{"text_format":"1","workbook":"xlsx","n_sheets":17,"sheets":["Versions","Author & Legal","Project Summary","Budget_&_Draw","Unit Mix","Stabilized Operations","Returns Summary","Lists & Amortization","RE Tax Sensitivity","Stress Tests","IRR Sources","Partnership Summary","Profit Interest & Pari Passu","Pref. Return + Profit Interest","Simple Int. 2-Tier Waterfall","IRR Waterfall","Equity Multiple + Sale Kicker"],"not_rendered":{"charts":16,"images":1,"macros":1,"external_links":0,"defined_names":16,"comments":7,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Versions","index":0,"n_rows":123,"n_cols":3,"rows_kept":123,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Updates"]
[]
[null,"Version vK"]
[null,"Tab"]
[null,"Project Summary","Model didn't function properly if the project start date is between the 29th-31st of the month. I made the date inputs more rigid. Precise dates aren't relevant, as the model doesn't use an XIRR metric (that requires specific dates)."]
[null,"Project Summary","The refi month (cell F19) is still flexible but more limited (you can select a date with a drop-down list). Naturally it ties to the \"stabilization date\" as it did before, if you do go \"custom\" and chose a date before stabilization, Excel will warn you. Still must refi before Year 7 (as in past versions)."]
[null,"Project Summary","Adjusted the \"stabilization date\" (cell C32) to equal the CO date when the model has not been populated yet (the was a necessary step with the new drop-down list for custom refi dates)."]
[null,"Project Summary","Added a cash-on-cash return tracker (F53) for the year after the refinance takes place."]
[null,"Budget & Draw","Changed the label of the operating shortage to \"Pre Refi Operating Shortfall.\" It's important to note, if you refi'd before stabilization, the model doesn't track the negative operating cash flow."]
[null,"Stabilized Operations","Adjusted the \"Loan Draw after CO\" formula (row 59) to factor in the refi month. There was a bug where this row could include one extra erroneous loan draw. This was only an issue when the refi date was before the stabilization date, which, in theory, shouldn't happen as a lender wouldn't allow it. "]
[null,"Stabilized Operations","Adjusted the \"Remaining Loan\" formula (row 61) for the balance to carry through until refinancing (instead of zeroing out once the cash flow is positive and loan proceeds still remain). Now cash flow can go from negative to positive and back to negative, and remaining construction loan funds will cover it."]
[null,"Stabilized Operations","Adjusted all the formulas in L55:CE62 to cut off before the refi month (instead of the month of the refi). Debt service used to tie to this section (before vI), so it was necessary, but it reads more intuitively this way."]
[null,"Returns Summary","Added a cash-on-cash return calculation each year after the refinance takes place."]
[null,"Lists & Amortization","With the changes I made on the \"stabilized operations\" tab, I adjusted the formula in \"Column H\" to accurately reflect the loan balance at refi."]
[null,"Lists & Amortization","In \"Column I\" I adjusted the formulas to account for the interest being $0 the month the refi takes place. No more interest accrual takes place, and the final construction interest payment will occur this month in arrears for the last month. It's more logical to present this way."]
[null,"Lists & Amortization","In \"Column U,\" I simplified the formulas to more intuitively demonstrate that construction interest is paid one month in arrears, and permanent payments commence the following month after a refi."]
[null,"IRR Sources","New Tab: See blog post for more detail: https://www.tacticares.com/blog-feed/irr-for-real-estate-development"]
[]
[null,"Version vJ"]
[null,"Tab"]
[null,"Returns Summary","Updated the equity multiple formula (row 46). The equity multiple for the year the \"would-be\" refinance happens could be slightly understated as it wasn't counting the \"construction draw at CO\""]
[null,"Returns Summary","Updated the formulas hidden in row 36-45 to be more intuitive and easy to interpret (didn't affect any numbers)"]
[null,"Returns Summary","Changed the IRR formula (row 34) to \"IRR\" (instead of \"XIRR\") for simplicity, there were no materials changes to IRR results"]
[null,"Simple Int. 2-Tier WF","Added a \"Annualized Rate of Return (ARR)\" calculation. The IRR calculation is still present, but is less relevant as this partnership model accrues unpaid pref, but doesn't compound (waterfall is dictated by ARR)"]
[null,"Simple Int. 2-Tier WF","Reformatted tab for better UX (didn't impact any numbers)"]
[null,"IRR Waterfall","Reformatted tab for better UX (didn't impact any numbers)"]
[null,"Pref Return + Profit Interest","Reformatted tab for better UX (didn't impact any numbers)"]
[null,"Equity Multiple + Sale Kicker","Reformatted tab for better UX (didn't impact any numbers)"]
[null,"All partnership tabs","Changed \"Total Distributions\" label to \"Net Cash Flow\""]
[]
[null,"Version vI"]
[null,"Tab"]
[null,"All tabs","Changed certain cell colors to improve accessibility for users with disabilities."]
[null,"Project Summary","Construction Financing had a drop-down \"yes/no\" option for \"interest only\" however, the \"no\" selection doesn't do anything. Removed data validation drop-down-only option is \"Yes\""]
[null,"Project Summary","Added a section for all \"fee\" assumptions (development, construction management, refi, asset management, disposition)"]
[null,"Project Summary","Added an \"interest only\" option for the permanent financing section (F25)."]
[null,"Project Summary","Re-labeled debt payment information in cells F29 and F30 as \"Fully Amortizing.\""]
[null,"Project Summary","Moved and hid storage cells for the \"lease-up stress test\" to row 66."]
[null,"List & Amortization","Added an I/O date tracker in the \"permanent financing\" section"]
[null,"List & Amortization","Added two column in the \"perm financing\" section: \"I/O\" and \"PMT Remaining\" to help properly track loan payments and balances"]
[null,"List & Amortization","Updated formulas in columns \"O,\" \"P,\" and \"R\" to properly reflect potential I/O scenarios."]
[null,"List & Amortization","Updated the DSCR calculation (column Z) to exclude I/O and asset management (if applicable). This will affect the \"Cash Flow Summary\" chart on the \"Project Summary\" tab. "]
[null,"Budget & Draw","Development Fee and In-House Construction Management Fee no longer manual entries, they will flow in from the \"Project Summary\" tab"]
[null,"Stabilized Operations","Debt Service (row 55) now ties directly to the \"List and Amortization\" tab"]
[null,"Stabilized Operations","Deleted \"Debt Service and \"Operating Cash Flow\" calculations (column \"CS\")"]
[null,"Returns Summary","Added line items for \"Refi Fee\" and \"Disposition Fee.\""]
[null,"Profit Interest & PP","Summarize potential sponsor fees"]
[null,"Pref. Return + PI","Summarize potential sponsor fees"]
[null,"Simple Int. 2-Tier","Summarize potential sponsor fees"]
[null,"IRR Waterfall","Summarize potential sponsor fees"]
[null,"EM + SK","Summarize potential sponsor fees"]
[null,"Partnership Summary","Added lines for \"avg. annual return\" for both GP/LP and added a line for GP total project cash flow + total fee income"]
[null,"Partnership Summary","Changed \"distribution\" terminology to \"net cash flow\" (CF)."]
[]
[null,"Version vH"]
[null,"Tab"]
[null,"Project Summary","Added a direct link to the Tactica \"suggestions\" web page for feedback/ideas for new features"]
[]
[null,"Version vG"]
[null,"Tab"]
[null,"Opening Workbook","Must \"Enable Macros\" for advanced security measures"]
[null,"Versions","Added this tab to dedicate a sole tab to version updates"]
[null,"Unit Mix","Added a toggle to account for market rent growth during the construction years,"]
[null,"Stabilized Oper.","Adjusted to Loss-to-Lease formula to \"0\" out LTL before C.O. and calculate off leased units during lease-up. Model was potentially overstating LTL in previous versions."]
[null,"Stabilized Oper.","Added an option for users to control LTL later into the holding period."]
[null,"IRR Waterfall","Row 33 (Hidden details section) \"LP\" columns were mis takingly labeled as \"GP.\""]
[null,"IRR Waterfall","Changed \"Hurdle 1\" to \"Hurdle 1/Pref.\" This terminology is more clear. Hurdle is technically the pref and it's more transparent if it is labeled as such."]
[null,"Simple Int. 2-Tier WF","Added a new partnership model, more info here: https://www.tacticares.com/blog-feed/real-estate-waterfall-simple-interest-vs-irr"]
[null,"Partnership Summary","Added Simple Interest Waterfall metrics"]
[null,"Project Summary","Added Simple Interest Waterfall metrics"]
[]
[null,"Version vF"]
[null,"Tab"]
[null,"Unit Mix","User no longer has to worry about dragging \"sum\" formulas to total rows when additional entries are added. Charts and totals will calculate automatically."]
[null,"Stab Oper.","Last Row of \"Other Income\" (row 28) is meant for a revenue item that will stabilize right away at C.O (such as commercial). This row had this capability before but wasn't clearly marked as a \"different formula\" than the rest of the revenue items."]
[null,"Stab Oper.","Operating Shortfall (row 60) on \"Budget & Draw\" tab would include extra months of cash shortfall if refi date was hard coded after stabilization. This didn't effect cash flows, but may have been confusing as the operating shortfall was overstated."]
[null,"Stab Oper.","Adjusted GPR formula slightly (columns CI - CS) to NOT escalate rents if stabilization occurs in last month of year (month 12, 24,36, etc.)."]
[null,"Returns Summary","Moved Asset Management to \"Returns Summary\" tab. Don't want Asset Management to be capped when determining Residual Sales Value."]
[null,"Stab Oper.","Changed all formulas in rows 55-62 to default to \"0\" instead of \"blank\" for consistency."]
[]
[null,"Version vE"]
[null,"Tab"]
[null,"Project Summary","Unit Mix bar bar/line chart wasn't including first floorplan and counted the property avg. as the last floorplan. This has been fixed."]
[null,"Stress Tests","% of Equity Returned in Refinance was not factoring the cost of obtaining the perm. loan. The data table was slightly overstating refi proceeds."]
[null,"Stabilized Operations","Cell C59 labeled as \"Applicable Tax Rate.\"  (Total Projected Tax Liability / Total Projected Assessed Valuation is the percentage that should be entered here)."]
[null,"Stabilized Operations","Reordered the expense items and put RE Taxes at the bottom and is now a black text label. The formula for RE Tax row is different from other expense items and formulas should not be dragged over."]
[null,"Budget & Draw","Redid the Equity/Debt Draws formulas (rows 39-40) to be more transparent instead of a complicated \"if\" formulas. New logic can be seen in rows 52-64 (rows are grouped)."]
[null,"Returns Summary","Historically, the construction loan draw \"at CO\" (row 13) was not being accounted for in the IRR during the year the refinance took place. It may have slightly understated the IRR for that year."]
[]
[]
[null,"Version vD"]
[null,"Tab"]
[null,"Project Summary","Enhanced Dashboard"]
[null,"Budget & Draw","Now able to input expenses on chunk/PSF/Per Unit basis"]
[null,"Unit Mix","Deleted Pivot Tables, charts populate from summary above them"]
[null,"Returns Summary","Altered \"if error\" formula slightly within the IRR formulas (row 30) to show IRR in Year 2 "]
[null,"Returns Summary","Refi ties to refi date from \"Project Summary\" tab. Used to tie to stabilization date (which will be the case in most instances)"]
[null,"Returns Summary","Added a \"-\" sign on \"Reserves\" line item in Year 1"]
[null,"RE Tax Sensitivity","Made top hidden section = \"Returns Summary\" (now pulls directly from that tab). This just simplifies as it should equal the \"Returns Summary\" tab anyways."]
[null,"Stabilized Operations","Slightly reordered rows 58-62 to flow more intuitively and tied them to the refi period instead of the stabilization period."]
[null,"Stabilized Operations","Slightly adjusted Debt Service and Draw at CO offset formulas (columns CI -CS). Draw at CO had a minor error (could be slightly off sometimes) while Debt Service was correct, but overly complex."]
[null,"Partnership Summary","Changed label from \"Gross CF\" to \"Net Dist.\" Added a grid below the table to support the partnership returns feature on the \"Project Summary\" tab."]
[]
[null,"Version vC"]
[null,"Tab","Item"]
[null,"Budget & Draw","Draw Methods were offset one column to their designated draw month (rows 71-73), there were also a few months where the methods were in different rows (calculations were still accurate). Every thing is uniform now."]
[null,"Budget & Draw","Used Conditional formatting to turn the cell red if a formula is overwritten by a \"custom\" entry. Hopefully this will help avoid mistakes when switching back to \"bell\" , \"upfront\" or \"even\""]
[null,"Project","Select construction term via a dropdown list. Max period = 36 months"]
[null,"Stabilized Operations","Adjusted RE Tax Formulas in columns \"CI\" -\"CS\". Old method was accurate but could fire an error during longer construction periods. It is now simplified."]
[null,"Stabilized Operations","Added some clarity to the RE Tax Assessment ramp-up (row 56, column \"C\"). User will now have control over RE Tax stabilization and escalators."]
[null,"Stabilized Operations","Expense were tied to \"Other Revenue\" Escalator, not tie to expense (except RE Tax which are controlled separately"]
[null,"Returns Summary","IRR & Equity Multiple will read \"blank\" during construction years"]
[null,"RE Tax Sensitivity","IRR & Equity Multiple will read \"blank\" during construction years"]
[null,"Stabilized Operations","Typo - \"Occupancy\" cell K7 "]
[]
[null,"Version vB"]
[null,"Tab","Item"]
[null,"Project","Reboot Option-Gets the model back on track after workbook is error-ridden"]
[null,"Stress Tests","Bottom right stress test was using the same increment on both axis."]
[null,"Budget & Draw","\"Do not alter row\" warning on Budgets tab"]
[null,"Unit Mix","Ignore error on avg. sf unit mix tab"]
[null,"Stabilized Operations","Adjusted GPR annualized formula to not grow rents at all the year the deal stabilizes"]

{"sheet":"Author & Legal","index":1,"n_rows":38,"n_cols":15,"rows_kept":38,"cut":false,"hidden":false,"merged":[[17,1,17,18],[19,1,19,18],[21,1,21,18],[26,5,26,13]]}
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"<<< Click Logo to visit the Tactica website"]
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[null,"Copyright © 2024 Tactica RES LLC. All Rights Reserved."]
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[null,"Legal"]
[]
[null,"Licensing: This content was developed solely for personal use and may not be distributed or reproduced for publication or for the personal or commercial use of others without permission. Your purchase is valid for one license of this tool. When you purchased this model, you were required to input an email address to receive the deliverable. This email address is considered to belong to the valid licensee who will receive updates with essential information, including but not limited to bug fixes and improvements."]
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[null,"Disclaimers: Workbook may contain errors and inaccuracies. Please verify formulas, calculations, and logic for yourself. The workbook is meant to be utilized as a learning tool and should not be depended on when making financial decisions and assessing the feasibility of a real estate investment. This content was created for informational purposes only. Results may vary and adherence to the suggestions made herein do not guarantee results. Tactica RES LLC is not responsible for any liability, loss, or damage caused or alleged to be caused directly or indirectly as a result of the use, application, or interpretation of the content. All model inputs are subjective and a proforma analysis will never equate to actual property performance."]
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[null,"To Review the Full Term & Conditions and Disclaimer Policy, please visit:"]
[null,"Tactica RES LLC Terms & Conditions: https://www.tacticares.com/terms-conditions"]
[null,"Tactica RES LLC Disclaimer: https://www.tacticares.com/disclaimer"]
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[null,null,null,null,null,"Click Button to Unlock Workbook"]
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[null,null,null,null,"Are you having trouble unlocking the workbook? Are your Macros and Iterative Calculations enabled?"]
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[null,null,null,null,"Please Review the Pre-Analysis Steps: ",null,null,null,null,null,"https://www.tacticares.com/blog-feed/multifamily-development-proforma-template#pre-analysis"]

