Page 12 - GSP_Residences_at_Linden_OM_Equity

THE

NUMBERS

SOURCES TOTAL $/Unit %
Senior Debt 19,302,918 235,401 55.0%
Mezzanine/Preferred Equity 7,019,243 85,601 20.0%
JV EQUITY REQUEST Equity 8,774,054 107,001 25.0%

Type Joint Venture Equity Partnership Limited Partner (TBD) 8,335,351 101,651 23.8%
JV Equity Request $8,335,351 General Partner (Sponsor) 438,703 5,350 1.2%
Investment Horizion Open to Discussion Total Sources $35,096,215 $428,003 100.0%
Waterfall Structure Open to Discussion | In Line with Market Terms
Control Rights Major Decisions SOURCES TOTAL $/Unit %
Land Costs and Related Expenses 5,100,001 62,195 14.5%

JV EQUITY RETURN METRICS¹ Architecture and Engineering 945,076 11,525 2.7%
Fees & Permits 1,640,000 20,000 4.7%
JV Equity IRR 33.58%
Hard Construction Costs 22,925,460 279,579 65.3%
JV Equity MOIC 1.97x
Other Soft Costs 281,333 3,431 0.8%
JV Equity Peak Equity $8,774,054
Marketing and Lease Up 383,751 4,680 1.1%
JV Equity Whole Dollar Profit $8,479,658
Developer's Contingency 394,177 4,807 1.1%
Project ROI (Year 2) 6.5%
Developer Fee 1,008,195 12,295 2.9%
Land Loan Interest Payments + Closing Cost 716,500 8,738 2.0%
¹ Above equity metrics assume:
Operating Reserve 92,309 1,126 0.3%
• This presentation only contemplates JV Equity returns. Waterfall structure to Financing Closing Cost 131,611 1,605 0.4%
be mutually agreed upon Senior Debt Origination Fee 193,029 2,354 0.6%
Investment Banking Fee 259,931 3,170 0.7%
Sr. Interest Reserve 954,650 11,642 2.7%
Total Uses $35,096,215 $428,003 100.0%

12 | RESIDENCES AT LINDEN