HomeMy WebLinkAboutExhibit ACITY OF MIAMI, FLORIDA
TO: Members of the Housing and July 30th, 2021
Commercial Loan Committee oarE : FILE
SUBJECT: 8"' Street Properties, LLC:
Essence Miami
George wofhcomrmcunity
r
Depart t & Economic Development
FROM: REFERENCES:
ENCLOSURES:
BORROWER:
8" Street Properties LLC is a Florida Limited Partnership Company that was established in November
2005 and managed by the Nuri Dorra and Ingrid Dorra. Mr. Nuri Dorra has been a Real Estate
Developer since 1975. His portfolio includes real estate development in Argentina and Florida. Mr.
Dorra`s extensive experience includes the development of single family homes, townhouses, multi-
family projects, hotel conversions and real estate rehabilitation.
8"' Street Properties, LLC owns the three (3) lots that will become the new development, Essence
Miami.
PROJECT
Essence of Miami will be a new 8-story mixed use development that will feature residential and
commercial space. The development will be developed on three contiguous sites having a total of
25,563 sq. ft., located at 829 SW 8"' Street, in the Little Havana neighborhood. The project will provide
eighty-eight (88) rental units, one and two bedrooms for low- income and workforce families and 590
sq. ft. of commercial space. The Project will contain fifty-seven (57) units of one bedroom, on bath and
thirty-one (31) units of two bedrooms and one bath. All the units will be City -assisted for low-income
families at 60% of AMI and workforce. families at 100% of AMI.
BACKGROUND
On February 25, 2019, the Department of Housing and Community Development ("Department")
issued a Request for Proposals ("RFP") in HOME Investment Partnerships Program ("HOME") funds;
Community Development Block Grant ("CDBG") funds; State Housing Initiatives Partnership
Program ("SHIP") funds; Affordable Housing Trust Funds ("AHTF") funds; and Miami Forever Bonds
("GOB") for the construction and rehabilitation financing of multifamily rental housing projects and
homeownership projects.
On June 10, 2021, the City Commission approved Resolution R-21-0222. The City Commission
authorized the allocation in an amount not to exceed $5,000,000 from the proposed Tranche 2 Miami
Forever Affordable Housing Limited Ad Valorem Bonds to the Project provided that the Developer
fulfills all the terms and conditions to be set forth by the Department of Housing and Community
Development and approved the Housing and Commercial Loan Committee, (HCD/HCLC). Pursuant
to the Section 18-86 of the Code of the City of Miami, Florida, the Competitive Negotiation Methods
and Procedures were waived by a 4/5t11 vote of the City Commission.
8Tx STREET .PROPERTIES, LLC 2 June 25, 2021
ESSENCE MIAMI
BORROWER'S REQUEST
The Borrower submitted a request for Bond fiends in the amount of $5M to cover in part the total
development cost of the proposed 88 unit mix use development targeting low income families at 60%
of the area median income and workforce households at 100% of the area median income.
DEPARTMENTAL RECOMMENDATION
Based on the proposal provided by Borrower, the Department recommends allocation up to $5,000,000
in Miami Forever Bonds ("GOB") funds to 8`i' Street Properties, LLC for the development of Miami
Essence project. Funding of GOB dollars shall be contingent on but not limited to the following terns
and conditions.
The following loan teens and conditions shall apply:
1. Project Financing: Evidence of the project securing a constructionlpermanent loan from Ocean
Bank in the amount of no less than $14M acceptable to the Department of Housing and
Community Development and the City Attorney's office.
2. Pennitting: Evidence that project has secures full construction building permit from the City of
Miami.
3. City Comurission Approval: Subsequent approval of the project by the City of Mianni
Cornrnission approval.
4. Use of Funds: City funds will be used for construction hard costs. No City of Miami GOB funds
shall be disbursed prior to evidence that all project financing as indicated herein has been
secured. All project financing shall close simultaneously.
5. City Assisted Units: Eighty-eight (88) project units shall be assisted with GOB fluids for low
income and workforce households.
6. M-axinzum Rent. and Income Levels: Rents charged on City -assisted units are subject to Florida
Housing Finance Corporation State Housing Initiatives Partnership ("SHIP") program
according to the income target proposed by the Borrower. The rent and income limits are
published annually by the US Department of Housing and Urban Development ("HUD") and
Florida Housing Finance Corporation ("FHFC").