{"sheet":"Project Summary","index":2,"n_rows":68,"n_cols":17,"rows_kept":68,"cut":false,"hidden":false,"merged":[[47,13,52,13]]}
[]
[null,"General Property Information",null,null,"Picture of Property",null,null,"Construction & Draw Summary"]
[null,"Name:","Sample Project",null,null,null,null,null,null,null,null,null,null,"Reboot:","No"]
[null,"Acreage:",2,null,null,null,null,"Cost","Total","Unit","Per SF","Allocation"]
[null,"Project SF:",192040,null,null,null,null,"Land",3000000,16666.666666666668,15.621745469693813,9.2092370070792726E-2]
[null,"Rentable SF:",144030,null,null,null,null,"Hard Costs",24000000,133333.33333333334,124.97396375755051,0.73673896056634181]
[null,"Units",180,null,null,null,null,"Soft Costs",3443282.6147905788,19129.347859947658,17.930028196160062,0.1057000189398736]
[null,"Parking Spaces:",185,null,null,null,null,"FF&E",350000,1944.4444444444443,1.8225369714642783,1.0744109841592483E-2]
[null,"Parking Ratio:",1.0277777777777777,null,null,null,null,"Impact Fees",940000,5222.2222222222226,4.8948135805040618,2.8855609288848387E-2]
[null,"Buildings:",1,null,null,null,null,"Finance & Title",842706.01156204229,4681.7000642335679,4.3881796061343588,2.586893129255111E-2,"<< Needs to be refreshed (right-click then \"refresh\")"]
[null,"Stories:",4,null,null,null,null,"Totals:",32575988.626352619,180977.71459084787,169.6312675815071,1]
[null,"Address:","1234 1st Ave ",null,null,null,null,null,null,null,null,null,null,"Fees","%","$*"]
[null,"City/State:","Minneapolis, MN",null,null,null,null,null,null,null,null,null,null,"Development Fee (% of Total Cost)",0.03,976671.32449009386,"<<flows to \"Budget & Draw\" tab"]
[null,"Analysis Start Month:",1,null,null,null,null,null,null,null,null,null,null,"In-House Construction MGMT Fee (% of Hard Cost)",0.01,240000,"<<flows to \"Budget & Draw\" tab"]
[null,"Analysis Year Start:",2024,null,null,null,null,null,null,null,null,null,null,"Refi Fee (% of Perm. Loan Amt)",0,0,"<<flows to \"Returns Summary\" tab"]
[null,"Analysis Start:","2024-01-01",null,"Permanent Financing",null,null,null,null,null,null,null,null,"Disposition Fee (% of Sales Price)",0,0,"<<flows to \"Returns Summary\" tab"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Asset Management Fee (% of Operating Rev.)",0,3,"<<pulls from \"Returns Summary\" tab"]
[null,"Construction Financing",null,null,"Do you want the refi month before stabilization?"]
[null,"Construction Period:",14,null,"Refinance Month:","2025-12-01"]
[null,"Total Cost:",32555710.816336464,null,"Cap Rate at Refi:",5.5E-2,null,null,null,null,null,null,null,"*Asset Management = Start Year"]
[null,"Construction Loan Amt (% of Cost):",0.65,null,"Loan to Value:",0.6]
[null,"Loan Amount:",21161212.030618701,null,"Loan Amount",26824570.584180955]
[null,"Interest Only:","Yes",null,"Interest Rate:",5.5E-2,null,null,null,null,null,null,"<<If chart cuts off you need to 'unhide' columns on \"Budget & Draw\" tab"]
[null,"Interest Rate:",5.8500000000000003E-2,null,"Amortization:",30]
[null,"Cash Required:",11394498.785717763,null,"Interest Only (Months):",0]
[null,null,null,null,"Stabilized NOI:",2458918.9702165877,null,"Unit Mix Summary"]
[null,"Lease-Up Summary",null,null,"Stabilized DSCR:",1.3453745794241621]
[null,null,null,null,"Cost of Refi (% of Loan)",7.4999999999999997E-3,null,null,null,null,"Avg. SF:",800.16666666666663]
[null,"C.O. Date:","2025-04-01",null,"Fully Amortizing PMT",152306.96143554294,null,null,null,null,"Avg. Rent:",1842.5166666666667]
[null,"Pre-Leased at C.O:",0.2,null,"Fully Amortizing Annual PMT",1827683.5372265154,null,null,null,null,"Avg. Rent PSF:",2.3026661112268276]
[null,"Leases/Month Until Stabilization:",16,null,null,null,null,null,null,null,"Gross Monthly:",331653]
[null,"Stabilization Date:","2025-12-01",null,"Residual Assumptions",null,null,null,null,null,"% Affordable:",0]
[null,"Stabilized Occupancy:",0.95,null,null,null,null,null,null,null,"14-Month Mkt Rent Growth:",0]
[null,null,null,null,"Stabilized Cap Today:",5.2499999999999998E-2]
[null,"Average Targeted Rent:",1842.5166666666667,null,"Increment Per Year:",1E-3]
[null,"Concessions-Lease-Up (months):",0,null,"Cost of Sale:",0.01]
[null,"Net Rent:",1842.5166666666667,null,"Residual NOI:",3144914.5474543278]
[null,null,null,null,"Residual Cap Rate:",6.25E-2]
[null,"C.O. Month:",15,null,"Residual Sales Price:",51828191.742047347]
[null,"Stabilization Month:",24,null,"Residual Sales Price Per Unit:",287934.39856692968]
[null,"Refi Month",24,null,"Residual Sales Price Per Rentable SF:",359.84303091055574]
[null,null,null,null,"Loan Paydown:",-23293900.512659494]
[null,null,null,null,"Sale Cost:",-518281.91742047347]
[null,null,null,null,"Total Sale Proceeds:",28016009.31196738]
[]
[null,"Cash Flow Summary",null,null,"Project Level Returns",null,null,"Partnership Returns (Net of Fees)",null,null,null,null,null,"Partnership Returns Error Check"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Hold Period in Partnership Model:",10]
[null,null,null,null,"Hold Period:",10,null,"Distribution Model:","Simple Int. Waterfall",null,null,null,null,"You are good"]
[]
[null,null,null,null,"Project IRR",0.19533752609879929,null,"GP % / GP $ of Equity:",0.15,1709174.8178576643,"GP Profit:",11641386.292290658]
[null,null,null,null,"Project Equity Multiple:",3.6893701510565644,null,"LP % / LP $ of Equity:",0.85,9685323.9678600989,"LP Profit:",19002638.628268972]
[null,null,null,null,"Project ROI:",2.6893701510565653,null,"Total",1,11394498.785717763,null,30644024.92055963]
[null,null,null,null,"Cash-on-Cash Return Post Refi:",0.12349278003594261]
[null,null,null,null,"Return on Cost:",7.5529574030455557E-2,null,null,"GP","LP"]
[null,null,null,null,"Spread Over Stabilized Cap Rate Today:",230.29574030455558,null,"IRR",0.28445538309800722,0.16889198362036284]
[null,null,null,null,"Spread Over Residual Cap Rate Year 10:",130.29574030455558,null,"Equity Multiple",7.8111150308675574,3.1303859191037668]
[null,null,null,null,null,null,null,"ROI",6.8111150308675574,1.9620034075605077]
[]
[]
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[null,"Suggestions"]
[]
[null,"Do you have any ideas that you feel strongly will improve the model? You can submit your feedback here: "]
[null,"https://www.tacticares.com/financial-model-suggestions"]
[]
[null,"Inputs for Lease-Up Stress Test (please don't alter)"]
[null,"Pre-Lease %",0.2]
[null,"Leases/Month",16]

{"sheet":"Budget_&_Draw","index":3,"n_rows":97,"n_cols":55,"rows_kept":97,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Item","Specific","PSF","Per Unit","Chunk","Project PSF","Per Unit","Chunk","Notes (Optional)",null,null,"Method","Items","Budget",1,2,3,4,5,6,7,8,9,10,11,12,13,14,"","","","","","","","","","","","","","","","","","","","","","","Totals","Balance"]
[null,"Land","Acquisition",null,null,3000000,15.621745469693813,16666.666666666668,3000000,null,null,null,"Upfront","Land-Acquisition",3000000,3000000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3000000,0]
[null,"Land","Carry Costs",null,null,null,0,0,0,null,null,null,"Upfront","Land-Carry Costs","",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Land","Other",null,null,null,0,0,0,null,null,null,"Upfront","Land-Other","",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Land","Other",null,null,null,0,0,0,null,null,null,"Upfront","Land-Other","",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Soft Costs","Survey",null,null,17500,9.1126848573213917E-2,97.222222222222229,17500,null,null,null,"Upfront","Soft Costs-Survey",17500,17500,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,17500,0]
["Architecture MEPS","Soft Costs","Architecture",null,null,825000,4.2959800041657985,4583.333333333333,825000,null,null,null,"Upfront","Soft Costs-Architecture",825000,825000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,825000,0]
["Structural Engineer","Soft Costs","Structural Engineer",1.3539000000000001,null,null,1.3539000000000001,1444.4608666666668,260002.95600000001,null,null,null,"Even","Soft Costs-Structural Engineer",260002.95600000001,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,18571.639714285713,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,260002.95599999992,0]
[null,"Soft Costs","Civil Engineer",null,null,35000,0.18225369714642783,194.44444444444446,35000,null,null,null,"Even","Soft Costs-Civil Engineer",35000,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,35000,0]
[null,"Soft Costs","Pre-Dev Environmental Work",null,null,30000,0.15621745469693815,166.66666666666666,30000,null,null,null,"Even","Soft Costs-Pre-Dev Environmental Work",30000,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,2142.8571428571427,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,29999.999999999989,0]
[null,"Soft Costs","Demo",null,50,null,4.686523640908144E-2,50,9000,null,null,null,"Upfront","Soft Costs-Demo",9000,9000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,9000,0]
[null,"Soft Costs","Environmental Contingency",null,null,200000,1.0414496979795875,1111.1111111111111,200000,null,null,null,"Upfront","Soft Costs-Environmental Contingency",200000,200000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,200000,0]
[null,"Soft Costs","Common Areas",null,null,125000,0.65090606123724226,694.44444444444446,125000,null,null,null,"Even","Soft Costs-Common Areas",125000,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,8928.5714285714275,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,124999.99999999994,0]
[null,"Soft Costs","Signage & Graphics",null,null,65000,0.33847115184336596,361.11111111111109,65000,null,null,null,"Custom","Soft Costs-Signage & Graphics",65000,0,0,0,0,0,0,0,0,0,0,0,0,0,65000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,65000,0]
[null,"Soft Costs","Operating Shortfall",null,null,100000,0.52072484898979376,555.55555555555554,100000,null,null,null,"Custom","Soft Costs-Operating Shortfall",100000,0,0,0,0,0,0,0,0,0,0,0,0,0,100000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,100000,0]
[null,"Soft Costs","Marketing",null,null,300000,1.5621745469693813,1666.6666666666667,300000,null,null,null,"Custom","Soft Costs-Marketing",300000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,300000]
[null,"Soft Costs","RE Tax Construction Period",null,null,10000,5.2072484898979379E-2,55.555555555555557,10000,null,null,null,"Even","Soft Costs-RE Tax Construction Period",10000,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,714.28571428571422,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,9999.9999999999964,0]
[null,"Soft Costs","Legal & Accounting",null,null,25000,0.13018121224744844,138.88888888888889,25000,null,null,null,"Even","Soft Costs-Legal & Accounting",25000,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,1785.7142857142856,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,25000.000000000004,0]
[null,"Soft Costs","Gen Liability, Umbrella, D&O",null,null,4500,2.343261820454072E-2,25,4500,null,null,null,"Even","Soft Costs-Gen Liability, Umbrella, D&O",4500,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,321.42857142857139,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4500,0]
[null,"Soft Costs","Builder's Risk Insurance",null,null,62500,0.32545303061862113,347.22222222222223,62500,null,null,null,"Even","Soft Costs-Builder's Risk Insurance",62500,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,4464.2857142857138,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,62499.999999999971,0]
[null,"Soft Costs","Legal Fees",null,null,17500,9.1126848573213917E-2,97.222222222222229,17500,null,null,null,"Even","Soft Costs-Legal Fees",17500,1250,1250,1250,1250,1250,1250,1250,1250,1250,1250,1250,1250,1250,1250,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,17500,0]
[null,"Soft Costs","Soft Contingency",null,null,120000,0.62486981878775261,666.66666666666663,120000,null,null,null,"Even","Soft Costs-Soft Contingency",120000,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,8571.4285714285706,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,119999.99999999996,0]
[null,"Soft Costs","Other",null,null,null,0,0,0,null,null,null,"Even","Soft Costs-Other","",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Soft Costs","3rd Party Construction Management",null,null,null,0,0,0,null,null,null,"Bell-Curve","Soft Costs-3rd Party Construction Management","",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Soft Costs","In-House Construction MGMT Fee",null,null,240000,1.2497396375755052,1333.3333333333333,240000,"1.00% of hard costs",null,null,"Bell-Curve","Soft Costs-In-House Construction MGMT Fee",240000,2149.8749083049188,5183.1327852660543,10648.400129227732,18641.861278388445,27810.389065102343,35353.933469119038,38298.458918537544,35353.933469119038,27810.389065102343,18641.861278388445,10648.400129227732,5183.1327852660543,2149.8749083049188,2126.3578106453983,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,240000,0]
[null,"Soft Costs","Developer Fee",null,null,976671.32449009386,5.0857702795776598,5425.9518027227441,976671.32449009386,"3.00% of total cost",null,null,"Bell-Curve","Soft Costs-Developer Fee",976671.32449009386,8748.8382257591002,21092.571509974274,43333.279407972237,75862.380607184314,113173.3730116597,143871.55428007978,155854.19415790628,143871.55428007978,113173.3730116597,75862.380607184314,43333.279407972237,21092.571509974274,8748.8382257591002,8653.1362469287396,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,976671.32449009386,0]
[null,"Hard Costs","Construction - Apartments",null,125000,null,117.1630910227036,125000,22500000,null,null,null,"Bell-Curve","Hard Costs-Construction - Apartments",22500000,201550.77265358611,485918.69861869258,998287.51211509993,1747674.4948489165,2607223.9748533447,3314431.2627299097,3590480.5236128946,3314431.2627299097,2607223.9748533447,1747674.4948489165,998287.51211509993,485918.69861869258,201550.77265358611,199346.0447480061,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,22499999.999999996,0]
[null,"Hard Costs","Parking ",null,null,null,0,0,0,null,null,null,"Bell-Curve","Hard Costs-Parking ","",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Hard Costs","Other",null,null,null,0,0,0,null,null,null,"Bell-Curve","Hard Costs-Other","",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Hard Costs","Hard Contingency",null,null,1500000,7.8108727348469067,8333.3333333333339,1500000,null,null,null,"Bell-Curve","Hard Costs-Hard Contingency",1500000,13436.718176905741,32394.579907912837,66552.500807673321,116511.63298992778,173814.93165688965,220962.084181994,239365.36824085965,220962.084181994,173814.93165688965,116511.63298992778,66552.500807673321,32394.579907912837,13436.718176905741,13289.736316533739,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1499999.9999999998,0]
[null,"FF&E","FF&E",null,null,350000,1.8225369714642783,1944.4444444444443,350000,null,null,null,"Even","FF&E-FF&E",350000,25000,25000,25000,25000,25000,25000,25000,25000,25000,25000,25000,25000,25000,25000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,350000,0]
[null,"Impact Fees","Permits/SAC/Studies/Fees",null,null,940000,4.8948135805040618,5222.2222222222226,940000,null,null,null,"Even","Impact Fees-Permits/SAC/Studies/Fees",940000,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,67142.857142857145,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,940000.00000000012,0]
[null,"Finance & Title","Lender/Fees",null,null,175000,0.91126848573213914,972.22222222222217,175000,null,null,null,"Bell-Curve","Finance & Title-Lender/Fees",175000,1567.6171206390031,3779.3676559231644,7764.4584275618881,13593.023848824907,20278.408693303791,25778.909821232632,27925.959628100292,25778.909821232632,20278.408693303791,13593.023848824907,7764.4584275618881,3779.3676559231644,1567.6171206390031,1550.4692369289364,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,174999.99999999997,0]
[null,"Finance & Title","Capitalized Interest",null,null,668036.53584637144,3.4786322424826674,3711.3140880353967,668036.53584637144,null,null,null,"Custom","Finance & Title-Capitalized Interest",668036.53584637144,0,0,0,0,0,882.17682644739318,19810.207650720567,40349.205580632399,59469.638170082217,74792.561615795697,85461.348105235098,92059.370870717728,95870.747220184465,98136.245698566039,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,566831.50173838169,101205,null,"<< Do not touch formulas in this row"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Total",32555710.816336464,4420346.8893709099,689761.41876348318,1267979.2191732491,2113676.4618589566,3083694.1455660146,3882672.9895944973,4213127.7804947337,3922140.0183486822,3143163.7837360967,2188469.0234747524,1353440.5672784841,781820.78963420086,464717.63659109367,629495.0583433233,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,32154505.78222847,401205]
[null,null,"Pre-Refi Operating Shortfall:",0]
[null,null,"Final Construction Loan Balance:",21135465.90363618,null,null,null,null,null,null,null,null,null,"Equity",11394498.785717763,4420346.8893709099,689761.41876348318,1267979.2191732491,2113676.4618589566,2902734.7965511647,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,11394498.785717763]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt",21161212.030618701,0,0,0,0,180959.34901484987,3882672.9895944973,4213127.7804947337,3922140.0183486822,3143163.7837360967,2188469.0234747524,1353440.5672784841,781820.78963420086,464717.63659109367,629495.0583433233,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,20760006.996510718]
[]
[null,"Item","Budget $","Per Unit","PSF","% of Budget",null,null,null,null,null,null,null,"Interest Expense",5.8500000000000003E-2,0,0,0,0,882.17682644739318,19810.207650720567,40349.205580632399,59469.638170082217,74792.561615795697,85461.348105235098,92059.370870717728,95870.747220184465,98136.245698566039,101205.03410798975,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,668036.53584637144]
[null,"Land",3000000,16666.666666666668,15.621745469693813,9.2149731176952188E-2]
[null,"Soft Costs",3422674.2804900939,19014.857113833856,17.822715478494551,0.10513283828447681]
[null,"Hard Costs",24000000,133333.33333333334,124.97396375755051,0.7371978494156175]
[null,"FF&E",350000,1944.4444444444443,1.8225369714642783,1.0750801970644423E-2]
[null,"Impact Fees",940000,5222.2222222222226,4.8948135805040618,2.8873582435445022E-2]
[null,"Finance & Title",843036.53584637144,4683.5363102576193,4.3899007282148066,2.589519671686405E-2]
[null,"Other",0,0,0,0]
[null,"Total",32555710.816336464,180865.06009075814,169.52567598592199,1]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Equity"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Remaining",null,11394498.785717763,6974151.8963468531,6284390.4775833702,5016411.2584101213,2902734.7965511647,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Draw",null,4420346.8893709099,689761.41876348318,1267979.2191732491,2113676.4618589566,2902734.7965511647,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"End",null,6974151.8963468531,6284390.4775833702,5016411.2584101213,2902734.7965511647,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Account Balance",null,4420346.8893709099,5110108.3081343928,6378087.5273076417,8491763.9891665988,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763,11394498.785717763]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Construction Loan"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Remaining",null,21161212.030618701,21161212.030618701,21161212.030618701,21161212.030618701,21161212.030618701,20980252.681603853,17097579.692009356,12884451.911514621,8962311.8931659386,5819148.1094298419,3630679.0859550894,2277238.5186766051,1495417.7290424043,1030700.0924513107,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Draw",null,0,0,0,0,180959.34901484987,3882672.9895944973,4213127.7804947337,3922140.0183486822,3143163.7837360967,2188469.0234747524,1353440.5672784841,781820.78963420086,464717.63659109367,629495.0583433233,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"End",null,21161212.030618701,21161212.030618701,21161212.030618701,21161212.030618701,20980252.681603853,17097579.692009356,12884451.911514621,8962311.8931659386,5819148.1094298419,3630679.0859550894,2277238.5186766051,1495417.7290424043,1030700.0924513107,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742,401205.03410798742]
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[null,null,null,null,null,null,null,null,null,null,null,null,"Construction Term (Months)",14]
[null,null,null,null,null,null,null,null,null,null,null,null,"Upfront",null,null,1,0,0,0,0,0,0,0,0,0,0,0,0,0,"","","","","","","","","","","","","","","","","","","","","","",1]
[null,null,null,null,null,null,null,null,null,null,null,null,"Even",null,null,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,7.1428571428571425E-2,"","","","","","","","","","","","","","","","","","","","","","",0.99999999999999967]
[null,null,null,null,null,null,null,null,null,null,null,null,"Bell",2.5,null,8.9578121179371608E-3,2.1596386605275224E-2,4.4368333871782219E-2,7.7674421993285184E-2,0.1158766211045931,0.14730805612132933,0.1595769121605731,0.14730805612132933,0.1158766211045931,7.7674421993285184E-2,4.4368333871782219E-2,2.1596386605275224E-2,8.9578121179371608E-3,8.8598242110224934E-3,"","","","","","","","","","","","","","","","","","","","","","",1]

