of LIHTC Restrictions 2024 (Ext Use: 15 Yrs) Final Year of LIHTC Restrictions 2030 (Ext Use: 15 Yrs)
Qualified Contract Eligible Yes Qualified Contract Eligible Yes
Right of First Refusal No Right of First Refusal No
Yield Analysis

IRR Year 0 Cash-on-Cash Year 1 Cash-on-Cash Year 0 Cap Rate Year 1 Cap Rate
11.36% 2.91% 4.00% 3.22% 3.84%

12-Yr Leveraged IRR 4.37% 3-Yr Avg 6.44% 12-Yr Avg $1,039,054 NOI $1,237,684 NOI
Cash-on-Cash Cash-on-Cash $32,250,000 Price $32,250,000 Price

Purchase Price $32,250,000
Per Unit $136,653
Per SF $238 Total Debt $14,960,000
Aggregate LTV 46.4%
Total Acquisition Costs $33,196,967 Aggregate LTC 45.1%
Cost Per Unit $140,665
Cost Per SF $245 Equity $18,236,967
Profit $37,634,447
Exit Cap Rate 5.00% Multiple 3.06x
Exit Cost of Sale 6.99%
Current year 0 year 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8 year 9 year 10 year 11 year 12
Cash-on-Cash Return 2.40% 2.91% 4.00% 4.44% 4.67% 5.65% 4.86% 5.71% 6.41% 6.74% 7.09% 7.92% 9.14% 10.62%
Cap Rate 2.93% 3.22% 3.84% 4.09% 4.22% 4.77% 5.22% 5.70% 6.09% 6.28% 6.48% 6.95% 7.64% 8.47%
Cap Rate on Cost 2.85% 3.13% 3.73% 3.97% 4.10% 4.63% 5.07% 5.53% 5.92% 6.10% 6.29% 6.75% 7.42% 8.23%
Average Loan Constant 5.32% 5.32% 5.32% 5.32% 5.32% 5.32% 5.32% 5.32% 5.32% 5.32% 5.32% 5.32% 5.32% 5.32%
Cap Rate on Cost Arbitrage -2.47% -2.19% -1.59% -1.35% -1.22% -0.69% -0.25% 0.21% 0.60% 0.78% 0.97% 1.43% 2.10% 2.91%
Amortizing DSCR 1.19 1.31 1.55 1.66 1.71 1.93 2.11 2.31 2.47 2.55 2.62 2.81 3.09 3.43
Internal Rate of Return 2.18% 5.92% 7.79% 8.28% 8.63% 9.43% 10.34% 11.13% 11.36%

Cash-on-Cash Return Internal Rate of Return
12% 12%
10% 10%
8% 8%
6% 6%

4% 4%
2% 2%
0% 0%
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12

Financial Analysis | 6