7. Affordabilio; Period: an affordability period of 30 years will apply commencing from the date
the City approves the closeout of the project.
8. Loan Repayinent & Interest Rate Terms: This is a deferred loan provided to the Borrower with
no debt service payments required. The property must maintain the required affordability
structure for a period of 30 years. Failure to comply with these requirements will result in the
full repayment of principal and an agreed upon interest rate. Full repayment of principal is due
at the 30-year maturity.
9. Draw Disbursements: The City shall not fund any draw request in an amount that exceeds the
City's initial contribution percentage of the entire development cost of the project.
10. City Incurred Costs: Borrower understands and agrees that $10,000 of the GOB funds may be
used by the City to cover costs incurred by the City on behalf of the project
11. Increase in Project Costs: If the project costs increase ten percent (10%) or more of the original
budget, and the Borrower is not able to secure additional funding within 60 days before the
project commencement, the project will be subject to recommendation to the Housing and
Commercial Loan Cormnittee for de -obligation of the project funding.
12. Retainage(s): Five percent (5%) of each draw request will be retained until the City has received
as part of the close-out, at the Borrower's sole cost, a Final Cost Certification prepared by an
independent certified public accountant, both in form and substance acceptable to the City.
8"' STREET PROPERTIES, LLC
ESSENCE MIAMI
Tune 25, 2021
13. ConzrnitinentFee: There will be a $5,000 commitment fee.
14. Eligible Project Costs: Eligible project costs will be effective from the date of environmental
clearance.
15. Reporting Cofnplianee: Borrower is subject to compliance reporting requirements in the process
of construction and during the affordability period.
16. Development Benchn?.arks/Scope of iVork: The project shall: (a) continence construction within
six (6) months from the Effective Datet't of the contract; (b) obtain all certificates of occupancy
required for the project within 18 months from the Effective Date; and (c) have all project units
rented within 12 months after the issuance of project's certificate(s) of occupancy,.but in no
event later than 36 months from the Effective Date.
17. bzsurance Requirements: Borrower shall obtain and furnish evidence of insurance coverage as
the City may require in connection with the Project.
18. Afnnnative Marketing Plan: Borrower shall provide an Affinnative Marketing Plan using
HUD's approved form and report to the City annually on all actions taken to comply with said
plan. Borrower shall comply with the requirements of the affordable housing notice to City
Officials Ordinance #13491.
19. Lottery: Selection of eligible tenants shall be from the results of a tenant lottery, which shall be
conducted with a representative of the City of Miami present. In addition, the project shall
comply with the requirements of the City of Miami Ordinance #13645, Resident Preference.
20. Project Signage: Borrower shall furnish signage identifying the Project and shall acknowledge
the contribution of the City by incorporating the seal of the City and the names of the City
commissioners and officials in all documents, literature, pamphlets, advertisements, and
signage, permanent or otherwise. All such acknowledgments shall be in a form acceptable to the
City and its costs should be covered under the City Incurred Cost line item.
21. De -obligation ofFunds: The City may at its sole discretion de -obligate the funding approved
herein, if by no later than six (6) months from the date of approval of the City funds, the
Borrower has failed to close on all funding cornmitments represented herein
22. Discretionwy Action by Administration: Staff shall have the discretion to approve and, by way
of Memorandum, authorize the City Manager to execute any and all documents needed to further
the Project Completion, provided, however, that the lien position nor the project terns are not
materially affected.
23. Compliance with Ordinance #13491 Notice to Residents, a77d Ordinance #13645 Resident
Preference,
24. Compliance with the provisions of Davis Bacon Act, and regulations, as amended.
25. Project Default: If the City determines that the project is in default, the following conditions
will apply:
o The highest interest rate available under the law will be applicable for the funds disbursed
from date of disbursement.
• The Restrictive Covenant will remain as a restriction on the Project property throughout the
Affordability Period; and
o The borrower, project developer, managing partner(s) of the borrower and/or other
individuals, principals and/or other entities as determined by the City will be debarred from
receiving any City funding for a period of five (5) years.
Dl The "Effective Date" is the date on which the contract has been signed by the City Manager and attested to
by the City Clerk.