{"sheet":"Unit Mix","index":4,"n_rows":44,"n_cols":15,"rows_kept":44,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Projected Rent:",1842.5166666666667]
[null,"Construction Timeframe:",14]
[null,"Annual Market Rent Growth During Construction:",0,null,"<<Optional"]
[null,"Monthly Rent Growth:",0]
[null,"Target Rent at C.O.:",1842.5166666666667,2.3026661112268276]
[]
[null,"Do Not Delete any rows on this tab"]
[null,"Unit Mix",null,null,null,null,null,null,null,"Inclusionary Zoning (optional)"]
[]
[null,"Type","Unit Count","SF","Total SF","Rent","Rent PSF","Monthly Rent",null,"Type","Unit Count","AMI %","Rent Limit","Loss"]
[null,"Studio",45,550,24750,1428,2.5963636363636362,64260,null,"Studio",0,0,0,0]
[null,"One BR",75,700,52500,1744,2.4914285714285715,130800,null,"One BR",0,0,0,0]
[null,"One BR + Den",12,900,10800,1914,2.1266666666666665,22968,null,"One BR + Den",0,0,0,0]
[null,"Two BR/Two BA",45,1150,51750,2337,2.0321739130434784,105165,null,"Two BR/Two BA",0,0,0,0]
[null,"Three BR/Two BA",3,1410,4230,2820,2,8460,null,"Three BR/Two BA",0,0,0,0]
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[null,"Total/Avg:",180,800.16666666666663,144030,1842.5166666666667,2.3026661112268276,331653,null,"Total/Avg:",0,null,null,0]
[null,null,null,null,null,null,null,null,null,"Avg. Market Rent Loss:",null,null,null,0]
[null,null,null,null,null,null,null,null,null,"Stabilized Monthly Rent:",null,null,null,1842.5166666666667]

{"sheet":"Stabilized Operations","index":5,"n_rows":76,"n_cols":97,"rows_kept":76,"cut":false,"hidden":false,"merged":[]}
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[null,null,"Units:",180,null,null,null,null,null,null,"Prestabilized Monthly Cash Flows",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,12,24,36,48,60,72,84,96,108,120,132]
[null,null,"C.O. Month:",15,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"GPR Escalator",0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Stabilized Month:",24,null,null,null,null,null,null,"Year:",1,1,1,1,1,1,1,1,1,1,1,1,2,2,2,2,2,2,2,2,2,2,2,2,3,3,3,3,3,3,3,3,3,3,3,3,4,4,4,4,4,4,4,4,4,4,4,4,5,5,5,5,5,5,5,5,5,5,5,5,6,6,6,6,6,6,6,6,6,6,6,6,null,null,"Gain (Loss) to Lease % of GPR",0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refi Month",24,null,null,null,null,null,null,"Month:",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,null,null,"Concessions as % of GPR",0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,"Date:","2024-01-01","2024-02-01","2024-03-01","2024-04-01","2024-05-01","2024-06-01","2024-07-01","2024-08-01","2024-09-01","2024-10-01","2024-11-01","2024-12-01","2025-01-01","2025-02-01","2025-03-01","2025-04-01","2025-05-01","2025-06-01","2025-07-01","2025-08-01","2025-09-01","2025-10-01","2025-11-01","2025-12-01","2026-01-01","2026-02-01","2026-03-01","2026-04-01","2026-05-01","2026-06-01","2026-07-01","2026-08-01","2026-09-01","2026-10-01","2026-11-01","2026-12-01","2027-01-01","2027-02-01","2027-03-01","2027-04-01","2027-05-01","2027-06-01","2027-07-01","2027-08-01","2027-09-01","2027-10-01","2027-11-01","2027-12-01","2028-01-01","2028-02-01","2028-03-01","2028-04-01","2028-05-01","2028-06-01","2028-07-01","2028-08-01","2028-09-01","2028-10-01","2028-11-01","2028-12-01","2029-01-01","2029-02-01","2029-03-01","2029-04-01","2029-05-01","2029-06-01","2029-07-01","2029-08-01","2029-09-01","2029-10-01","2029-11-01","2029-12-01",null,null,"Vacancy Loss as % GPR",0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,null,null,null,null,null,null,null,"Occupancy:",0,0,0,0,0,0,0,0,0,0,0,0,0,0,36,52,68,84,100,116,132,148,164,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,171,null,null,"Bad Debt as % GPR",0,0,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3]
[null,null,null,null,null,null,null,null,null,null,"Occupancy %:",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0.2,0.28888888888888886,0.37777777777777777,0.46666666666666667,0.55555555555555558,0.64444444444444449,0.73333333333333328,0.82222222222222219,0.91111111111111109,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,null,null,"Other Revenue Escalator",0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,"Stabilized NOI",null,null,null,null,null,null,null,null,null,"","","","","","","","","","","","","","","","","","","","","","","","Stabilized","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Expense Escalator",0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
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[null,null,null,"Quantity","Vacancy & Loss*","Avg. Monthly","Monthly Stabilized","Annual Stabilized","Annual Per Unit",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11]
[null,"Income",null,null,null,null,null,null,null,null,"Income",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Income"]
[null,null,"Gross Potential Rent",180,null,1842.5166666666667,331653,3979836,22110.2,null,"Gross Potential Rent",331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Gross Potential Rent",3979836,3979836,4099231.08,4222208.0124000004,4348874.2527720006,4479340.4803551603,4613720.6947658155,4752132.3156087901,4894696.2850770541,5041537.1736293659,5192783.2888382468]
[null,null,"Gain (Loss) to Lease",null,0,0,0,0,0,null,"Gain (Loss) to Lease",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Gain (Loss) to Lease",0,0,0,0,0,0,0,0,0,0,0]
[null,"Total GPR",null,null,null,1842.5166666666667,331653,3979836,22110.2,null,"Total GPR",331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,331653,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"Total GPR",null,3979836,3979836,4099231.08,4222208.0124000004,4348874.2527720006,4479340.4803551603,4613720.6947658155,4752132.3156087901,4894696.2850770541,5041537.1736293659,5192783.2888382468]
[null,null,"Concessions",null,0,0,0,0,0,null,"Concessions",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Concessions",0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Bad Debt",null,2.5000000000000001E-3,-4.6062916666666665,-829.13250000000005,-9949.59,-55.275500000000001,null,"Bad Debt",0,0,0,0,0,0,0,0,0,0,0,0,0,0,-165.82650000000001,-239.52716666666663,-313.22783333333331,-386.92849999999999,-460.62916666666672,-534.32983333333334,-608.03049999999996,-681.7311666666667,-755.43183333333332,-787.67587499999991,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Bad Debt",0,-4933.3383749999994,-10248.0777,-10555.520031000002,-10872.185631930002,-11198.351200887901,-11534.301736914538,-11880.330789021975,-12236.740712692635,-12603.842934073415,-12981.958222095618]
[null,"Net Effective",null,null,null,1745.7845416666667,314241.21749999997,3770894.6099999994,20949.414499999995,null,"Net Effective",0,0,0,0,0,0,0,0,0,0,0,0,0,0,66164.773499999981,95571.339500000002,124977.90549999999,154384.47149999999,183791.03750000001,213197.60350000003,242604.16949999999,272010.73550000001,301417.3015,314282.67412499996,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"Net Effective",null,0,1968402.0116249998,3884021.4483000003,4000542.0917490004,4120558.3545014709,4244175.1051365146,4371500.3582906099,4502645.3690393288,4637724.7301105084,4776856.4720138237,4920162.1661742385]
[null,null,"Employee Discounts",null,5.0000000000000001E-3,-9.2125833333333329,-1658.2650000000001,-19899.18,-110.551,null,"Employee Discounts",0,0,0,0,0,0,0,0,0,0,0,0,0,0,-331.65300000000002,-479.05433333333332,-626.45566666666673,-773.85700000000008,-921.25833333333344,-1068.6596666666669,-1216.0609999999999,-1363.4623333333334,-1510.8636666666666,-1575.35175,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Employee Discounts",0,-9866.6767499999987,-20496.1554,-21111.040062,-21744.371263860001,-22396.702401775801,-23068.603473829076,-23760.66157804395,-24473.481425385267,-25207.685868146826,-25963.916444191233]
[null,null,"Model Unit Loss",null,5.0000000000000001E-3,-9.2125833333333329,-1658.2650000000001,-19899.18,-110.551,null,"Model Unit Loss",0,0,0,0,0,0,0,0,0,0,0,0,0,0,-331.65300000000002,-479.05433333333332,-626.45566666666673,-773.85700000000008,-921.25833333333344,-1068.6596666666669,-1216.0609999999999,-1363.4623333333334,-1510.8636666666666,-1575.35175,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Model Unit Loss",0,-9866.6767499999987,-20496.1554,-21111.040062,-21744.371263860001,-22396.702401775801,-23068.603473829076,-23760.66157804395,-24473.481425385267,-25207.685868146826,-25963.916444191233]
[null,null,"Storage",50,0.05,75,3562.5,42750,237.5,null,"Storage",0,0,0,0,0,0,0,0,0,0,0,0,0,0,712.5,1029.1666666666665,1345.8333333333333,1662.5,1979.1666666666667,2295.8333333333335,2612.5,2929.1666666666665,3245.8333333333335,3384.375,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Storage",0,21196.875,44032.5,45353.474999999999,46714.079250000003,48115.501627500002,49558.966676325006,51045.735676614757,52577.1077469132,54154.420979320596,55779.053608700218]
[null,null,"Pet Rent",85,0,60,5100,61200,340,null,"Pet Rent",0,0,0,0,0,0,0,0,0,0,0,0,0,0,1020,1473.3333333333333,1926.6666666666665,2380,2833.3333333333335,3286.666666666667,3739.9999999999995,4193.333333333333,4646.666666666667,4845,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Pet Rent",0,30345,63036,64927.08,66874.892399999997,68881.139171999996,70947.573347159996,73076.000547574804,75268.280564002052,77526.328980922117,79852.118850349783]
[null,null,"Parking",185,0.05,125,21968.75,263625,1464.5833333333333,null,"Parking",0,0,0,0,0,0,0,0,0,0,0,0,0,0,4393.75,6346.5277777777774,8299.3055555555547,10252.083333333334,12204.861111111111,14157.638888888891,16110.416666666666,18063.194444444445,20015.972222222223,20870.3125,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Parking",0,130714.0625,271533.75,279679.76250000001,288070.15537500003,296712.26003625005,305613.62783733755,314782.0366724577,324225.49777263147,333952.26270581043,343970.83058698475]
[null,null,"RUBS",180,0.05,35,5985,71820,399,null,"RUBS",0,0,0,0,0,0,0,0,0,0,0,0,0,0,1197,1728.9999999999998,2261,2793,3325,3857.0000000000005,4389,4921,5453,5685.75,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"RUBS",0,35610.75,73974.600000000006,76193.838000000003,78479.653140000009,80834.042734200018,83259.064016226024,85756.835936712814,88329.541014814196,90979.42724525863,93708.810062616394]
[null,null,"Other",180,0,15,2700,32400,180,null,"Other",0,0,0,0,0,0,0,0,0,0,0,0,0,0,540,779.99999999999989,1020,1260,1500,1740,1979.9999999999998,2220,2460,2565,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Other",0,16065,33372,34373.160000000003,35404.354800000001,36466.485444000005,37560.480007320009,38687.294407539608,39847.913239765796,41043.35063695877,42274.651156067535]
[null,null,"Other",0,0,0,0,0,0,null,"Other",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Other",0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Commercial/NNN",0,0,0,0,0,0,"Formula different>>","Commercial/NNN",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Commercial/NNN",0,0,0,0,0,0,0,0,0,0,0]
[null,"Effective Gross Income",null,null,null,null,350240.93749999994,4202891.2499999991,23349.395833333328,null,"Effective Gross Income",0,0,0,0,0,0,0,0,0,0,0,0,0,0,73364.71749999997,105971.25861111112,138577.79972222223,171184.34083333335,203790.88194444447,236397.42305555556,269003.96416666667,301610.50527777779,334217.04638888891,348482.40812500002,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"Effective Gross Income",null,0,2182600.3456249996,4328977.9874999998,4458847.3271250008,4592612.7469387511,4730391.1293469127,4872302.863227319,5018471.9491241407,5169026.1075978642,5324096.8908258006,5483819.7975505758]
[null,"* Calculated as a % of GPR for loss items and % of Monthly Potential for ancillary income items"]
[null,null,null,null,"% of EGI","Avg. Per Unit","Monthly Stabilized","Annual Stabilized"]
[null,"Expenses",null,null,null,null,null,null,null,null,"Expenses",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Expenses"]
[null,null,"Administrative",null,8.565532120299332E-3,200,3000,36000,null,null,"Administrative",0,0,0,0,0,0,0,0,0,0,0,0,0,0,3000,3000,3000,3000,3000,3000,3000,3000,3000,3000,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Administrative",0,30000,37080,38192.400000000001,39338.172000000006,40518.317160000006,41733.866674800011,42985.882675044013,44275.459155295335,45603.722929954194,46971.834617852823]
[null,null,"Marketing",null,2.1413830300748327E-2,500,7500,90000,null,null,"Marketing",0,0,0,0,0,0,0,0,0,0,0,0,0,0,7500,7500,7500,7500,7500,7500,7500,7500,7500,7500,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Marketing",0,75000,92700,95481,98345.430000000008,101295.79290000001,104334.66668700002,107464.70668761003,110688.64788823834,114009.30732488549,117429.58654463205]
[null,null,"Management Fee",null,2.75E-2,642.10838541666658,9631.6257812499989,115579.50937499999,null,null,"Management Fee",0,0,0,0,0,0,0,0,0,0,0,0,0,0,9631.6257812499989,9631.6257812499989,9631.6257812499989,9631.6257812499989,9631.6257812499989,9631.6257812499989,9631.6257812499989,9631.6257812499989,9631.6257812499989,9631.6257812499989,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Management Fee",0,96316.257812499985,119046.89465624999,122618.3014959375,126296.85054081563,130085.75605704011,133988.32873875133,138007.97860091386,142148.21795894127,146412.66449770951,150805.0444326408]
[null,null,"Security",null,0,0,0,0,null,null,"Security",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Security",0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Payroll",null,8.5655321202993309E-2,2000,30000,360000,null,null,"Payroll",0,0,0,0,0,0,0,0,0,0,0,0,0,0,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Payroll",0,300000,370800,381924,393381.72000000003,405183.17160000006,417338.66674800008,429858.82675044012,442754.59155295335,456037.22929954197,469718.34617852821]
[null,null,"Utilities",null,2.5696596360897994E-2,600,9000,108000,null,null,"Utilities",0,0,0,0,0,0,0,0,0,0,0,0,0,0,9000,9000,9000,9000,9000,9000,9000,9000,9000,9000,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Utilities",0,90000,111240,114577.2,118014.516,121554.95148,125201.6000244,128957.648025132,132826.37746588598,136811.16878986257,140915.50385355845]
[null,null,"R&M",null,2.1413830300748327E-2,500,7500,90000,null,null,"R&M",0,0,0,0,0,0,0,0,0,0,0,0,0,0,7500,7500,7500,7500,7500,7500,7500,7500,7500,7500,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"R&M",0,75000,92700,95481,98345.430000000008,101295.79290000001,104334.66668700002,107464.70668761003,110688.64788823834,114009.30732488549,117429.58654463205]
[null,null,"Turnover",null,7.4948406052619152E-3,175,2625,31500,null,null,"Turnover",0,0,0,0,0,0,0,0,0,0,0,0,0,0,2625,2625,2625,2625,2625,2625,2625,2625,2625,2625,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Turnover",0,26250,32445,33418.35,34420.900499999996,35453.527514999994,36517.133340449996,37612.647340663498,38741.026760883404,39903.257563709907,41100.355290621206]
[null,null,"Contract Services",null,0,0,0,0,null,null,"Contract Services",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Contract Services",0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Insurance",null,1.498968121052383E-2,350,5250,63000,null,null,"Insurance",0,0,0,0,0,0,0,0,0,0,0,0,0,0,5250,5250,5250,5250,5250,5250,5250,5250,5250,5250,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Insurance",0,52500,64890,66836.7,68841.800999999992,70907.055029999989,73034.266680899993,75225.294681326995,77482.053521766808,79806.515127419814,82200.710581242412]
[null,null,"Other",null,0,0,0,0,null,null,"Other",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Other",0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Other",null,0,0,0,0,null,null,"Other",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Other",0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Other",null,0,0,0,0,null,null,"Other",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Other",0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Apt. RE Taxes",null,0.19365068520590717,4521.6265022689531,67824.397534034288,813892.77040841151,null,"Formula different>>","Apt. RE Taxes",0,0,0,0,0,0,0,0,0,0,0,0,0,0,33912.198767017151,33912.198767017151,33912.198767017151,33912.198767017151,33912.198767017151,33912.198767017151,33912.198767017151,33912.198767017151,33912.198767017151,33912.198767017151,"","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","","",null,null,"Apt. RE Taxes",0,339121.9876701716,813892.77040841163,838309.55352066399,863458.84012628393,889362.60533007246,916043.48348997475,943524.78799467406,971830.53163451422,1000985.4475835497,1031015.0110110561]
[null,"Total Expenses",null,null,0.40638031730738022,9488.7348876856195,142331.02331528428,1707972.2797834114,null,null,"Total Expenses",0,0,0,0,0,0,0,0,0,0,0,0,0,0,108418.82454826715,108418.82454826715,108418.82454826715,108418.82454826715,108418.82454826715,108418.82454826715,108418.82454826715,108418.82454826715,108418.82454826715,108418.82454826715,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"Total Expenses",null,0,1084188.2454826715,1734794.6650646618,1786838.5050166014,1840443.6601670994,1895656.9699721127,1952526.6790712764,2011102.4794434146,2071435.553826717,2133578.6204415187,2197585.9790547639]
[]
[null,"Net Operating Income",null,null,null,null,207909.91418471566,2494918.9702165877,null,null,"Net Operating Income",0,0,0,0,0,0,0,0,0,0,0,0,0,0,-35054.107048267178,-2447.5659371560323,30158.975173955085,62765.516285066202,95372.057396177319,127978.59850728841,160585.13961839952,193191.68072951064,225798.22184062176,240063.58357673287,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"Net Operating Income",null,0,1098412.1001423281,2594183.3224353381,2672008.8221083991,2752169.0867716516,2834734.1593748,2919776.1841560425,3007369.4696807261,3097590.5537711475,3190518.2703842819,3286233.8184958119]
[]
[null,"Reserves",null,null,null,200,-3000,-36000,null,null,"Reserves",0,0,0,0,0,0,0,0,0,0,0,0,0,0,-3000,-3000,-3000,-3000,-3000,-3000,-3000,-3000,-3000,-3000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"Reserves",null,0,-30000,-37080,-38192.400000000001,-39338.172000000006,-40518.317160000006,-41733.866674800011,-42985.882675044013,-44275.459155295335,-45603.722929954194,-46971.834617852823]
[]
[null,"NOI After Reserves",null,null,null,null,204909.91418471566,2458918.9702165877,null,null,"NOI After Reserves",0,0,0,0,0,0,0,0,0,0,0,0,0,0,-38054.107048267178,-5447.5659371560323,27158.975173955085,59765.516285066202,92372.057396177319,124978.59850728841,157585.13961839952,190191.68072951064,222798.22184062176,237063.58357673287,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"NOI After Reserves",null,0,1068412.1001423281,2557103.3224353381,2633816.4221083992,2712830.9147716518,2794215.8422148,2878042.3174812426,2964383.5870056818,3053315.094615852,3144914.5474543278,3239261.9838779592]
[null,null,null,null,null,null,null,null,null,null,"Month:",1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72]
[null,null,"Real Estate Tax Assumption",null,null,null,null,null,null,null,"Construction Loan PMT",0,0,0,0,0,0,0,0,0,0,0,0,0,0,-101205.03410798975,-101883.92242112651,-102407.16342687311,-102773.99834460609,-102983.66469464636,-103035.39628022637,-103035.39628022637,-103035.39628022637,-103035.39628022637,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"Debt Service",null,0,-1026430.7643963739,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Construction Draw at C.O.",null,0,375458.90712546644,0,0,0,0,0,0,0,0]
[null,null,"Total Project Cost",32555710.816336464]
[null,null,"Reassessment as  % Of Proj. Cost:",1.25,null,null,null,null,null,null,"Operating Cash Flow",0,0,0,0,0,0,0,0,0,0,0,0,0,0,-139259.14115625693,-107331.48835828254,-75248.188252918029,-43008.482059539892,-10611.60729846904,21943.202227062036,54549.743338173153,87156.284449284271,119762.82556039539,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"Operating Cash Flow",null,0,417440.24287142063,729419.78520882293,806132.88488188409,885147.37754513673,966532.30498828483,1050358.7802547275,1136700.0497791667,1225631.5573893369,1317231.0102278127]
[null,null,"Applicable Tax Rate:",0.02,null,null,null,null,null,null,"Loan Draw After C.O.",0,0,0,0,0,0,0,0,0,0,0,0,0,0,139259.14115625693,107331.48835828254,75248.188252918029,43008.482059539892,10611.60729846904,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Per Unit",null,null,null,null,null,"Operating Shortfall",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Projected Stabilized Assessment:",40694638.520420581,226081.32511344767,null,null,null,null,null,"Remaining Loan",0,0,0,0,0,0,0,0,0,0,0,0,0,401205,261945.85884374307,154614.37048546053,79366.182232542502,36357.70017300261,25746.09287453357,25746.09287453357,25746.09287453357,25746.09287453357,25746.09287453357,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Projected Stabilized RE Tax Payable:",813892.77040841163,4521.6265022689531,null,null,null,null,null,"Construction Loan Balance:",0,0,0,0,180959.34901484987,4063632.3386093471,8276760.1191040808,12198900.137452763,15342063.921188859,17530532.94466361,18883973.511942096,19665794.301576298,20130511.938167393,20760006.996510718,20899266.137666974,21006597.626025256,21081845.814278174,21124854.296337713,21135465.90363618,21135465.90363618,21135465.90363618,21135465.90363618,21135465.90363618,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Year","Stabilized Assessment Schedule*","Escalator after Stabilization","Assessment","RE Tax Payable"]
[null,null,2,0.5,null,20347319.260210291,406946.38520420581]
[null,null,3,1,null,40694638.520420581,813892.77040841163]
[null,null,4,null,0.03,41915477.676033199,838309.55352066399]
[null,null,5,null,0.03,43172942.006314196,863458.84012628393]
[null,null,6,null,0.03,44468130.266503625,889362.60533007246]
[null,null,7,null,0.03,45802174.174498737,916043.48348997475]
[null,null,8,null,0.03,47176239.3997337,943524.78799467406]
[null,null,9,null,0.03,48591526.581725709,971830.53163451422]
[null,null,10,null,0.03,50049272.379177481,1000985.4475835497]
[null,null,11,null,0.03,51550750.550552808,1031015.0110110561]
[null,null,"",null,null,"",""]
[null,null,"* % of Projected Stabilized Assessment"]

