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Ramsey AL/MC Cash Flow Projections
<br />Total Project Coeb $ 32,300,000 100.00%1 1330 ALF/MC Inflation Trend: Economic Occupancy /Vacancy
<br />Equity $ 9,690,000 30.00% Mmnt. Fee Expenses 2.00% Op Vrl 40.0% 60.0%
<br />Primary Lan $ 22,610,000 70.00% Units 102 Taxes 2.00% Op Yr2 70.0% 30.0%
<br />Interest Rate Yrs 1-2 6.2:9 Rent 2.00% Op Yr 3 93.0% 7.0%
<br />Interest Rate Yrs 3-7 6.25% Other Income 1.00%
<br />Term 30
<br />Construction: 12 months
<br />Op Yr #1 Op Yr q2 Op Yr q3 Op Yr q4 Op Yr q5 Op Yr q6 Op Yr q7 Op Yr q8 Op Yr q9 Clp Yr q10
<br />Rental Income (6a11-ervices( $7,198,103 55,881 57,342,065 $5,998 57,488,906 56,118 $7,638,685 56,241 $7,791,458 56,66 57 947,287 $6,493 $8,106,233 56,623 58,268,358 56,755 58,433,725 $6,890 58,602,399 $7,028
<br />Vacancy/Loss-54,336,028-52,202,620-$524,223-$534,708 -5545,402-$556,310-5567,436-5578,765
<br />EFFECTIVE GROSS INCOME 52,862A75 55,139,446 56,964,683 $7,103,977 $7,246,056 $7j90,977 57,536,797 57,689,573 $7,-$590,361-$602,166
<br />843,364 $8,000,231
<br />Other Income $70,193 $124,811 5167,478 5170,828 $174,244 $177,729 5181,284 $184,909 5188,607 $192,380
<br />Total Revenue I $2,932,268 $5,264,256 $7,132,161 $7,274,804 $7,420,300 $7,563,706 $7,720,030 $7,874,432 $8,031,972 $8,192,611
<br />EXPENSES
<br />• Administration $400,000 5400,000 0 5408,000 5416,160 x 5424,483 3 $432,973 $441,632 5450,465 5459,474 5468,664
<br />• Human Resources $30,000 $32,313 ::4 $32,960 $33,619 :IF $34,291 S% $34,977 $35,676 $36,390 $37,118 537,860
<br />• Sales & Marketing 5120,000 $146,916 :"4 5149,855 5152,852 0 5155,909 '% 5159,027 5162,207 $165,452 5168,761 5172,136
<br />• Ac0vi0e0& Entertainment $157,500 $167,088 96 $170,430 $173,838 0 5177,315 :% $180,861 $184,478 $188,168 $191,931 5135,770
<br />• Assisted Living $920,000 51,425,000 1% 51,850,000 51,887,000 330 51,924,740 9% 51,963,235 $2,002,499 52,042,349 $2,083,400 52,125,068 'i
<br />• Dietary $349,932 $725,000 .I09 $851,539 $868,569 339 $885,941 9% $903,660 $921,733 $940,168 $958,971 $978,150 '6
<br />• Housekeeping 5100,000 5130,696 1 $177,112 $180,654 -M $184,267 t $187,952 5191,711 $195,545 $199,456 $203,446
<br />x Maintenance & Repairs-Fadlity $150,000 $288,172 6 $390,514 $398,324 . 8 $406,290 $414,416 $422,704 $431,159 $439,782 $448,577
<br />Insurance $66$00 $104,040 M 5106,121 5108,243 .6 $110,408 5112,616 5114,869 5117,166 5119,509 5121,899
<br />Real Estate Taxes $172,446 $270,608 'b $276,020 $281,541 3% $287,171 $292,915 $298,773 $304,749 $310,844 $317,060
<br />• Laundry $617 $1,109 :% $1,503 $1,533 9 51,563 $1,595 51,626 $1,659 51,692 51,726
<br />x Management Fee/611et Mgmt $161,275 $301,534 t $404,269 $412,114 $420,117 $428,279 5436,604 $445,097 5453,758 5462,594
<br />Replacement Reserves 50 50 530,600 $30,600 $30,600 530,600 $30,600 $31,212 $31,836 $32,473
<br />Total Expenses I $2,623,071 89.6% $3,992,476 75.8% 54,848,920 68.06 54,945,046 68.0% $5,043,095 2u.s.'5 55,143,10 $5,245,115 $5,343,778 67.9% $5,456,533 67.9% $5,565,44
<br />INET OPERATING INCOME
<br />$304,197 10.4% 51,271,781 24.2% 52,283,941 32.0% 52,329,758 32.0M 52,377,205 32..3222 52,425,601 52,474,965 52,524,704 32.1% 52,575,439 32.1% $2,627,187 32.1%
<br />Est TIFPayments
<br />(TOT3L INCOME $304,197 $1,271,781 $7 83,241 52,329,758 $2,377�� $2,45,601 $2,4g965 $2524,704 $2575,439 $2,627,187
<br />Debt Service, Primary Lender -$1,413,125-51,413,125 -$1,'70$W 1.37-$1,670$W-$1,670,564-$1,670,569-$1,670,564-$1,670$W -$1,670,564-51,670,564
<br />Rent/ Lease -Up Reserve $1,600,000 $800,000 50 50 $0 50 $0 50 $0 $0
<br />(PROJECTED ANNUAL CASH FLOW I $431,072
<br />$658,656
<br />$612,677
<br />$659,194
<br />$706,641
<br />$755,037
<br />$804,401
<br />5854,141
<br />$904,875
<br />$956,623
<br />Annul Cash-on-Canh
<br />5.1%
<br />6.8%
<br />6.3%
<br />6.8%
<br />7.3%
<br />7.8%
<br />8.3%
<br />&8%
<br />9.3%
<br />9.9%
<br />Cap an Con
<br />O9%
<br />3.9%
<br />7.196
<br />7.2%
<br />7.414
<br />7.5%
<br />7.336
<br />7.8%
<br />8.016
<br />8.196
<br />(
<br />Confidential and Subject to Change- Preliminary and for discussion purposes only.
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