8Tx STREET PROPERTIES, LLC 4 June 25, 2021
ESSENCE MIAMI
HOUSING AND COMMERCIAL LOAN COMMITTEE DECISION:
Approved as Recommended by Staff Yes ❑ No ❑N/A ❑
To Include Additional Conditions or Restrictions Yes ❑ No ❑ N/A ❑
Disapproved Yes ❑ No ❑ N/A ❑
To Include Further Action Yes ❑ No ❑ N/A ❑
Specify any further action, conditions or restrictions:
or Represent,ttl"ve Stamp Date
8rh Street Properties LLC
Project Analysis: Essence Miami
Market Risk
The market risk for this project is low, given the scarcity of affordable rental units in the City of Miami
for low-income residents.
According to the City of Miami's 2014-2018 Consolidated Plan, city residents have not been able to keep
up with the increasing high cost of living in the Miami area, as such 67% of city residents fit the low -to -
moderate income category and nearly half of city households (46%) are cost -burdened.
The proposed project is a new construction of 8-story multi -family building that will provide a total of a
eighty eight (88) units. Fifty-seven (57) units will be one bedroom and one bath, 565-723 sq. ft., and
eight (8) units will be two bedroom and one bath, 845-960 sq. ft. and twenty-three (23) units will be two
bedroom and two bath, 845-960 sq. ft.
Due to the limited number of new projects coming online at the same time and a medium size of the
subject, it is anticipated that the project will generate a demand for is units that will result in the need to
conduct a lottery of the applicants.
The construction of this affordable rental building will contribute to alleviate the housing needs of the
most disadvantaged residents and will contribute to the revitalization and stabilization of the area, which
has been a priority redevelopment area for the City of Miami.
Borrower Risk
8rh Street Properties LLC is a Florida Limited Partnership Company that was established in November
2005 and managed by the Nuri Dona and Ingrid Dora. Mr. Nuri Dorra has been a Real Estate Developer
since 1975. His portfolio includes real estate development in Argentina and Florida. Mr. Dora's extensive
experience includes the development of single-family homes, townhouses, multi -family projects, hotel
conversions and real rehab.
Project Risk
Essence of Miami will be a new 8-stony construction, mixed use development on 829-845-847 SW 8rh St
vacant sites that will feature residential and commercial space. The development will be located on three
contiguous sites total of 25,563 sq. ft. The project will provide eighty-eight (88) units, one and two
bedrooms for low- income families and 590 sq. ft. of commercial space. The project will provide one
hundred thirty-five (135) parking spaces, security system, high efficiency elevator, LED lighting, high
efficiency appliances, community room and recreational facilities such as gym, solarium, outside deck
area with BBQs, meeting room, retail office and front desk.
The project will provide an affordable housing for very low, low and workforce income persons, ranging
from 60% to 100% of the area median income.
The borrower has provided the following financial structure: $4,000,000 (Equity); $5,000,000 (City of
Miami -General Bond Funding); $14,000,000 (Ocean Barak). Total development cost of the project is
$23,000,000. Based on the borrower's financial information the project is viable.
8t" Street Properties, LLC-Essence Miami
Vacancies are projected at 7% after the stabilization of the project. At this vacancy level the project is
financially feasible, as shown in the attached Pro -Forma.
uisition/Relocation Risk
On February 25, 2019, the City of Miami issued a Request for Proposals ("RFP") inviting qualified
private real estate developers to propose developments of Affordable/Workforce rental housing in the
City of Miami. The goal of this application process is for the City of Miami to establish an Affordable
Housing Development Pipeline intended to address the affordable housing needs.
On June 10, 2021, the City Commission approved Resolution R-21-0222. The City Commission
authorized the allocation in an amount not to exceed $5,000,000 from the proposed tranche 2 Miami
Forever Affordable Housing Limited Ad Valorem Bonds to the Project provided that the Developer
fulfills any and all of the terms and conditions to be set forth by the HCD/HCLC Approvals and fulfills all
requirements in order to be in compliance with the Bond Strategies. Pursuant to the Section 18-86 of the
Code of the City of Miami, Florida, the Competitive Negotiation Methods and Procedures were waived.
Portfolio Risk
The project is located in the City of Miami, District 3. The owner of the sites is 8'1' Street Properties, LLC.
Project addresses objectives within the City of Miami's Consolidated Plan. The proposed development is
for individuals and families with a gross amlual income between thirty (60%) and one hundred (100%)
percent of the Area Median Income (AMI) adjusted for family size. The City of Miami GOB funding will
be used for development cost (hard costs). The project will yield 88 units. The project has a 30-year
Affordability Period. The City's total average investment per unit is $56,818. The Principals have
developed and managed a considerable number of units throughout Miami -Dade County and are currently
in good standing.