{"sheet":"Returns Summary","index":6,"n_rows":47,"n_cols":19,"rows_kept":47,"cut":false,"hidden":false,"merged":[]}
[null,null,0,null,12,24,36,48,60,72,84,96,108,120,132]
[null,null,null,0,1,2,3,4,5,6,7,8,9,10,11]
[null,null,"Date","2024-01-01","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31",null,null,"Refi Month:",24]
[null,null,"EGI",null,0,2182600.3456249996,4328977.9874999998,4458847.3271250008,4592612.7469387511,4730391.1293469127,4872302.863227319,5018471.9491241407,5169026.1075978642,5324096.8908258006,5483819.7975505758]
[null,null,"Total Expense",null,0,1084188.2454826715,1734794.6650646618,1786838.5050166014,1840443.6601670994,1895656.9699721127,1952526.6790712764,2011102.4794434146,2071435.553826717,2133578.6204415187,2197585.9790547639,null,null,"Asset Management (%)",0]
[null,null,"Reserves",null,0,30000,37080,38192.400000000001,39338.172000000006,40518.317160000006,41733.866674800011,42985.882675044013,44275.459155295335,45603.722929954194,46971.834617852823,null,null,"Asset Management  Start Year:",3]
[null,null,"NOI After Reserves",null,0,1068412.1001423281,2557103.3224353381,2633816.4221083992,2712830.9147716518,2794215.8422148,2878042.3174812426,2964383.5870056818,3053315.094615852,3144914.5474543278,3239261.9838779592]
[]
[null,null,"Asset Management",null,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt Service",null,0,-1026430.7643963739,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151]
[]
[null,null,"Operating Cash Flow",null,0,41981.335745954188,729419.78520882293,806132.88488188409,885147.37754513673,966532.30498828483,1050358.7802547275,1136700.0497791667,1225631.5573893369,1317231.0102278127]
[]
[null,null,"Construction Draw at C.O.",null,0,375458.90712546644,0,0,0,0,0,0,0,0]
[]
[null,null,"Equity Investment",-11394498.785717763]
[]
[null,null,"Construction Loan Paydown",null,0,-21135465.90363618,0,0,0,0,0,0,0,0]
[null,null,"Perm. Financing",null,0,26824570.584180955,0,0,0,0,0,0,0,0]
[null,null,"Perm Financing Cost",null,0,-201184.27938135716,0,0,0,0,0,0,0,0]
[null,null,"Refi Fee",null,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance Proceeds",null,0,5487920.4011634178,0,0,0,0,0,0,0,0]
[]
[null,null,"Total Project Distributions",-11394498.785717763,0,5905360.6440348383,729419.78520882293,806132.88488188409,885147.37754513673,966532.30498828483,1050358.7802547275,1136700.0497791667,1225631.5573893369,1317231.0102278127]
[]
[null,null,"Residual Cap Rate",null,5.3499999999999999E-2,5.45E-2,5.5500000000000001E-2,5.6500000000000002E-2,5.7500000000000002E-2,5.8500000000000003E-2,5.9500000000000004E-2,6.0500000000000005E-2,6.1500000000000006E-2,6.25E-2]
[null,null,"Residual Value",null,19970319.628828563,46919327.017162167,47456151.749700889,48014706.456135429,48595058.125474781,49197304.572328933,49821572.890851788,50468018.092823997,51136821.909826465,51828191.742047347]
[null,null,"Cost of Sale",null,-199703.19628828563,-469193.2701716217,-474561.5174970089,-480147.06456135429,-485950.58125474781,-491973.04572328931,-498215.72890851786,-504680.18092824001,-511368.21909826464,-518281.91742047347]
[null,null,"Disposition Fee",null,0,0,0,0,0,0,0,0,0,0]
[null,null,"Loan Paydown",null,-19665794.301576298,-21135465.90363618,-26463219.620289668,-26081485.621677011,-25678218.824966192,-25252204.611088388,-24802159.846911911,-24326729.020510528,-23824480.158430513,-23293900.512659494]
[null,null,"Net Proceeds",-11394498.785717763,104822.13096398115,25314667.843354367,20518370.61191421,21453073.769897066,22430888.719253838,23453126.915517256,24521197.315031361,25636608.891385231,26800973.532297689,28016009.311967377]
[]
[null,null,"Project Levered IRR",null,"",0.50276153504203358,0.3706666540376653,0.30758289838247355,0.26971929552345553,0.24456163032410294,0.22672249330880567,0.21348627102105033,0.20333134102350869,0.19533752609879929]
[null,"2024-01-01",0,null,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763]
[null,"2024-12-31",1,null,104822.13096398115,0,0,0,0,0,0,0,0,0]
[null,"2025-12-31",2,null,null,25732108.086225789,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383]
[null,"2026-12-31",3,null,null,null,21247790.397123031,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293]
[null,"2027-12-31",4,null,null,null,null,22259206.65477895,806132.88488188409,806132.88488188409,806132.88488188409,806132.88488188409,806132.88488188409,806132.88488188409]
[null,"2028-12-31",5,null,null,null,null,null,23316036.096798975,885147.37754513673,885147.37754513673,885147.37754513673,885147.37754513673,885147.37754513673]
[null,"2029-12-31",6,null,null,null,null,null,null,24419659.220505539,966532.30498828483,966532.30498828483,966532.30498828483,966532.30498828483]
[null,"2030-12-31",7,null,null,null,null,null,null,null,25571556.09528609,1050358.7802547275,1050358.7802547275,1050358.7802547275]
[null,"2031-12-31",8,null,null,null,null,null,null,null,null,26773308.941164397,1136700.0497791667,1136700.0497791667]
[null,"2032-12-31",9,null,null,null,null,null,null,null,null,null,28026605.089687027,1225631.5573893369]
[null,"2033-12-31",10,null,null,null,null,null,null,null,null,null,null,29333240.322195191]
[null,null,"Project Equity Multiple",null,"",2.2582922312018896,2.383005303857026,2.5357839451647735,2.6992805905141073,2.8738183686693421,3.0597352062246843,3.2573842356805396,3.4671342425257285,3.6893701510565644]
[null,null,"Cash-on-Cash Return Post Refi",null,"","",0.12349278003594261,0.1364805192444267,0.14985789062916527,0.16363658315544563,0.17782863645751443,0.19244645135864583,0.20750280070681082,0.22301084053542083]

