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1 I 1
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<br />Rent & Cap Rate Model Comparison
<br />Residences @ Ramsey Town Center
<br />CONCEPT A
<br />SCENARIO 1 (AVERAGE RENTS $1.25 per SF)
<br />PROJECT COSTS $ 38,962,099
<br />CAP RATE NOI VALUE
<br />9.00% $ 2,134,397 $ 23,715,522
<br />8.75% $ 2,134,397 $ 24,393,109
<br />8.50% $ 2,134,397 $ 25,110,553
<br />8.00% $ 2,134,397 $ 26,679,963
<br />7.50% $ 2,134,397 $ 28,458,627
<br />SCENARIO 2 (AVERAGE RENTS $1.35 per SF)
<br />PROJECT COSTS $ 39,154,985
<br />CAP RATE NOI VALUE
<br />9.00% $ 2,372,066
<br />8.75% $ 2,372,066
<br />8.50% $ 2,372,066
<br />8.00% $ 2,372,066
<br />7.50% $ 2,372,066
<br />$ 26,356,289
<br />$ 27,109,326
<br />$ 27,906,659
<br />$ 29,650,825
<br />$ 31,627,547
<br />CONCEPT D
<br />SCENARIO 1 (AVERAGE RENTS $1.25 per SF)
<br />PROJECT COSTS $ 31,127,890
<br />CAP RATE NOI VALUE
<br />9.00% $ 2,176,173 $ 24,179,700
<br />8.75% $ 2,176,173 $ 24,870,549
<br />8.50% $ 2,176,173 $ 25,602,035
<br />8.00% $ 2,176,173 $ 27,202,163
<br />7.50% $ 2,176,173 $ 29,015,640
<br />SCENARIO 2 (AVERAGE RENTS $1.35 per SF)
<br />PROJECT COSTS
<br />CAP RATE
<br />9.00% $
<br />8.75% $
<br />8.50% $
<br />8.00% $
<br />7.50% $
<br />NOI
<br />2,418,524
<br />2,418,524
<br />2,418,524
<br />2,418,524
<br />2,418,524
<br />$ 31,292,509
<br />VALUE
<br />$ 26,872,489
<br />$ 27,640,274
<br />$ 28,453,224
<br />$ 30,231,550
<br />$ 32,246,987
<br />SHORTFALL
<br />$ (15,246,577)
<br />$ (14,568,990)
<br />$ (13,851,546)
<br />$ (12,282,137)
<br />$ (10,503,472)
<br />SHORTFALL
<br />(12,798,696)
<br />(12,045,659)
<br />(11,248,326)
<br />(9,504,160)
<br />(7,527,438)
<br />SHORTFALL
<br />$ (6,948,190)
<br />$ (6,257,341)
<br />$ (5,525,855)
<br />$ (3,925,728)
<br />$ (2,112,250)
<br />SHORTFALL
<br />$ (4,420,020)
<br />$ (3,652,235)
<br />$ (2,839,285)
<br />$ (1,060,959)
<br />$ 954,478
<br />CONCEPT C
<br />SCENARIO 1 (AVERAGE RENTS $1.25 per SF)
<br />PROJECT COSTS $ 36,122,575
<br />CAP RATE NOI VALUE
<br />9.00% $ 2,176,173 $ 24,179,700
<br />8.75% $ 2,176,173 $ 24,870,549
<br />8.50% $ 2,176,173 $ 25,602,035
<br />8.00% $ 2,176,173 $ 27,202,163
<br />7.50% $ 2,176,173 $ 29,015,640
<br />SCENARIO 2 (AVERAGE RENTS $1.35 per SF)
<br />PROJECT COSTS $ 36,288,856
<br />CAP RATE
<br />9.00% $
<br />8.75% $
<br />8.50% $
<br />8.00% $
<br />7.50% $
<br />NOI
<br />2,418,524
<br />2,418,524
<br />2,418,524
<br />2,418,524
<br />2,418,524
<br />VALUE
<br />$ 26,872,489
<br />$ 27,640,274
<br />$ 28,453,224
<br />$ 30,231,550
<br />$ 32,246,987
<br />SHORTFALL
<br />$ (11,942,875)
<br />$ (11,252,026)
<br />$ (10,520,540)
<br />$ (8,920,413)
<br />$ (7,106,935)
<br />SHORTFALL
<br />$ (9,416,367)
<br />$ (8,648,582)
<br />$ (7,835,632)
<br />$ (6,057,306)
<br />$ (4,041,869)
<br />FLAHERTY & COLLINS
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