Development Budget:
Land $4,000,000
Hard Cost $15,215,230
Soft Cost $3,784,770
Total Development Cost: $23,000,000
See attached the Budget - Cost Allocation.
Project Information:
Project Location: 829-845-847 SW 8"' St
81n Street Properties, LLC-Essence Miami
Area: 25,563 sq. ft.
Number of Units: 88
Type of Unit: I bed/1 bath: 565-775 sq. ft.
2 bed/1 bath: 845-960 sq. ft.
2 bed/2 bath: 845-960 sq. ft.
Commercial Space: 590 sq. ft.
Amenities:
Project amenities will include parking garage, community room and recreational facilities such as gym,
solarium, outside deck area with BBQs, meeting room, retail office and front desk.
Collateral Subordination:
1st Position- Ocean Bank in the amount of $14,000,000
2nd Position: GOB City of Miami in the amount of $5,000,000
Equity Investment funding in the amount of $4,000,000
Total Developer's Fee: $742,330 (4%)
Project Feasibility:
Bedrooms
Baths
No. of
Units
Unit
Size
(SF)
Median
Income %
Max
Gross
HC
Rents
Max Net
HC Rents
Monthly
Rents
1
1
12
565-775
60%
$1017
$1017
$12,204
1
1
6
565-775
100%
$1696
$1500
$9,000
1
1
_ 31
565-775
100%
$1696
$1600
$49,600
1
1
8
565-775
100%
$1696
$1650
$13,200
2
1 or 2
6
845-960
60%
$1221
$1221
$7,326
2
1 or 2
21
845-960
100%
$2035
$1750
$36,750
2
1 or 2
4
845-960
100%
$2035
$1775
$7,100
TOTAL:
88
$135,180
8th Street Properties, LLC-Essence Miami
# Units
Type of
Bedrooms
GOB
Funds
invested
per unit
Total Funds
Invested
88
1 and 2
$56,818
$5,000,000
8th Street Properties, LLC-Essence Mianli
Agency:
Project:.
Funding Source / Amount:
Prep: _
Total
Project
City HOME
City CDBG
LISC Loan
Surtax Loan
Checic Total
Over/(Short)
Loan Costs
Title Insurance & Recording
-
Loan Closing Costs
-
Total Loan Costs
_
Land
Hard Costs
Construction
_
Fencing and Gates
_
Construction contingency
_
Impact Fees
_
Permits / Fees
_
Constr Concrete Test
_
WASA and Utility Fees
_
Fire Fee
_
Total Hard
_
Soft Costs
_
Architect & Engineering
_
Construction inspection/analysis
_
Surveys
-
Appraisal
_
Insurance Const Period
_
RE taxes
_
Closing Costs (Buyers
_
Interest Costs
_
Legal
-
Licenses / Environmental
-
Interest (Absorbtion)
_
Developer's Fees
_
Misc & Contingency_
Total Soft
_
(Total
City of Miami - Department of Community Development
COST ALLOCATION` REPORT
Financing Sources: Specify Name
Total Project
%
City HOME
Other:
Ocean Bank
Other: City
of Miami
Other:
Other:
Equity
Investment
Land Acquisition
4,000,000
17%
4,000,000
Hard Costs
Construction (incl. Site work)
13,675,289
8,685,289
4,990,000
59%
Construction contingency
1,234,941
5%
1,234,941
-
Construction: Concrete/Soil Test
5,000
0%
5,000
Appliances
-
0%
-
Construction Supervision
300,000
1%
300,000
Total Hard Costs
15 215 230
66%
10,225,230
4.990000
Soft Costs
Arch Design, Civil Engineering
469,000
469,000
-
2%
Impact & School Fees
434,829
2%
434,829
Permits / Fees
140,800
1 %
140,800
Legal
100,000
0%
100,000
-
Licenses / Environmental / Util Fees
83,041
09/.
83,041
-
Appraisal / Surveys
15,000
0%
15,000
-
Insurance: Construction Period
75,OOD
0%
75,000
Marketing / Advertising
50,000
0%
50,000
Loan Closing / Financing Fees
400,000
29/.