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["Tab:","Budget & Draw","Budget & Draw",null,null,null,"Construction Loan",null,null,null,null,"Permanent Financing",null,null,null,null,null,null,null,null,"Debt Payment"]
[null,"Land","Upfront",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"NOI","CF After Debt","DSCR"]
[null,"Soft Costs","Even",null,null,null,"Total Loan:",21161212.030618701,null,null,null,null,null,"Total Loan:",26824570.584180955,null,"I/O Months:",0,null,null,null,null,1,0,0,0,"<<For chart on \"Project Summary\" tab"]
[null,"Hard Costs","Bell-Curve",null,null,null,"Interest Rate:",5.8500000000000003E-2,null,null,null,null,null,"Interest Rate:",5.5E-2,null,"I/0 Start Date:","2026-01-01",null,null,null,null,2,1068412.1001423281,41981.335745954188,0.58457171516882445]
[null,"FF&E","Custom",null,null,null,null,null,null,null,null,null,null,"Amortization:",30,null,"I/0 End Date:","2025-12-01",null,null,null,null,3,2557103.3224353381,729419.78520882293,1.3990952319435492]
[null,"Impact Fees",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4,2633816.4221083992,806132.88488188409,1.4410680889018563]
[null,"Finance & Title",null,null,"Period",null,"Date","Loan Blc.","Interest PMT","Remaining Blc.",null,"Date","I/O","Loan Blc.","PMT","Principal","Interest","Remaining Blc.","PMT Remaining",null,null,null,5,2712830.9147716518,885147.37754513673,1.4843001315689124]
[null,"Other",null,null,1,null,"2024-01-01",0,0,21161212.030618701,null,"2024-01-01","","",0,"","","","",null,0,null,6,2794215.8422148,966532.30498828483,1.5288291355159789]
[null,null,null,null,2,null,"2024-02-01",0,0,21161212.030618701,null,"2024-02-01","","",0,"","","","",null,0,null,7,2878042.3174812426,1050358.7802547275,1.5746940095814574]
[null,null,null,null,3,null,"2024-03-01",0,0,21161212.030618701,null,"2024-03-01","","",0,"","","","",null,0,null,8,2964383.5870056818,1136700.0497791667,1.6219348298689023]
[null,null,null,null,4,null,"2024-04-01",0,0,21161212.030618701,null,"2024-04-01","","",0,"","","","",null,0,null,9,3053315.094615852,1225631.5573893369,1.6705928747649692]
[null,null,null,null,5,null,"2024-05-01",180959.34901484987,882.17682644739318,20980252.681603853,null,"2024-05-01","","",0,"","","","",null,0,null,10,3144914.5474543278,1317231.0102278127,1.7207106610079186]
[null,null,null,null,6,null,"2024-06-01",4063632.3386093471,19810.207650720567,17097579.692009352,null,"2024-06-01","","",0,"","","","",null,0]
[null,null,null,null,7,null,"2024-07-01",8276760.1191040808,40349.205580632399,12884451.911514621,null,"2024-07-01","","",0,"","","","",null,0]
[null,null,null,null,8,null,"2024-08-01",12198900.137452763,59469.638170082217,8962311.8931659386,null,"2024-08-01","","",0,"","","","",null,0]
[null,null,null,null,9,null,"2024-09-01",15342063.921188859,74792.561615795697,5819148.1094298419,null,"2024-09-01","","",0,"","","","",null,0]
[null,null,null,null,10,null,"2024-10-01",17530532.94466361,85461.348105235098,3630679.0859550908,null,"2024-10-01","","",0,"","","","",null,0]
[null,null,null,null,11,null,"2024-11-01",18883973.511942096,92059.370870717728,2277238.5186766051,null,"2024-11-01","","",0,"","","","",null,0]
[null,null,null,null,12,null,"2024-12-01",19665794.301576298,95870.747220184465,1495417.7290424034,null,"2024-12-01","","",0,"","","","",null,0]
[null,null,null,null,13,null,"2025-01-01",20130511.938167393,98136.245698566039,1030700.0924513079,null,"2025-01-01","","",0,"","","","",null,0]
[null,null,null,null,14,null,"2025-02-01",20760006.996510718,101205.03410798975,401205.03410798311,null,"2025-02-01","","",0,"","","","",null,0]
[null,null,null,null,15,null,"2025-03-01",20899266.137666974,101883.92242112651,261945.89295172691,null,"2025-03-01","","",0,"","","","",null,101205.03410798975]
[null,null,null,null,16,null,"2025-04-01",21006597.626025256,102407.16342687311,154614.40459344536,null,"2025-04-01","","",0,"","","","",null,101883.92242112651]
[null,null,null,null,17,null,"2025-05-01",21081845.814278174,102773.99834460609,79366.216340526938,null,"2025-05-01","","",0,"","","","",null,102407.16342687311]
[null,null,null,null,18,null,"2025-06-01",21124854.296337713,102983.66469464636,36357.734280988574,null,"2025-06-01","","",0,"","","","",null,102773.99834460609]
[null,null,null,null,19,null,"2025-07-01",21135465.90363618,103035.39628022637,25746.126982521266,null,"2025-07-01","","",0,"","","","",null,102983.66469464636]
[null,null,null,null,20,null,"2025-08-01",21135465.90363618,103035.39628022637,25746.126982521266,null,"2025-08-01","","",0,"","","","",null,103035.39628022637]
[null,null,null,null,21,null,"2025-09-01",21135465.90363618,103035.39628022637,25746.126982521266,null,"2025-09-01","","",0,"","","","",null,103035.39628022637]
[null,null,null,null,22,null,"2025-10-01",21135465.90363618,103035.39628022637,25746.126982521266,null,"2025-10-01","","",0,"","","","",null,103035.39628022637]
[null,null,null,null,23,null,"2025-11-01",21135465.90363618,103035.39628022637,25746.126982521266,null,"2025-11-01","","",0,"","","","",null,103035.39628022637]
[null,null,null,null,24,null,"2025-12-01",21135465.90363618,0,25746.126982521266,null,"2025-12-01","","",0,"","","",360,null,103035.39628022637]
[null,null,null,null,25,null,"","",0,"",null,"2026-01-01","No",26824570.584180955,152306.96143554294,29361.012924713563,122945.94851082937,26795209.571256265,359,null,152306.96143554294]
[null,null,null,null,26,null,"","",0,"",null,"2026-02-01","No",26795209.571256265,152306.96143554294,29495.584233951726,122811.37720159121,26765713.987022314,358,null,152306.96143554294]
[null,null,null,null,27,null,"","",0,"",null,"2026-03-01","No",26765713.987022314,152306.96143554294,29630.772328357343,122676.18910718559,26736083.214693956,357,null,152306.96143554294]
[null,null,null,null,28,null,"","",0,"",null,"2026-04-01","No",26736083.214693956,152306.96143554294,29766.580034862302,122540.38140068064,26706316.634659093,356,null,152306.96143554294]
[null,null,null,null,29,null,"","",0,"",null,"2026-05-01","No",26706316.634659093,152306.96143554294,29903.010193355425,122403.95124218751,26676413.62446573,355,null,152306.96143554294]
[null,null,null,null,30,null,"","",0,"",null,"2026-06-01","No",26676413.62446573,152306.96143554294,30040.065656741659,122266.89577880128,26646373.558808997,354,null,152306.96143554294]
[null,null,null,null,31,null,"","",0,"",null,"2026-07-01","No",26646373.558808997,152306.96143554294,30177.749291001688,122129.21214454125,26616195.809517991,353,null,152306.96143554294]
[null,null,null,null,32,null,"","",0,"",null,"2026-08-01","No",26616195.809517991,152306.96143554294,30316.063975252138,121990.8974602908,26585879.745542739,352,null,152306.96143554294]
[null,null,null,null,33,null,"","",0,"",null,"2026-09-01","No",26585879.745542739,152306.96143554294,30455.012601805371,121851.94883373757,26555424.732940931,351,null,152306.96143554294]
[null,null,null,null,34,null,"","",0,"",null,"2026-10-01","No",26555424.732940931,152306.96143554294,30594.598076230337,121712.3633593126,26524830.134864703,350,null,152306.96143554294]
[null,null,null,null,35,null,"","",0,"",null,"2026-11-01","No",26524830.134864703,152306.96143554294,30734.823317413058,121572.13811812988,26494095.311547291,349,null,152306.96143554294]
[null,null,null,null,36,null,"","",0,"",null,"2026-12-01","No",26494095.311547291,152306.96143554294,30875.691257617858,121431.27017792508,26463219.620289668,348,null,152306.96143554294]
[null,null,null,null,37,null,"","",0,"",null,"2027-01-01","No",26463219.620289668,152306.96143554294,31017.204842548614,121289.75659299432,26432202.415447123,347,null,152306.96143554294]
[null,null,null,null,38,null,"","",0,"",null,"2027-02-01","No",26432202.415447123,152306.96143554294,31159.367031410293,121147.59440413264,26401043.048415713,346,null,152306.96143554294]
[null,null,null,null,39,null,"","",0,"",null,"2027-03-01","No",26401043.048415713,152306.96143554294,31302.180796970919,121004.78063857202,26369740.867618743,345,null,152306.96143554294]
[null,null,null,null,40,null,"","",0,"",null,"2027-04-01","No",26369740.867618743,152306.96143554294,31445.649125623706,120861.31230991923,26338295.218493119,344,null,152306.96143554294]
[null,null,null,null,41,null,"","",0,"",null,"2027-05-01","No",26338295.218493119,152306.96143554294,31589.775017449472,120717.18641809346,26306705.443475667,343,null,152306.96143554294]
[null,null,null,null,42,null,"","",0,"",null,"2027-06-01","No",26306705.443475667,152306.96143554294,31734.561486279461,120572.39994926348,26274970.88198939,342,null,152306.96143554294]
[null,null,null,null,43,null,"","",0,"",null,"2027-07-01","No",26274970.88198939,152306.96143554294,31880.011559758233,120426.9498757847,26243090.870429631,341,null,152306.96143554294]
[null,null,null,null,44,null,"","",0,"",null,"2027-08-01","No",26243090.870429631,152306.96143554294,32026.12827940713,120280.83315613581,26211064.742150225,340,null,152306.96143554294]
[null,null,null,null,45,null,"","",0,"",null,"2027-09-01","No",26211064.742150225,152306.96143554294,32172.914700687732,120134.0467348552,26178891.827449538,339,null,152306.96143554294]
[null,null,null,null,46,null,"","",0,"",null,"2027-10-01","No",26178891.827449538,152306.96143554294,32320.373893065887,119986.58754247705,26146571.453556471,338,null,152306.96143554294]
[null,null,null,null,47,null,"","",0,"",null,"2027-11-01","No",26146571.453556471,152306.96143554294,32468.508940075786,119838.45249546715,26114102.944616396,337,null,152306.96143554294]
[null,null,null,null,48,null,"","",0,"",null,"2027-12-01","No",26114102.944616396,152306.96143554294,32617.322939384452,119689.63849615848,26081485.621677011,336,null,152306.96143554294]
[null,null,null,null,49,null,"","",0,"",null,"2028-01-01","No",26081485.621677011,152306.96143554294,32766.819002856631,119540.14243268631,26048718.802674156,335,null,152306.96143554294]
[null,null,null,null,50,null,"","",0,"",null,"2028-02-01","No",26048718.802674156,152306.96143554294,32917.000256619722,119389.96117892321,26015801.802417535,334,null,152306.96143554294]
[null,null,null,null,51,null,"","",0,"",null,"2028-03-01","No",26015801.802417535,152306.96143554294,33067.869841129243,119239.09159441369,25982733.932576407,333,null,152306.96143554294]
[null,null,null,null,52,null,"","",0,"",null,"2028-04-01","No",25982733.932576407,152306.96143554294,33219.430911234391,119087.53052430855,25949514.501665168,332,null,152306.96143554294]
[null,null,null,null,53,null,"","",0,"",null,"2028-05-01","No",25949514.501665168,152306.96143554294,33371.686636244252,118935.27479929868,25916142.815028928,331,null,152306.96143554294]
[null,null,null,null,54,null,"","",0,"",null,"2028-06-01","No",25916142.815028928,152306.96143554294,33524.640199993693,118782.32123554924,25882618.174828932,330,null,152306.96143554294]
[null,null,null,null,55,null,"","",0,"",null,"2028-07-01","No",25882618.174828932,152306.96143554294,33678.294800910327,118628.66663463261,25848939.880028017,329,null,152306.96143554294]
[null,null,null,null,56,null,"","",0,"",null,"2028-08-01","No",25848939.880028017,152306.96143554294,33832.653652081193,118474.30778346174,25815107.226375941,328,null,152306.96143554294]
[null,null,null,null,57,null,"","",0,"",null,"2028-09-01","No",25815107.226375941,152306.96143554294,33987.719981319868,118319.24145422307,25781119.506394621,327,null,152306.96143554294]
[null,null,null,null,58,null,"","",0,"",null,"2028-10-01","No",25781119.506394621,152306.96143554294,34143.497031234248,118163.46440430869,25746976.009363387,326,null,152306.96143554294]
[null,null,null,null,59,null,"","",0,"",null,"2028-11-01","No",25746976.009363387,152306.96143554294,34299.988059294075,118006.97337624886,25712676.021304093,325,null,152306.96143554294]
[null,null,null,null,60,null,"","",0,"",null,"2028-12-01","No",25712676.021304093,152306.96143554294,34457.196337899179,117849.76509764376,25678218.824966192,324,null,152306.96143554294]
[null,null,null,null,61,null,"","",0,"",null,"2029-01-01","No",25678218.824966192,152306.96143554294,34615.125154447887,117691.83628109505,25643603.699811745,323,null,152306.96143554294]
[null,null,null,null,62,null,"","",0,"",null,"2029-02-01","No",25643603.699811745,152306.96143554294,34773.777811405758,117533.18362413718,25608829.922000341,322,null,152306.96143554294]
[null,null,null,null,63,null,"","",0,"",null,"2029-03-01","No",25608829.922000341,152306.96143554294,34933.157626374712,117373.80380916822,25573896.764373962,321,null,152306.96143554294]
[null,null,null,null,64,null,"","",0,"",null,"2029-04-01","No",25573896.764373962,152306.96143554294,35093.267932162285,117213.69350338065,25538803.4964418,320,null,152306.96143554294]
[null,null,null,null,65,null,"","",0,"",null,"2029-05-01","No",25538803.4964418,152306.96143554294,35254.11207685135,117052.84935869159,25503549.384364951,319,null,152306.96143554294]
[null,null,null,null,66,null,"","",0,"",null,"2029-06-01","No",25503549.384364951,152306.96143554294,35415.693423870238,116891.2680116727,25468133.690941077,318,null,152306.96143554294]
[null,null,null,null,67,null,"","",0,"",null,"2029-07-01","No",25468133.690941077,152306.96143554294,35578.015352063012,116728.94608347992,25432555.675589018,317,null,152306.96143554294]
[null,null,null,null,68,null,"","",0,"",null,"2029-08-01","No",25432555.675589018,152306.96143554294,35741.081255759942,116565.88017978299,25396814.594333258,316,null,152306.96143554294]
[null,null,null,null,69,null,"","",0,"",null,"2029-09-01","No",25396814.594333258,152306.96143554294,35904.894544848838,116402.0668906941,25360909.699788406,315,null,152306.96143554294]
[null,null,null,null,70,null,"","",0,"",null,"2029-10-01","No",25360909.699788406,152306.96143554294,36069.458644846076,116237.50279069686,25324840.241143562,314,null,152306.96143554294]
[null,null,null,null,71,null,"","",0,"",null,"2029-11-01","No",25324840.241143562,152306.96143554294,36234.776996968285,116072.18443857465,25288605.464146595,313,null,152306.96143554294]
[null,null,null,null,72,null,"","",0,"",null,"2029-12-01","No",25288605.464146595,152306.96143554294,36400.853058204375,115906.10837733856,25252204.611088388,312,null,152306.96143554294]
[null,null,null,null,73,null,"","",0,"",null,"2030-01-01","No",25252204.611088388,152306.96143554294,36567.690301387833,115739.2711341551,25215636.920787003,311,null,152306.96143554294]
[null,null,null,null,74,null,"","",0,"",null,"2030-02-01","No",25215636.920787003,152306.96143554294,36735.292215269161,115571.66922027378,25178901.62857173,310,null,152306.96143554294]
[null,null,null,null,75,null,"","",0,"",null,"2030-03-01","No",25178901.62857173,152306.96143554294,36903.662304589161,115403.29913095378,25141997.966267142,309,null,152306.96143554294]
[null,null,null,null,76,null,"","",0,"",null,"2030-04-01","No",25141997.966267142,152306.96143554294,37072.804090151869,115234.15734539107,25104925.162176989,308,null,152306.96143554294]
[null,null,null,null,77,null,"","",0,"",null,"2030-05-01","No",25104925.162176989,152306.96143554294,37242.72110889839,115064.24032664455,25067682.441068094,307,null,152306.96143554294]
[null,null,null,null,78,null,"","",0,"",null,"2030-06-01","No",25067682.441068094,152306.96143554294,37413.416913980836,114893.5445215621,25030269.024154108,306,null,152306.96143554294]
[null,null,null,null,79,null,"","",0,"",null,"2030-07-01","No",25030269.024154108,152306.96143554294,37584.895074836604,114722.06636070633,24992684.129079275,305,null,152306.96143554294]
[null,null,null,null,80,null,"","",0,"",null,"2030-08-01","No",24992684.129079275,152306.96143554294,37757.159177262933,114549.80225828,24954926.969902012,304,null,152306.96143554294]
[null,null,null,null,81,null,"","",0,"",null,"2030-09-01","No",24954926.969902012,152306.96143554294,37930.212823492038,114376.7486120509,24916996.757078517,303,null,152306.96143554294]
[null,null,null,null,82,null,"","",0,"",null,"2030-10-01","No",24916996.757078517,152306.96143554294,38104.059632266391,114202.90180327655,24878892.697446253,302,null,152306.96143554294]
[null,null,null,null,83,null,"","",0,"",null,"2030-11-01","No",24878892.697446253,152306.96143554294,38278.703238914284,114028.25819662865,24840613.994207334,301,null,152306.96143554294]
[null,null,null,null,84,null,"","",0,"",null,"2030-12-01","No",24840613.994207334,152306.96143554294,38454.147295425981,113852.81414011696,24802159.846911911,300,null,152306.96143554294]
[null,null,null,null,85,null,"","",0,"",null,"2031-01-01","No",24802159.846911911,152306.96143554294,38630.395470530013,113676.56596501292,24763529.451441385,299,null,152306.96143554294]
[null,null,null,null,86,null,"","",0,"",null,"2031-02-01","No",24763529.451441385,152306.96143554294,38807.451449769927,113499.50998577301,24724721.999991614,298,null,152306.96143554294]
[null,null,null,null,87,null,"","",0,"",null,"2031-03-01","No",24724721.999991614,152306.96143554294,38985.318935581381,113321.64249996156,24685736.68105603,297,null,152306.96143554294]
[null,null,null,null,88,null,"","",0,"",null,"2031-04-01","No",24685736.68105603,152306.96143554294,39164.001647369456,113142.95978817348,24646572.679408662,296,null,152306.96143554294]
[null,null,null,null,89,null,"","",0,"",null,"2031-05-01","No",24646572.679408662,152306.96143554294,39343.50332158657,112963.45811395637,24607229.176087074,295,null,152306.96143554294]
[null,null,null,null,90,null,"","",0,"",null,"2031-06-01","No",24607229.176087074,152306.96143554294,39523.827711810518,112783.13372373242,24567705.348375268,294,null,152306.96143554294]
[null,null,null,null,91,null,"","",0,"",null,"2031-07-01","No",24567705.348375268,152306.96143554294,39704.978588822953,112601.98284671998,24528000.369786441,293,null,152306.96143554294]
[null,null,null,null,92,null,"","",0,"",null,"2031-08-01","No",24528000.369786441,152306.96143554294,39886.959740688413,112420.00169485452,24488113.410045754,292,null,152306.96143554294]
[null,null,null,null,93,null,"","",0,"",null,"2031-09-01","No",24488113.410045754,152306.96143554294,40069.774972833242,112237.18646270969,24448043.635072917,291,null,152306.96143554294]
[null,null,null,null,94,null,"","",0,"",null,"2031-10-01","No",24448043.635072917,152306.96143554294,40253.428108125387,112053.53332741755,24407790.206964795,290,null,152306.96143554294]
[null,null,null,null,95,null,"","",0,"",null,"2031-11-01","No",24407790.206964795,152306.96143554294,40437.922986954291,111869.03844858865,24367352.28397784,289,null,152306.96143554294]
[null,null,null,null,96,null,"","",0,"",null,"2031-12-01","No",24367352.28397784,152306.96143554294,40623.263467311175,111683.69796823176,24326729.020510528,288,null,152306.96143554294]
[null,null,null,null,97,null,"","",0,"",null,"2032-01-01","No",24326729.020510528,152306.96143554294,40809.453424869673,111497.50801067326,24285919.567085657,287,null,152306.96143554294]
[null,null,null,null,98,null,"","",0,"",null,"2032-02-01","No",24285919.567085657,152306.96143554294,40996.496753066996,111310.46468247594,24244923.07033259,286,null,152306.96143554294]
[null,null,null,null,99,null,"","",0,"",null,"2032-03-01","No",24244923.07033259,152306.96143554294,41184.397363185228,111122.56407235771,24203738.672969408,285,null,152306.96143554294]
[null,null,null,null,100,null,"","",0,"",null,"2032-04-01","No",24203738.672969408,152306.96143554294,41373.159184433141,110933.8022511098,24162365.513784967,284,null,152306.96143554294]
[null,null,null,null,101,null,"","",0,"",null,"2032-05-01","No",24162365.513784967,152306.96143554294,41562.786164028497,110744.17527151444,24120802.727620941,283,null,152306.96143554294]
[null,null,null,null,102,null,"","",0,"",null,"2032-06-01","No",24120802.727620941,152306.96143554294,41753.282267280287,110553.67916826265,24079049.445353664,282,null,152306.96143554294]
[null,null,null,null,103,null,"","",0,"",null,"2032-07-01","No",24079049.445353664,152306.96143554294,41944.65147767197,110362.30995787097,24037104.793875989,281,null,152306.96143554294]
[null,null,null,null,104,null,"","",0,"",null,"2032-08-01","No",24037104.793875989,152306.96143554294,42136.897796944642,110170.06363859829,23994967.896079041,280,null,152306.96143554294]
[null,null,null,null,105,null,"","",0,"",null,"2032-09-01","No",23994967.896079041,152306.96143554294,42330.025245180674,109976.93619036226,23952637.870833866,279,null,152306.96143554294]
[null,null,null,null,106,null,"","",0,"",null,"2032-10-01","No",23952637.870833866,152306.96143554294,42524.037860887722,109782.92357465521,23910113.832972981,278,null,152306.96143554294]
[null,null,null,null,107,null,"","",0,"",null,"2032-11-01","No",23910113.832972981,152306.96143554294,42718.939701083436,109588.0217344595,23867394.893271897,277,null,152306.96143554294]
[null,null,null,null,108,null,"","",0,"",null,"2032-12-01","No",23867394.893271897,152306.96143554294,42914.734841380079,109392.22659416286,23824480.158430513,276,null,152306.96143554294]
[null,null,null,null,109,null,"","",0,"",null,"2033-01-01","No",23824480.158430513,152306.96143554294,43111.427376069754,109195.53405947318,23781368.731054444,275,null,152306.96143554294]
[null,null,null,null,110,null,"","",0,"",null,"2033-02-01","No",23781368.731054444,152306.96143554294,43309.021418210075,108997.94001733286,23738059.709636237,274,null,152306.96143554294]
[null,null,null,null,111,null,"","",0,"",null,"2033-03-01","No",23738059.709636237,152306.96143554294,43507.521099710182,108799.44033583275,23694552.188536525,273,null,152306.96143554294]
[null,null,null,null,112,null,"","",0,"",null,"2033-04-01","No",23694552.188536525,152306.96143554294,43706.930571417193,108600.03086412574,23650845.257965107,272,null,152306.96143554294]
[null,null,null,null,113,null,"","",0,"",null,"2033-05-01","No",23650845.257965107,152306.96143554294,43907.254003202863,108399.70743234007,23606938.003961902,271,null,152306.96143554294]
[null,null,null,null,114,null,"","",0,"",null,"2033-06-01","No",23606938.003961902,152306.96143554294,44108.495584050877,108198.46585149206,23562829.508377854,270,null,152306.96143554294]
[null,null,null,null,115,null,"","",0,"",null,"2033-07-01","No",23562829.508377854,152306.96143554294,44310.659522144444,107996.30191339849,23518518.848855712,269,null,152306.96143554294]
[null,null,null,null,116,null,"","",0,"",null,"2033-08-01","No",23518518.848855712,152306.96143554294,44513.750044954257,107793.21139058868,23474005.098810755,268,null,152306.96143554294]
[null,null,null,null,117,null,"","",0,"",null,"2033-09-01","No",23474005.098810755,152306.96143554294,44717.771399326986,107589.19003621595,23429287.327411428,267,null,152306.96143554294]
[null,null,null,null,118,null,"","",0,"",null,"2033-10-01","No",23429287.327411428,152306.96143554294,44922.727851573887,107384.23358396905,23384364.599559851,266,null,152306.96143554294]
[null,null,null,null,119,null,"","",0,"",null,"2033-11-01","No",23384364.599559851,152306.96143554294,45128.623687560292,107178.33774798264,23339235.975872289,265,null,152306.96143554294]
[null,null,null,null,120,null,"","",0,"",null,"2033-12-01","No",23339235.975872289,152306.96143554294,45335.463212794944,106971.49822274799,23293900.512659494,264,null,152306.96143554294]

{"sheet":"RE Tax Sensitivity","index":8,"n_rows":85,"n_cols":19,"rows_kept":85,"cut":false,"hidden":false,"merged":[]}
[null,null,null,0,12,24,36,48,60,72,84,96,108,120,132]
[null,null,"Date","2024-01-01","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31",null,null,"Refi Month",24]
[]
[null,null,"NOI After Reserves",null,0,1068412.1001423281,2557103.3224353381,2633816.4221083992,2712830.9147716518,2794215.8422148,2878042.3174812426,2964383.5870056818,3053315.094615852,3144914.5474543278,3239261.9838779592]
[]
[null,null,"Debt Service",null,0,-1026430.7643963739,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151,-1827683.5372265151]
[]
[null,null,"Operating Cash Flow",null,0,41981.335745954188,729419.78520882293,806132.88488188409,885147.37754513673,966532.30498828483,1050358.7802547275,1136700.0497791667,1225631.5573893369,1317231.0102278127]
[]
[null,null,"Construction Draw at C.O.",null,0,375458.90712546644,0,0,0,0,0,0,0,0]
[]
[null,null,"Equity Investment",-11394498.785717763]
[]
[null,null,"Construction Loan Paydown",null,0,-21135465.90363618,0,0,0,0,0,0,0,0]
[null,null,"Perm. Financing",null,0,26824570.584180955,0,0,0,0,0,0,0,0]
[null,null,"Perm Financing Cost",null,0,-201184.27938135716,0,0,0,0,0,0,0,0]
[null,null,"Refinance Proceeds",0,0,5487920.4011634178,0,0,0,0,0,0,0,0]
[]
[null,null,"Total Project Distributions",-11394498.785717763,0,5905360.6440348383,729419.78520882293,806132.88488188409,885147.37754513673,966532.30498828483,1050358.7802547275,1136700.0497791667,1225631.5573893369,1317231.0102278127]
[]
[null,null,"Residual Cap Rate",null,5.3499999999999999E-2,5.45E-2,5.5500000000000001E-2,5.6500000000000002E-2,5.7500000000000002E-2,5.8500000000000003E-2,5.9500000000000004E-2,6.0500000000000005E-2,6.1500000000000006E-2,6.25E-2]
[null,null,"Residual Value",null,19970319.628828563,46919327.017162167,47456151.749700889,48014706.456135429,48595058.125474781,49197304.572328933,49821572.890851788,50468018.092823997,51136821.909826465,51828191.742047347]
[null,null,"Cost of Sale",null,-199703.19628828563,-469193.2701716217,-474561.5174970089,-480147.06456135429,-485950.58125474781,-491973.04572328931,-498215.72890851786,-504680.18092824001,-511368.21909826464,-518281.91742047347]
[null,null,"Loan Paydown",null,-19665794.301576298,-21135465.90363618,-26463219.620289668,-26081485.621677011,-25678218.824966192,-25252204.611088388,-24802159.846911911,-24326729.020510528,-23824480.158430513,-23293900.512659494]
[null,null,"Net Proceeds",-11394498.785717763,104822.13096398115,25314667.843354367,20518370.61191421,21453073.769897066,22430888.719253838,23453126.915517256,24521197.315031361,25636608.891385231,26800973.532297689,28016009.311967377]
[]
[null,null,"Project Levered IRR:",null,"",0.49175780415534964,0.37066665291786194,0.30758289694786078,0.26958883404731748,0.24446124434471131,0.22664095759391781,0.21341741681098941,0.20322281718254087,0.19524158835411073]
[null,"2024-01-01",0,null,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763]
[null,"2024-12-31",1,null,104822.13096398115,0,0,0,0,0,0,0,0,0]
[null,"2025-12-31",2,null,null,25356649.17910032,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383]
[null,"2026-12-31",3,null,null,null,21247790.397123031,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293]
[null,"2027-12-31",4,null,null,null,null,22259206.65477895,806132.88488188409,806132.88488188409,806132.88488188409,806132.88488188409,806132.88488188409,806132.88488188409]
[null,"2028-12-31",5,null,null,null,null,null,23316036.096798975,885147.37754513673,885147.37754513673,885147.37754513673,885147.37754513673,885147.37754513673]
[null,"2029-12-31",6,null,null,null,null,null,null,24419659.220505539,966532.30498828483,966532.30498828483,966532.30498828483,966532.30498828483]
[null,"2030-12-31",7,null,null,null,null,null,null,null,25571556.09528609,1050358.7802547275,1050358.7802547275,1050358.7802547275]
[null,"2031-12-31",8,null,null,null,null,null,null,null,null,26773308.941164397,1136700.0497791667,1136700.0497791667]
[null,"2032-12-31",9,null,null,null,null,null,null,null,null,null,28026605.089687027,1225631.5573893369]
[null,"2033-12-31",10,null,null,null,null,null,null,null,null,null,null,29333240.322195191]
[null,null,"Project Equity Multiple:",null,"",2.2253413384784571,2.383005303857026,2.5357839451647735,2.6992805905141073,2.8738183686693421,3.0597352062246843,3.2573842356805396,3.4671342425257285,3.6893701510565644]
[]
[]
[]
[null,null,"Current Applicable Tax Rate:",0.02]
[null,null,"Reassessment Post-Sale:",0.95]
[]
[null,null,null,0,1,2,3,4,5,6,7,8,9,10,11]
[null,null,"Date","2024-01-01","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31"]
[null,null,"Proforma RE Taxes:",null,0,339121.9876701716,813892.77040841163,838309.55352066399,863458.84012628393,889362.60533007246,916043.48348997475,943524.78799467406,971830.53163451422,1000985.4475835497,1031015.0110110561]
[null,null,"Reassessment Post-Sale:",null,18971803.647387132,44573360.666304059,45083344.162215844,45613971.133328654,46165305.219201043,46737439.343712486,47330494.246309198,47944617.188182794,48579980.814335138,49236782.154944979,49915241.751568258]
[null,null,"Projected Buyer's RE Tax Payable:",null,0,379436.07294774265,891467.21332608117,901666.88324431691,912279.42266657308,923306.1043840209,934748.78687424969,946609.88492618396,958892.34376365587,971599.6162867028,984735.64309889963]
[null,null,"Buyer's RE Tax Exposure:",null,0,-40314.085277571052,-77574.442917669541,-63357.329723652918,-48820.58254028915,-33943.499053948442,-18705.303384274943,-3085.0969315099064,12938.187870858354,29385.831296846853,46279.367912156507]
[null,null,"Adjusted Buyer NOI After Reserves",null,0,1028098.014864757,2479528.8795176684,2570459.0923847463,2664010.3322313628,2760272.3431608514,2859337.0140969679,2961298.4900741717,3066253.2824867102,3174300.3787511745,3285541.3517901157]
[]
[null,null,"Residual Cap Rate:",null,5.3499999999999999E-2,5.45E-2,5.5500000000000001E-2,5.6500000000000002E-2,5.7500000000000002E-2,5.8500000000000003E-2,5.9500000000000004E-2,6.0500000000000005E-2,6.1500000000000006E-2,6.25E-2]
[null,null,"Adjusted Residual Value:",null,19216785.324574895,45495942.743443459,46314578.241166599,47150625.349227659,48004736.402797416,48877555.79652936,49769722.522254981,50681872.437796861,51614640.304897144,52568661.628641851]
[null,null,"Delta In Tax Adjusted Residual Value:",null,-753534.30425366759,-1423384.2737187073,-1141573.5085342899,-864081.10690777004,-590321.72267736495,-319748.77579957247,-51850.368596807122,213854.34497286379,477818.39507067949,740469.88659450412]
[null,null,"Cost of Sale:",null,-192167.85324574896,-454959.42743443459,-463145.782411666,-471506.25349227659,-480047.3640279742,-488775.55796529358,-497697.22522254981,-506818.72437796864,-516146.40304897144,-525686.61628641852]
[null,null,"Adjusted Net Proceeds",null,-641176.8302471498,23905517.412372846,19388212.838465266,20597633.474058375,21846470.213803247,23136575.627475679,24469865.45012052,25848324.692908369,27274013.743417665,28749074.499695934]
[]
[null,null,"Tax Adjusted Project Levered IRR",null,"",0.44971444010734563,0.35097679495811462,0.29747231602668767,0.26454532742500292,0.24237410426139833,0.22637459635734558,0.2143003165721894,0.20483265519142149,0.19765790104866032]
[null,"2024-01-01",0,null,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763,-11394498.785717763]
[null,"2024-12-31",1,null,-599195.49450119562,0,0,0,0,0,0,0,0,0]
[null,"2025-12-31",2,null,null,23947498.748118799,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383,5905360.6440348383]
[null,"2026-12-31",3,null,null,null,20117632.623674087,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293,729419.78520882293]
[null,"2027-12-31",4,null,null,null,null,21403766.358940259,806132.88488188409,806132.88488188409,806132.88488188409,806132.88488188409,806132.88488188409,806132.88488188409]
[null,"2028-12-31",5,null,null,null,null,null,22731617.591348384,885147.37754513673,885147.37754513673,885147.37754513673,885147.37754513673,885147.37754513673]
[null,"2029-12-31",6,null,null,null,null,null,null,24103107.932463963,966532.30498828483,966532.30498828483,966532.30498828483,966532.30498828483]
[null,"2030-12-31",7,null,null,null,null,null,null,null,25520224.230375249,1050358.7802547275,1050358.7802547275,1050358.7802547275]
[null,"2031-12-31",8,null,null,null,null,null,null,null,null,26985024.742687535,1136700.0497791667,1225631.5573893369]
[null,"2032-12-31",9,null,null,null,null,null,null,null,null,null,28499645.300807003,1225631.5573893369]
[null,"2033-12-31",10,null,null,null,null,null,null,null,null,null,null,30066305.509923749]
[null,null,"Tax Adjusted Equity Multiple",null,"",2.1016719733329015,2.2838207943228706,2.4607090944033758,2.6479910589216233,2.8460373057200572,3.055230237127212,3.2759647634865114,3.5086490313739134,3.7537051605654872]
[null,null,"Tax Adjusted Cap Rate",null,null,5.6205084854601656E-2,5.6867978121138064E-2,5.7535417498255699E-2,5.8207086458493096E-2,5.888269719259577E-2,5.9561987424786848E-2,6.0244717642649499E-2,6.0930668679985776E-2,6.1619639601268802E-2]
[]
[null,null,"Year",null,"Residual Cap","Tax Adjusted",null,"Year","Residual Proceeds","Residual Proceeds Tax Adjusted"]
[null,null,1,null,5.3499999999999999E-2,0,null,1,104822.13096398115,-641176.8302471498]
[null,null,2,null,5.45E-2,5.6205084854601656E-2,null,2,25314667.843354367,23905517.412372846]
[null,null,3,null,5.5500000000000001E-2,5.6867978121138064E-2,null,3,20518370.61191421,19388212.838465266]
[null,null,4,null,5.6500000000000002E-2,5.7535417498255699E-2,null,4,21453073.769897066,20597633.474058375]
[null,null,5,null,5.7500000000000002E-2,5.8207086458493096E-2,null,5,22430888.719253838,21846470.213803247]
[null,null,6,null,5.8500000000000003E-2,5.888269719259577E-2,null,6,23453126.915517256,23136575.627475679]
[null,null,7,null,5.9500000000000004E-2,5.9561987424786848E-2,null,7,24521197.315031361,24469865.45012052]
[null,null,8,null,6.0500000000000005E-2,6.0244717642649499E-2,null,8,25636608.891385231,25848324.692908369]
[null,null,9,null,6.1500000000000006E-2,6.0930668679985776E-2,null,9,26800973.532297689,27274013.743417665]
[null,null,10,null,6.25E-2,6.1619639601268802E-2,null,10,28016009.311967377,28749074.499695934]

{"sheet":"Stress Tests","index":9,"n_rows":39,"n_cols":26,"rows_kept":39,"cut":false,"hidden":false,"merged":[[30,17,38,17],[28,19,28,25],[7,19,7,25],[9,17,17,17],[1,17,1,25],[21,17,21,25],[9,4,17,4],[7,6,7,12],[1,4,1,12],[28,6,28,12],[30,4,38,4],[21,4,21,12]]}
[]
[null,null,null,null,"Permanent Debt Coverage Stress Test",null,null,null,null,null,null,null,null,null,null,null,null,"Projected Refinance Proceeds as % of Total Equity Investment"]
[]
[null,null,null,null,null,"Switch:",null,"Off",null,null,null,null,null,null,null,null,null,null,"Switch:",null,"Off"]
[null,null,null,null,null,"Rent Changes:",null,25,null,null,null,null,null,null,null,null,null,null,"EGI % Change:",null,0.02]
[null,"Debt Coverage Stress",null,null,null,"Vacancy Changes:",null,1.4999999999999999E-2,null,null,null,null,null,null,"Stabilized EGI:",4202891.2499999991,null,null,"Cap Rate Change:",null,1.5E-3]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Stabilized Expense:",1743972.2797834114]
[null,null,null,null,null,null,"Vacancy %",null,null,null,null,null,null,null,"Stabilized NOI:",2458918.9702165877,null,null,null,"Projected Stabilized EGI"]
[null,"Units:",180,null,null,{"$error":"#NAME?"},0,0,0,0,0,0,0,null,"Cap Rate at Refi:",5.5E-2,null,null,{"$error":"#NAME?"},0,0,0,0,0,0,0]
[null,"Projected Rent Per Unit:",1842.5166666666667,null,"Average Projected Rent",1742.5166666666667,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,"Lender's Valuation:",44707617.640301593,null,"Cap Rate at Refi",6.1000000000000006E-2,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Projected Vacancy:",0.05,null,null,1767.5166666666667,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,"LTV:",0.6,null,null,5.9500000000000004E-2,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Concessions/Bad Debt:",-4.6062916666666638,null,null,1792.5166666666667,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,"Refinance Proceeds:",26824570.584180955,null,null,5.8000000000000003E-2,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Projected Ancillary Per Unit:",199.99844444444446,null,null,1817.5166666666667,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,"Refinance Cost:",-201184.27938135716,null,null,5.6500000000000002E-2,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Projected Monthly EGI:",350240.9375,null,null,1842.5166666666667,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,"Construction Paydown:",-21135465.90363618,null,null,5.5E-2,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,null,null,null,null,1867.5166666666667,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,"Proceeds:",5487920.4011634178,null,null,5.3499999999999999E-2,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Projected Expense:",-142331.02331528428,null,null,1892.5166666666667,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,"Equity Investment:",11394498.785717763,null,null,5.1999999999999998E-2,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Projected Reserves:",-3000,null,null,1917.5166666666667,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,"% of Equity Paid Back:",0.48162894255973387,null,null,5.0499999999999996E-2,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,null,null,null,null,1942.5166666666667,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,null,null,null,null,4.8999999999999995E-2,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Projected NOI:",204909.91418471572]
[null,"Projected Monthly Debt:",152306.96143554294]
[null,"DSCR:",1.3453745794241625]
[null,null,null,null,"Pre-Lease/Lease-Up Effect on IRR",null,null,null,null,null,null,null,null,null,null,null,null,"Projected Return on Cost"]
[]
[null,null,null,null,null,"Switch:",null,"Off",null,null,null,null,null,null,null,null,null,null,"Switch:",null,"Off"]
[null,1,"",null,null,"Pre-Lease % Change:",null,0.05,null,null,null,null,null,null,null,null,null,null,"Project Cost % Change:",null,0.03]
[null,2,0.50276153504203358,null,null,"Leases/Month Change:",null,1.5,null,null,null,null,null,null,"Projected NOI:",2458918.9702165877,null,null,"NOI % Change:",null,2.5000000000000001E-2]
[null,3,0.3706666540376653,null,null,"Years Held:",null,7,null,null,null,null,null,null,"Projected Total Cost:",32555710.816336464]
[null,4,0.30758289838247355,null,null,null,null,null,null,null,null,null,null,null,"Return On Cost:",7.5529574030455557E-2]
[null,5,0.26971929552345553,null,null,null,"Pre-Lease % at C.O.",null,null,null,null,null,null,null,null,null,null,null,null,"Projected Total Construction Cost"]
[null,6,0.24456163032410294,null,null,{"$error":"#NAME?"},0,0,0,0,0,0,0,null,null,null,null,null,{"$error":"#NAME?"},0,0,0,0,0,0,0]
[null,7,0.22672249330880567,null,"Leases Per Month",10,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,null,null,null,"Projected Stabilized NOI",2227659.2265780675,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,8,0.21348627102105033,null,null,11.5,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,null,null,null,null,2283350.7072425191,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,9,0.20333134102350869,null,null,13,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,null,null,null,null,2340434.4749235818,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,10,0.19533752609879929,null,null,14.5,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,null,null,null,null,2398945.3367966712,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,null,null,null,null,16,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,null,null,null,null,2458918.9702165877,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Pre-Lease %:",null,null,null,17.5,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,null,null,null,null,2520391.9444720023,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,"Avg. Leases/Month:",null,null,null,19,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,null,null,null,null,2583401.7430838021,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,null,null,null,null,20.5,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,null,null,null,null,2647986.7866608971,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]
[null,null,null,null,null,22,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},null,null,null,null,null,2714186.4563274193,{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"},{"$error":"#NAME?"}]