400,000
Interest / Carrying Costs
850,000
4%
850,000
Title Insurance & Recording
127,000
1%
127,000
Taxes
50,000
0%
50,000
Construction Acctg
140,000
1%
140,000
For Use by City: City incurred costs
10,000
0%
-
10,000
Developer's Fees & Overhead
7 22,330
3%
742,330
-
Soft Cost Contingency
97,770
0%1
97,770
-
Total Soft Costs 1
3,784,770
16%1
3,774,770
10,000
Total Project Cost
23,000,000
100%1
14,000,000
5,000,000
4,000,000
Percent of City Funding to TDC I0%
Total Units F 88
Number of City Units 8g
Percent of City Units to Total Units 1
-City Subsidy Per Assisted Unit #VALUE!
6/22/2021 10:14
Total Square Footage 1 175000
Total Cost per S/F I 5.71429E-06
Total Livable Area
74753
Total Livable Area of City Assisted Units
74753
Percent of City Area to Total
1
845 SW 8th Street
ONE BEDROOMS
1A- 1BR/1 BA- 100%AMI
565
2
1,130
$1,500
$2.65
$3,000
$36,000
1B- 1BR/1 BA- 60%AMI
570
1
570
$1,017
$1.78
$1,017
$12,204
IC-1BR/1 BA- 60% AMI
700
1
700
$1,017
$1.45
$1,017
$12,204
IC- 1BR/I BA-100% AMI
700
4
2,800
$1,500
$2.14
$6,000
$72,000
ID-1BR/1 BA- 60% AMI
715
1
715
$1,017
$1.42
$1,017
$12,204
1D- 1BR/1 BA- 100%AMI
715
4
2,860
$1,600
$2.24
$6,400
$76,800
1E-1BR/1 BA- 60% AMI
720
2
1,440
$1,017
$1.41
$2,634
$24,408
1E-1BR/1 BA- 100%AM[
720
8
5,760
$1,600
$2.22
$12,800
$153,600
1F- 1BR/1 BA- 60% AMI
725
2
1,450
$1,017
$1.40
$2,034
$24,408
1F-1BR/1 BA- 100%AMI
725
7
5,075
$1,600
$2.21
$11,200
$134,400
1G-1BR/1BA- 60%AM[
730
3
2,190
$1,017
$1.39
$3,051
$36,612
1G-1BR/IBA- 100%AMI
730
12
8,760
$1,600
$2.19
$19,200
$230,400
1H-1BR/1 BA- 60% AMI
775
2
1,550
$1,017
$1.31
$2,034
$24,408
1H- IBR/I BA-100% ami
775
8
6,200
$1,650
$2.13
$13,200
$158,400
1 BR TOTALS
723
57
41,200
$1,473.75
$2.04
$84,004
$1,008,048
TWO BEDROOMS
2A- 2BR/IBA- 60% AMI
845
3
2,535
$1,221
$1.44
$3,663
$43,95
2A-2BR/2BA-100%AM1
845
9
7,605
$1,750
$2.07
$15,750
$189,00
2B-2BR/2BA-100%AMI
900
4
3,600
$1,775
$1.97
$7,100
$85,20
2C-2BR/2BA-60%AM]
940
1
940
$1,221
$1.30
$1,221
$14,65
2C- 2BR/2BA-100%AM]
940
4
3,760
$1,750
$1.86
$7,000
$84,00
2D- 2BR/IBA- 60% AMI
950
1
950
$1,221
$1.29
$1,221
$14,65
2D- 2BR/2BA- 100% AMI
950
4
3,800
$1,750
$1.84
$7,000
$84,00
2E-2BR/2BA-60%AM[
960
1
960
$1,221
$1.27
$1,221
$14,65
2E-2BR/IBA-100%AMI
960
4
3,840
$1,750
$1.82
$7,000
$84,00
2 BR TOTALS
903
31
27,990
$1,650.84
$1.83
$51,176
$614,11
}MCatgnri� # of Ul{is %�f ffitlt� ;.r
.0 0
00 0 :0,
1111�� i�gtlrlel: s:, ��a LBYt ,z ` 14�1m
60%AMI 12 6 18
�1100% AMI 4I 25 0
t
845 SW 8th Street
REVENUE
Multifamily
Rental Income
1 BD/l BA
2 BD/2 BA
Subtotal
Other Income
Parking & Storage
Water & Sewer ReBill + Trash Valet
Other Income
Subtotal
GROSS REVENUE MULTTFAMILY
Less: Multifamily Vacancy
EFFECTIVE GROSS
MULTIFAMILY EXPENSES