{"sheet":"IRR Sources","index":10,"n_rows":21,"n_cols":11,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,null,"Refi Year:",2]
[null,null,"Present Value","Present Value","Present Value","Present Value","Present Value",null,null,"Hold:",5]
[null,null,"Inv. Recovery","Cash Flow","Appreciation","Refinance","Loan Paydown","Total",null,"IRR:",0.26971929552345553]
[null,0,1789770.6188510547,1193623.638913888,4720684.3511019386,3404022.0500228414,286398.12682803505,11394498.785717757]
[null,1,0,0,0,0,0,0]
[null,2,0,417440.24287142046,0,5487920.4011634178,0,5905360.6440348383]
[null,3,0,729419.78520882293,0,0,0,729419.78520882293]
[null,4,0,806132.88488188409,0,0,0,806132.88488188409]
[null,5,5906578.3845543452,885147.37754513673,15579142.854866087,0,945167.47983340546,23316036.096798975]
[null,6,0,0,0,0,0,0]
[null,7,0,0,0,0,0,0]
[null,8,0,0,0,0,0,0]
[null,9,0,0,0,0,0,0]
[null,10,0,0,0,0,0,0]
[null,"Allocation:",0.15707322037669727,0.10475437852606694,0.41429504183360844,0.29874258745716448,2.5134771806462952E-2,1]
[]
[null,null,"Inv. Recovery",0.15707322037669727]
[null,null,"Cash Flow",0.10475437852606694]
[null,null,"Appreciation",0.41429504183360844]
[null,null,"Refinance",0.29874258745716448]
[null,null,"Loan Paydown",2.5134771806462952E-2]

{"sheet":"Partnership Summary","index":11,"n_rows":33,"n_cols":14,"rows_kept":33,"cut":false,"hidden":false,"merged":[[3,1,3,6],[3,8,3,13]]}
[]
[null,"Hold Period",10]
[]
[null,"GP",null,null,null,null,null,null,"LP"]
[null,"Metrics","PI & PP","Pref + PI","Simple Int. Waterfall","IRR Waterfall","EM + Sale Kicker",null,"Metrics","PI & PP","Pref + PI","Simple Int. Waterfall","IRR Waterfall","EM + Sale Kicker"]
[null,"Investment",0,-1139449.8785717764,-1709174.8178576643,-2278899.7571435529,-2848624.6964294408,null,"Investment",-11394498.785717763,-10255048.907145986,-9685323.9678600989,-9115599.0285742115,-8545874.0892883223]
[null,"Net CF*",8407704.7412554789,9768283.2950788289,11641386.292290658,11224281.105889153,12843825.404344643,null,"Net CF",22236320.179304149,20875741.625480797,19002638.628268972,19419743.814670473,17800199.516214982]
[null,"IRR*",1,0.41873795476959397,0.28445538309800722,0.25152680778575931,0.24288775979333477,null,"IRR",0.15460608375830431,0.16246088701836037,0.16889198362036284,0.17560379563441653,0.17375254429615672]
[null,"EM*",100,9.5728064733507292,7.8111150308675574,5.925307078867756,5.5087811744535928,null,"EM",2.9514961208452521,3.0356550041349912,2.9620034075605082,3.1303859191037668,3.0828998099242222]
[null,"Avg. Annual Return*","",0.85728064733507292,0.68111150308675572,0.49253070788677561,0.45087811744535927,null,"Avg. Annual Return",0.19514961208452522,0.20356550041349913,0.19620034075605081,0.21303859191037669,0.20828998099242221]
[null,"Net CF w/Fees",9624376.0657455735,10984954.619568923,12858057.616780752,12440952.430379247,14060496.728834737]
[]
[null,"* GP Returns do not include any fees"]
[]
[null,"Grid Below is For \"Project Summary\" Tab"]
[null,"Hold Period",10,10,10,10,10]
[null,"Source GP",0,1139449.8785717764,1709174.8178576643,2278899.7571435529,2848624.6964294408]
[null,"Source LP",11394498.785717763,10255048.907145986,9685323.9678600989,9115599.0285742097,8545874.0892883223]
[null,"Loan",21161212.030618701,21161212.030618701,21161212.030618701,21161212.030618701,21161212.030618701]
[null,"Total Sources",32555710.816336464,32555710.816336464,32555710.816336464,32555710.816336464,32555710.816336464]
[]
[null,"Source GP",0,3.5000000000000003E-2,5.2499999999999998E-2,7.0000000000000007E-2,8.7500000000000008E-2]
[null,"Source LP",0.35000000000000003,0.315,0.29750000000000004,0.27999999999999997,0.26250000000000001]
[null,"Loan %",0.65,0.65,0.65,0.65,0.65]
[null,"Total Sources",1,1,1,1,1]
[]
[null,"GP IRR",1,0.41873795476959397,0.28445538309800722,0.25152680778575931,0.24288775979333477]
[null,"GP EM",100,9.5728064733507292,7.8111150308675574,5.925307078867756,5.5087811744535928]
[null,"GP ROI",1,8.572806473350731,6.8111150308675574,4.9253070788677569,4.5087811744535928]
[]
[null,"LP IRR",0.15460608375830431,0.16246088701836037,0.16889198362036284,0.17560379563441653,0.17375254429615672]
[null,"LP EM",2.9514961208452521,3.0356550041349912,2.9620034075605082,3.1303859191037668,3.0828998099242222]
[null,"LP ROI",1.9514961208452517,2.0356550041349912,1.9620034075605077,2.1303859191037668,2.0828998099242222]

{"sheet":"Profit Interest & Pari Passu","index":12,"n_rows":38,"n_cols":6,"rows_kept":38,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Hold Period:",10]
[]
[null,"Profit Interest & Pari Passu"]
[]
[]
[null,null,null,null,"GP:","LP:"]
[null,null,null,"Contributions:",0,1]
[null,null,null,"Profit Interest:",0.2,0.8]
[]
[]
[]
[null,"Year","Date","Project Cash Flows","GP Cash Flows","LP Cash Flows"]
[null,0,"2024-01-01",-11394498.785717763,0,-11394498.785717763]
[null,1,"2024-12-31",0,0,0]
[null,2,"2025-12-31",5905360.6440348383,1181072.1288069678,4724288.515227871]
[null,3,"2026-12-31",729419.78520882293,145883.9570417646,583535.82816705841]
[null,4,"2027-12-31",806132.88488188409,161226.57697637682,644906.30790550727]
[null,5,"2028-12-31",885147.37754513673,177029.47550902737,708117.90203610947]
[null,6,"2029-12-31",966532.30498828483,193306.46099765698,773225.84399062791]
[null,7,"2030-12-31",1050358.7802547275,210071.75605094549,840287.02420378197]
[null,8,"2031-12-31",1136700.0497791667,227340.00995583335,909360.03982333338]
[null,9,"2032-12-31",1225631.5573893369,245126.31147786739,980505.24591146957]
[null,10,"2033-12-31",29333240.322195191,5866648.0644390387,23466592.257756155]
[null,"Net Cash Flow",null,30644024.920559626,8407704.7412554789,22236320.179304149]
[]
[null,"IRR:",null,0.19533752609879929,1,0.15460608375830431]
[null,"Equity Multiple",null,3.6893701510565653,100,2.9514961208452521]
[]
[null,"Other Fees",null,null,"GP:"]
[null,"Development Fee:",null,null,976671.32449009386]
[null,"In-House Construction Management Fee:",null,null,240000]
[null,"Refi Fee:",null,null,0]
[null,"Disposition Fee:",null,null,0]
[null,"Asset MGMT Fees:",null,null,0]
[null,"Total Fees:",null,null,1216671.3244900939]
[]
[null,"Fees + Distributions:",null,null,9624376.0657455735]

{"sheet":"Pref. Return + Profit Interest","index":13,"n_rows":44,"n_cols":14,"rows_kept":44,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Hold Period:",10,null,null,null,null,null,null,null,null,null,null,"See Details of Summarized Partnership Distributions (click + above)"]
[null,null,null,null,null,null,null,"Year","Date","Ledger","Project","GP","LP"]
[null,"Preferred Return + Profit Interest",null,null,null,null,null,0,"2024-01-01","Acct  Balance:",-11394498.785717763,-1139449.8785717764,-10255048.907145986]
[null,null,null,null,null,null,null,1,"2024-12-31","Acct  Balance:",11394498.785717763,1139449.8785717764,10255048.907145986]
[null,null,null,null,"GP:","LP:",null,1,"2024-12-31","Required Return:",911559.90285742108,91155.990285742111,820403.91257167887]
[null,null,null,"Contributions:",0.1,0.9,null,1,"2024-12-31","Distribution:",0,0,0]
[null,null,null,"8.0% Promote:",0.3,0.7,null,1,"2024-12-31","Promote:",0,0,0]
[null,null,null,null,null,null,null,2,"2025-12-31","Acct  Balance:",12306058.688575184,1230605.8688575185,11075452.819717666]
[null,null,null,null,"Pref. Return*:",0.08,null,2,"2025-12-31","Required Return:",984484.69508601469,98448.469508601484,886036.22557741334]
[null,null,null,null,"*Unpaid balances accrue",null,null,2,"2025-12-31","Distribution:",984484.69508601469,98448.469508601469,886036.22557741322]
[null,null,null,null,null,null,null,2,"2025-12-31","Promote:",4920875.9489488238,1476262.7846846471,3444613.1642641765]
[null,"Year","Date","Project Cash Flows","GP Cash Flows","LP Cash Flows",null,3,"2026-12-31","Acct  Balance:",12306058.688575184,1230605.8688575185,11075452.819717666]
[null,0,"2024-01-01",-11394498.785717763,-1139449.8785717764,-10255048.907145986,null,3,"2026-12-31","Required Return:",984484.69508601469,98448.469508601484,886036.22557741334]
[null,1,"2024-12-31",0,0,0,null,3,"2026-12-31","Distribution:",729419.78520882293,72941.978520882301,656477.80668794061]
[null,2,"2025-12-31",5905360.6440348383,1574711.2541932487,4330649.3898415901,null,3,"2026-12-31","Promote:",0,0,0]
[null,3,"2026-12-31",729419.78520882293,72941.978520882301,656477.80668794061,null,4,"2027-12-31","Acct  Balance:",12561123.598452376,1256112.3598452376,11305011.238607138]
[null,4,"2027-12-31",806132.88488188409,80613.288488188409,725519.59639369568,null,4,"2027-12-31","Required Return:",1004889.8878761901,100488.988787619,904400.89908857108]
[null,5,"2028-12-31",885147.37754513673,88514.737754513684,796632.6397906231,null,4,"2027-12-31","Distribution:",806132.88488188409,80613.288488188409,725519.59639369568]
[null,6,"2029-12-31",966532.30498828483,96653.230498828489,869879.07448945637,null,4,"2027-12-31","Promote:",0,0,0]
[null,7,"2030-12-31",1050358.7802547275,107737.50190377222,942621.27835095522,null,5,"2028-12-31","Acct  Balance:",12759880.601446683,1275988.0601446684,11483892.541302014]
[null,8,"2031-12-31",1136700.0497791667,133639.88276110397,1003060.1670180627,null,5,"2028-12-31","Required Return:",1020790.4481157346,102079.04481157348,918711.40330416115]
[null,9,"2032-12-31",1225631.5573893369,160319.33504415504,1065312.2223451817,null,5,"2028-12-31","Distribution:",885147.37754513673,88514.737754513684,796632.6397906231]
[null,10,"2033-12-31",29333240.322195191,8592601.9644859117,20740638.357709277,null,5,"2028-12-31","Promote:",0,0,0]
[null,"Net Cash Flow:",null,30644024.920559626,9768283.2950788289,20875741.625480797,null,6,"2029-12-31","Acct  Balance:",12895523.67201728,1289552.367201728,11605971.304815553]
[null,null,null,null,null,null,null,6,"2029-12-31","Required Return:",1031641.8937613824,103164.18937613825,928477.70438524429]
[null,"IRR:",null,0.19533752609879929,0.41873795476959397,0.16246088701836037,null,6,"2029-12-31","Distribution:",966532.30498828483,96653.230498828489,869879.07448945637]
[null,"Equity Multiple",null,3.6893701510565653,9.5728064733507292,3.0356550041349912,null,6,"2029-12-31","Promote:",0,0,0]
[null,null,null,null,null,null,null,7,"2030-12-31","Acct  Balance:",12960633.260790376,1296063.3260790377,11664569.934711339]
[null,"Other Fees",null,null,"GP:",null,null,7,"2030-12-31","Required Return:",1036850.6608632301,103685.06608632302,933165.59477690712]
[null,"Development Fee:",null,null,976671.32449009386,null,null,7,"2030-12-31","Distribution:",1036850.6608632301,103685.06608632302,933165.59477690712]
[null,"In-House Construction Management Fee:",null,null,240000,null,null,7,"2030-12-31","Promote:",13508.119391497341,4052.4358174492022,9455.6835740481383]
[null,"Refi Fee:",null,null,0,null,null,8,"2031-12-31","Acct  Balance:",12960633.260790376,1296063.3260790377,11664569.934711339]
[null,"Disposition Fee:",null,null,0,null,null,8,"2031-12-31","Required Return:",1036850.6608632301,103685.06608632302,933165.59477690712]
[null,"Asset MGMT Fees:",null,null,0,null,null,8,"2031-12-31","Distribution:",1036850.6608632301,103685.06608632302,933165.59477690712]
[null,"Total Fees:",null,null,1216671.3244900939,null,null,8,"2031-12-31","Promote:",99849.388915936579,29954.816674780974,69894.572241155605]
[null,null,null,null,null,null,null,9,"2032-12-31","Acct  Balance:",12960633.260790376,1296063.3260790377,11664569.934711339]
[null,"Fees + Distributions:",null,null,10984954.619568923,null,null,9,"2032-12-31","Required Return:",1036850.6608632301,103685.06608632302,933165.59477690712]
[null,null,null,null,null,null,null,9,"2032-12-31","Distribution:",1036850.6608632301,103685.06608632302,933165.59477690712]
[null,null,null,null,null,null,null,9,"2032-12-31","Promote:",188780.89652610675,56634.268957832021,132146.62756827471]
[null,null,null,null,null,null,null,10,"2033-12-31","Acct  Balance:",12960633.260790376,1296063.3260790377,11664569.934711339]
[null,null,null,null,null,null,null,10,"2033-12-31","Required Return:",1036850.6608632301,103685.06608632302,933165.59477690712]
[null,null,null,null,null,null,null,10,"2033-12-31","Distribution:",1036850.6608632301,103685.06608632302,933165.59477690712]
[null,null,null,null,null,null,null,10,"2033-12-31","Promote:",28296389.661331959,8488916.8983995877,19807472.762932371]

{"sheet":"Simple Int. 2-Tier Waterfall","index":14,"n_rows":75,"n_cols":20,"rows_kept":75,"cut":false,"hidden":false,"merged":[[2,13,2,14],[2,15,2,16],[2,17,2,18],[8,4,8,5],[8,2,8,3]]}
[]
[null,"Hold Period",10,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"See Details of Summarized Partnership Distributions (click + above)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Hurdle 1/Pref",null,"Hurdle 2",null,"Hurdle 3"]
[null,"Simple Interest Waterfall",null,null,null,null,null,"Year","Date","Ledger"," Project H1"," Project H2"," Project H3","GP 15.0%","LP 85.0%","GP 30.0%","LP 70.0%","GP 50.0%","LP 50.0%"]
[null,null,null,null,null,null,null,0,"2024-01-01","Acct Balance",-11394498.785717763,-11394498.785717763]
[null,null,null,null,"GP:","LP:",null,1,"2024-12-31","Start Acct Balance:",11394498.785717763,11394498.785717763]
[null,null,null,"Contributions:",0.15,0.85,null,1,"2024-12-31","Required Return:",911559.90285742108,1709174.8178576643]
[null,null,null,null,null,null,null,1,"2024-12-31","Starting Accrued Pref Balance:",0,0]
[null,null,"Simple Interest Return Range",null,"Profit Interest",null,null,1,"2024-12-31","Distributions:",0,0,0,0,0,0,0,0,0]
[null,null,"From","Until","GP","LP",null,1,"2024-12-31","Cash Flow Left:",0,0]
[null,"Hurdle 1/Pref",0,0.08,0.15,0.85,null,1,"2024-12-31","End Acct Blance:",11394498.785717763,11394498.785717763]
[null,"Hurdle 2",0.08,0.15,0.3,0.7,null,1,"2024-12-31","End Accrued Pref Balance:",911559.90285742108,1709174.8178576643]
[null,"Hurdle 3",0.15,null,0.5,0.5,null,2,"2025-12-31","Start Acct Balance:",11394498.785717763,11394498.785717763]
[null,null,null,null,null,null,null,2,"2025-12-31","Required Return:",911559.90285742108,1709174.8178576643]
[null,"Year","Date","Project Cash Flows","GP Cash Flows","LP Cash Flows",null,2,"2025-12-31","Starting Accrued Pref Balance:",911559.90285742108,1709174.8178576643]
[null,0,"2024-01-01",-11394498.785717763,-1709174.8178576643,-9685323.9678600989,null,2,"2025-12-31","Distributions:",5905360.6440348383,0,0,885804.0966052257,5019556.5474296128,0,0,0,0]
[null,1,"2024-12-31",0,0,0,null,2,"2025-12-31","Cash Flow Left:",0,0]
[null,2,"2025-12-31",5905360.6440348383,885804.0966052257,5019556.5474296128,null,2,"2025-12-31","End Acct Blance:",7312257.9473977666,8907487.7773982529]
[null,3,"2026-12-31",729419.78520882293,109412.96778132343,620006.81742749945,null,2,"2025-12-31","End Accrued Pref Balance:",0,0]
[null,4,"2027-12-31",806132.88488188409,120919.93273228261,685212.95214960142,null,3,"2026-12-31","Start Acct Balance:",7312257.9473977666,8907487.7773982529]
[null,5,"2028-12-31",885147.37754513673,132772.1066317705,752375.27091336623,null,3,"2026-12-31","Required Return:",584980.63579182129,1336123.1666097378]
[null,6,"2029-12-31",966532.30498828483,144979.84574824272,821552.45924004214,null,3,"2026-12-31","Starting Accrued Pref Balance:",0,0]
[null,7,"2030-12-31",1050358.7802547275,157553.81703820912,892804.96321651828,null,3,"2026-12-31","Distributions:",729419.78520882293,0,0,109412.96778132343,620006.81742749945,0,0,0,0]
[null,8,"2031-12-31",1136700.0497791667,170505.00746687499,966195.04231229168,null,3,"2026-12-31","Cash Flow Left:",0,0]
[null,9,"2032-12-31",1225631.5573893369,183844.73360840054,1041786.8237809363,null,3,"2026-12-31","End Acct Blance:",7167818.7979807649,8907487.7773982529]
[null,10,"2033-12-31",29333240.322195191,11444768.602535993,17888471.719659202,null,3,"2026-12-31","End Accrued Pref Balance:",0,606703.38140091486]
[null,"Net Cash Flow:",null,30644024.920559626,11641386.292290658,19002638.628268972,null,4,"2027-12-31","Start Acct Balance:",7167818.7979807649,8907487.7773982529]
[null,null,null,null,null,null,null,4,"2027-12-31","Required Return:",573425.50383846124,1336123.1666097378]
[null,"ARR:",null,0.26893701510565654,0.68111150308675572,0.19620034075605081,null,4,"2027-12-31","Starting Accrued Pref Balance:",0,606703.38140091486]
[null,"IRR:",null,0.19533752609879929,0.28445538309800722,0.16889198362036284,null,4,"2027-12-31","Distributions:",806132.88488188409,0,0,120919.93273228261,685212.95214960142,0,0,0,0]
[null,"Equity Multiple",null,3.6893701510565653,7.8111150308675574,2.9620034075605082,null,4,"2027-12-31","Cash Flow Left:",0,0]
[null,null,null,null,null,null,null,4,"2027-12-31","End Acct Blance:",6935111.4169373419,8907487.7773982529]
[null,"Other Fees",null,null,"GP:",null,null,4,"2027-12-31","End Accrued Pref Balance:",0,1136693.6631287686]
[null,"Development Fee:",null,null,976671.32449009386,null,null,5,"2028-12-31","Start Acct Balance:",6935111.4169373419,8907487.7773982529]
[null,"In-House Construction Management Fee:",null,null,240000,null,null,5,"2028-12-31","Required Return:",554808.91335498739,1336123.1666097378]
[null,"Refi Fee:",null,null,0,null,null,5,"2028-12-31","Starting Accrued Pref Balance:",0,1136693.6631287686]
[null,"Disposition Fee:",null,null,0,null,null,5,"2028-12-31","Distributions:",885147.37754513673,0,0,132772.1066317705,752375.27091336623,0,0,0,0]
[null,"Asset MGMT Fees:",null,null,0,null,null,5,"2028-12-31","Cash Flow Left:",0,0]
[null,"Total Fees:",null,null,1216671.3244900939,null,null,5,"2028-12-31","End Acct Blance:",6604772.9527471922,8907487.7773982529]
[null,null,null,null,null,null,null,5,"2028-12-31","End Accrued Pref Balance:",0,1587669.4521933696]
[null,"Fees + Distributions:",null,null,12858057.616780752,null,null,6,"2029-12-31","Start Acct Balance:",6604772.9527471922,8907487.7773982529]
[null,null,null,null,null,null,null,6,"2029-12-31","Required Return:",528381.83621977537,1336123.1666097378]
[null,null,null,null,null,null,null,6,"2029-12-31","Starting Accrued Pref Balance:",0,1587669.4521933696]
[null,null,null,null,null,null,null,6,"2029-12-31","Distributions:",966532.30498828483,0,0,144979.84574824272,821552.45924004214,0,0,0,0]
[null,null,null,null,null,null,null,6,"2029-12-31","Cash Flow Left:",0,0]
[null,null,null,null,null,null,null,6,"2029-12-31","End Acct Blance:",6166622.4839786831,8907487.7773982529]
[null,null,null,null,null,null,null,6,"2029-12-31","End Accrued Pref Balance:",0,1957260.3138148226]
[null,null,null,null,null,null,null,7,"2030-12-31","Start Acct Balance:",6166622.4839786831,8907487.7773982529]
[null,null,null,null,null,null,null,7,"2030-12-31","Required Return:",493329.79871829465,1336123.1666097378]
[null,null,null,null,null,null,null,7,"2030-12-31","Starting Accrued Pref Balance:",0,1957260.3138148226]
[null,null,null,null,null,null,null,7,"2030-12-31","Distributions:",1050358.7802547275,0,0,157553.81703820912,892804.96321651828,0,0,0,0]
[null,null,null,null,null,null,null,7,"2030-12-31","Cash Flow Left:",0,0]
[null,null,null,null,null,null,null,7,"2030-12-31","End Acct Blance:",5609593.50244225,8907487.7773982529]
[null,null,null,null,null,null,null,7,"2030-12-31","End Accrued Pref Balance:",0,2243024.7001698329]
[null,null,null,null,null,null,null,8,"2031-12-31","Start Acct Balance:",5609593.50244225,8907487.7773982529]
[null,null,null,null,null,null,null,8,"2031-12-31","Required Return:",448767.48019537999,1336123.1666097378]
[null,null,null,null,null,null,null,8,"2031-12-31","Starting Accrued Pref Balance:",0,2243024.7001698329]
[null,null,null,null,null,null,null,8,"2031-12-31","Distributions:",1136700.0497791667,0,0,170505.00746687499,966195.04231229168,0,0,0,0]
[null,null,null,null,null,null,null,8,"2031-12-31","Cash Flow Left:",0,0]
[null,null,null,null,null,null,null,8,"2031-12-31","End Acct Blance:",4921660.9328584634,8907487.7773982529]
[null,null,null,null,null,null,null,8,"2031-12-31","End Accrued Pref Balance:",0,2442447.817000404]
[null,null,null,null,null,null,null,9,"2032-12-31","Start Acct Balance:",4921660.9328584634,8907487.7773982529]
[null,null,null,null,null,null,null,9,"2032-12-31","Required Return:",393732.87462867709,1336123.1666097378]
[null,null,null,null,null,null,null,9,"2032-12-31","Starting Accrued Pref Balance:",0,2442447.817000404]
[null,null,null,null,null,null,null,9,"2032-12-31","Distributions:",1225631.5573893369,0,0,183844.73360840054,1041786.8237809363,0,0,0,0]
[null,null,null,null,null,null,null,9,"2032-12-31","Cash Flow Left:",0,0]
[null,null,null,null,null,null,null,9,"2032-12-31","End Acct Blance:",4089762.2500978038,8907487.7773982529]
[null,null,null,null,null,null,null,9,"2032-12-31","End Accrued Pref Balance:",0,2552939.4262208049]
[null,null,null,null,null,null,null,10,"2033-12-31","Start Acct Balance:",4089762.2500978038,8907487.7773982529]
[null,null,null,null,null,null,null,10,"2033-12-31","Required Return:",327180.98000782431,1336123.1666097378]
[null,null,null,null,null,null,null,10,"2033-12-31","Starting Accrued Pref Balance:",0,2552939.4262208049]
[null,null,null,null,null,null,null,10,"2033-12-31","Distributions:",4416943.2301056283,8379607.1401231671,16536689.951966397,662541.48451584426,3754401.7455897839,2513882.1420369502,5865724.9980862169,8268344.9759831987,8268344.9759831987]
[null,null,null,null,null,null,null,10,"2033-12-31","Cash Flow Left:",24916297.092089564,16536689.951966397]
[null,null,null,null,null,null,null,10,"2033-12-31","End Acct Blance:",0,0]
[null,null,null,null,null,null,null,10,"2033-12-31","End Accrued Pref Balance:",0,0]

{"sheet":"IRR Waterfall","index":15,"n_rows":56,"n_cols":20,"rows_kept":56,"cut":false,"hidden":false,"merged":[[3,13,3,14],[3,15,3,16],[3,17,3,18],[8,2,8,3],[8,4,8,5]]}
[]
[null,"Hold Period:",10,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"See Details of Summarized Partnership Distributions (click + above)"]
[]
[null,"IRR Waterfall",null,null,null,null,null,null,null,null,null,null,null,"Hurdle 1/Pref",null,"Hurdle 2",null,"Hurdle 3"]
[null,null,null,null,null,null,null,"Year","Date","Ledger"," Project H1"," Project H2"," Project H3","GP 20.0%","LP 80.0%","GP 30.0%","LP 70.0%","GP 50.0%","LP 50.0%"]
[null,null,null,null,"GP","LP",null,0,"2024-01-01","Acct  Balance:",-11394498.785717763]
[null,null,null,"Contributions:",0.2,0.8,null,1,"2024-12-31","Start Acct  Balance:",11394498.785717763,11394498.785717763]
[null,null,null,null,null,null,null,1,"2024-12-31","Required Return:",911559.90285742108,1709174.8178576643]
[null,null,"IRR Range",null,"Profit Interest",null,null,1,"2024-12-31","Distributions:",0,0,0,0,0,0,0,0,0]
[null,null,"From","Until","GP","LP",null,1,"2024-12-31","Cash Flow Left:",0,0]
[null,"Hurdle 1/Pref",0,0.08,0.2,0.8,null,1,"2024-12-31","End Acct Balance:",12306058.688575184,13103673.603575427]
[null,"Hurdle 2",0.08,0.15,0.3,0.7,null,2,"2025-12-31","Start Acct  Balance:",12306058.688575184,13103673.603575427]
[null,"Hurdle 3",0.15,null,0.5,0.5,null,2,"2025-12-31","Required Return:",984484.69508601469,1965551.040536314]
[null,null,null,null,null,null,null,2,"2025-12-31","Distributions:",5905360.6440348383,0,0,1181072.1288069678,4724288.515227871,0,0,0,0]
[null,"Year","Date","Project Cash Flows","GP Cash Flows","LP Cash Flows",null,2,"2025-12-31","Cash Flow Left:",0,0]
[null,0,"2024-01-01",-11394498.785717763,-2278899.7571435529,-9115599.0285742115,null,2,"2025-12-31","End Acct Balance:",7385182.7396263611,9163864.000076903]
[null,1,"2024-12-31",0,0,0,null,3,"2026-12-31","Start Acct  Balance:",7385182.7396263611,9163864.000076903]
[null,2,"2025-12-31",5905360.6440348383,1181072.1288069678,4724288.515227871,null,3,"2026-12-31","Required Return:",590814.61917010893,1374579.6000115355]
[null,3,"2026-12-31",729419.78520882293,145883.9570417646,583535.82816705841,null,3,"2026-12-31","Distributions:",729419.78520882293,0,0,145883.9570417646,583535.82816705841,0,0,0,0]
[null,4,"2027-12-31",806132.88488188409,161226.57697637682,644906.30790550727,null,3,"2026-12-31","Cash Flow Left:",0,0]
[null,5,"2028-12-31",885147.37754513673,177029.47550902737,708117.90203610947,null,3,"2026-12-31","End Acct Balance:",7246577.5735876467,9809023.8148796149]
[null,6,"2029-12-31",966532.30498828483,193306.46099765698,773225.84399062791,null,4,"2027-12-31","Start Acct  Balance:",7246577.5735876467,9809023.8148796149]
[null,7,"2030-12-31",1050358.7802547275,210071.75605094549,840287.02420378197,null,4,"2027-12-31","Required Return:",579726.20588701172,1471353.5722319421]
[null,8,"2031-12-31",1136700.0497791667,227340.00995583335,909360.03982333338,null,4,"2027-12-31","Distributions:",806132.88488188409,0,0,161226.57697637682,644906.30790550727,0,0,0,0]
[null,9,"2032-12-31",1225631.5573893369,245126.31147786739,980505.24591146957,null,4,"2027-12-31","Cash Flow Left:",0,0]
[null,10,"2033-12-31",29333240.322195191,10962124.186216265,18371116.135978926,null,4,"2027-12-31","End Acct Balance:",7020170.894592775,10474244.502229674]
[null,"Net Cash Flow",null,30644024.920559626,11224281.105889153,19419743.814670473,null,5,"2028-12-31","Start Acct  Balance:",7020170.894592775,10474244.502229674]
[null,null,null,null,null,null,null,5,"2028-12-31","Required Return:",561613.67156742199,1571136.675334451]
[null,"IRR:",null,0.19533752609879929,0.25152680778575931,0.17560379563441653,null,5,"2028-12-31","Distributions:",885147.37754513673,0,0,177029.47550902737,708117.90203610947,0,0,0,0]
[null,"Equity Multiple",null,3.6893701510565653,5.925307078867756,3.1303859191037668,null,5,"2028-12-31","Cash Flow Left:",0,0]
[null,null,null,null,null,null,null,5,"2028-12-31","End Acct Balance:",6696637.1886150604,11160233.800018989]
[null,"Other Fees",null,null,"GP:",null,null,6,"2029-12-31","Start Acct  Balance:",6696637.1886150604,11160233.800018989]
[null,"Development Fee:",null,null,976671.32449009386,null,null,6,"2029-12-31","Required Return:",535730.97508920485,1674035.0700028483]
[null,"In-House Construction Management Fee:",null,null,240000,null,null,6,"2029-12-31","Distributions:",966532.30498828483,0,0,193306.46099765698,773225.84399062791,0,0,0,0]
[null,"Refi Fee:",null,null,0,null,null,6,"2029-12-31","Cash Flow Left:",0,0]
[null,"Disposition Fee:",null,null,0,null,null,6,"2029-12-31","End Acct Balance:",6265835.8587159803,11867736.565033551]
[null,"Asset MGMT Fees:",null,null,0,null,null,7,"2030-12-31","Start Acct  Balance:",6265835.8587159803,11867736.565033551]
[null,"Total Fees:",null,null,1216671.3244900939,null,null,7,"2030-12-31","Required Return:",501266.86869727843,1780160.4847550327]
[null,null,null,null,null,null,null,7,"2030-12-31","Distributions:",1050358.7802547275,0,0,210071.75605094549,840287.02420378197,0,0,0,0]
[null,"Fees + Distributions:",null,null,12440952.430379247,null,null,7,"2030-12-31","Cash Flow Left:",0,0]
[null,null,null,null,null,null,null,7,"2030-12-31","End Acct Balance:",5716743.9471585313,12597538.269533856]
[null,null,null,null,null,null,null,8,"2031-12-31","Start Acct  Balance:",5716743.9471585313,12597538.269533856]
[null,null,null,null,null,null,null,8,"2031-12-31","Required Return:",457339.5157726825,1889630.7404300782]
[null,null,null,null,null,null,null,8,"2031-12-31","Distributions:",1136700.0497791667,0,0,227340.00995583335,909360.03982333338,0,0,0,0]
[null,null,null,null,null,null,null,8,"2031-12-31","Cash Flow Left:",0,0]
[null,null,null,null,null,null,null,8,"2031-12-31","End Acct Balance:",5037383.4131520474,13350468.960184766]
[null,null,null,null,null,null,null,9,"2032-12-31","Start Acct  Balance:",5037383.4131520474,13350468.960184766]
[null,null,null,null,null,null,null,9,"2032-12-31","Required Return:",402990.67305216379,2002570.3440277148]
[null,null,null,null,null,null,null,9,"2032-12-31","Distributions:",1225631.5573893369,0,0,245126.31147786739,980505.24591146957,0,0,0,0]
[null,null,null,null,null,null,null,9,"2032-12-31","Cash Flow Left:",0,0]
[null,null,null,null,null,null,null,9,"2032-12-31","End Acct Balance:",4214742.5288148746,14127407.746823143]
[null,null,null,null,null,null,null,10,"2033-12-31","Start Acct  Balance:",4214742.5288148746,14127407.746823143]
[null,null,null,null,null,null,null,10,"2033-12-31","Required Return:",337179.40230518999,2119111.1620234712]
[null,null,null,null,null,null,null,10,"2033-12-31","Distributions:",4551921.9311200641,11694596.977726551,13086721.413348576,910384.38622401282,3641537.5448960513,3508379.093317965,8186217.8844085848,6543360.706674288,6543360.706674288]
[null,null,null,null,null,null,null,10,"2033-12-31","Cash Flow Left:",24781318.391075127,13086721.413348576]
[null,null,null,null,null,null,null,10,"2033-12-31","End Acct Balance:",0,0]

{"sheet":"Equity Multiple + Sale Kicker","index":16,"n_rows":42,"n_cols":6,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Hold Period:",10]
[]
[null,"Equity Multiple + Sale Kicker"]
[]
[null,null,null,null,"GP:","LP:"]
[null,null,null,"Contributions:",0.25,0.75]
[]
[null,null,"Project EM","Annualized Avg. Return","GP % of Sale"]
[null,null,1.5,0.05,0.02]
[null,null,2,0.1,0.04]
[null,null,2.5,0.15,0.06]
[null,null,3,0.2,0.1]
[]
[null,null,null,null,"Residual Sale Price:",51828191.742047347]
[]
[null,"Year","Date","Project Cash Flows","GP Cash Flows","LP Cash Flows"]
[null,0,"2024-01-01",-11394498.785717763,-2848624.6964294408,-8545874.0892883223]
[null,1,"2024-12-31",0,0,0]
[null,2,"2025-12-31",5905360.6440348383,1476340.1610087096,4429020.4830261283]
[null,3,"2026-12-31",729419.78520882293,182354.94630220573,547064.83890661714]
[null,4,"2027-12-31",806132.88488188409,201533.22122047102,604599.66366141313]
[null,5,"2028-12-31",885147.37754513673,221286.84438628418,663860.53315885249]
[null,6,"2029-12-31",966532.30498828483,241633.07624707121,724899.22874121368]
[null,7,"2030-12-31",1050358.7802547275,262589.69506368187,787769.08519104565]
[null,8,"2031-12-31",1136700.0497791667,284175.01244479168,852525.03733437508]
[null,9,"2032-12-31",1225631.5573893369,306407.88934733422,919223.66804200271]
[null,10,"2033-12-31",29333240.322195191,12516129.254753534,16817111.067441657]
[null,"Total Distributions:",null,30644024.920559626,12843825.404344643,17800199.516214982]
[]
[null,"IRR:",null,0.19533752609879929,0.24288775979333477,0.17375254429615672]
[null,"Equity Multiple",null,3.6893701510565653,5.5087811744535928,3.0828998099242222]
[]
[null,"Other Fees",null,null,"GP:"]
[null,"Development Fee:",null,null,976671.32449009386]
[null,"In-House Construction Management Fee:",null,null,240000]
[null,"Refi Fee:",null,null,0]
[null,"Disposition Fee:",null,null,0]
[null,"Asset MGMT Fees:",null,null,0]
[null,"Total Fees:",null,null,1216671.3244900939]
[]
[null,"Fees + Distributions:",null,null,14060496.728834737]