Real Estate Taxes
Property Insurance
Payroll
R&M/Contract Services
General & Admin
Trash
Water & Sewer
Electric
Gas
Marketing
Management Fee
Reserves
MULTIFAMILY EXPENSES
NET INCOME
$568
$740
$600
$1,908
6%
$/PSF
$/Unit
$3.97
$3,105
$0.89
$700
$1.91
$1,500
$0.78
$610
$0.64
$500
$0.24
$185
$0.48
$380
$0.60
$475
$0.17
$136
$0.50
$392
$0.71
2.75%
$0.32
$250
$11.20
$8,807
$1,008,048
$614,112
$2.04
$1.83
$17,685
$19,810
$1,622,160
1 $1.95
$18,433.64
$50,000
$66,120
$52,800
$0.06
$0.08
$0.06
$568
$740
$600
$167,920
$0.20
$1,908
-$107,405
-$1.55
-$1,221
Total
$/PSF
$/Unit
$274,499
$3.97
$3,119
$61,600
$0.89
$700
$132,000
$1.91
$1,500
$53,680
$0.78
$610
$44,000
$0.64
$500
$16,280
$0.24
$185
$33,440
$0.48
$380
$41,800
$0.60
$475
$12,000
$0.17
$136
$34,498
$0.50
$392
$49,227
$0.71
$559
$22,000
$0.32
$250
$775,024
$11.20
$8,807
845 SW 8th Street
ical Occupancy %
Street Rent / Unit
Street Rent / SF
Growth
ncy Factor
nse Growth
1 BD/1 BA
2 BD/2 BA
Gross Potentual Rent- Multifamily
Garage & Storage
Water & Sewer ReBill
Other Income
Other Income Multifamily
GROSS REVENUE MULITFAMILY
Less: Multifamily Vacancy
EFFECTIVE GROSS
MULTIFAMILY EXPENSES
Real Estate Taxes
Property Insurance
Payroll
R&M/Contract Services
General & Admin
Trash
Water & Sewer
Electric
Gas
Marketing
Management Fee
Reserves
MULTIFAMILY EXPENSES
NET INCOME
7%
$0.89
$714.00
$1.91
$1,530.00
$0.78
$622.20
$0.64
$510.00
$0.24
$188.70
$0.48
$387.60
$0.60
$484.50
$0.17
$139.09
$0.50
$399.86
$0.71
3%
$0.32
$255.00
88
88
88
88
88
88
88
88
94%
94%
94%
94%
94%
94%
94%
94%
$1,536
$1,567
$1,598
$1,630
$1,663
$1,696
$1,730
$1,765
$1.95
$1.99
$2.03
$2.07
$2.11
$2.16
$2.20
$2.24
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
$1,008,048
$1,028,209
$1,048,773
$1,069,749
$1,091,144
$1,112,966
$1,135,226
$1,157,930
$614,112
$626,394
$638,922
$651,701
$664,735
$678,029
$691,590
$705,422
$1,622,160
$1,654,603
$1,687,695
$1,721,449
$1,765,878
$1,790,996
$1,826,816
$1,863,362
$50,000
$53,633
$54,706
$55,800
$56,916
$58,054
$59,215
$60,399
$65,120
$69,852
$71,249
$72,674
$74,128
$75,610
$77,122
$78,665
$52,800
$56,637
$57,770
$58,925
$60,104
$61,306
$62,532
$63,782
$167,920
$180,122
$183,724
$187,399
$191,147
$194,970
$198,869
$202,847
-$107,405
-$110,084
-$112,285
-$114,531
-$116,822
4119,158
-$121,541
-$123,972
$274,499
$279,989
$285,589
$291,301
$297,127
$303,069
$309,130
$315,313
$61,600
$62,832
$64,089
$65,370
$66,678
$68,011
$69,372
$70,759
$132,000
$134,640
$137,333
$140,079
$142,881
$145,739
$148,653
$151,627
$53,680
$54,754
$55,849
$56,966
$58,105
$59,267
$60.452
$61,661
$44,000
$44,880
$45,778
$46,693
$47,627
$48,580
$49,551
$50,542
$16,280
$16,606
$16,938
$17,276
$17,622
$17,974
$18,334
$18,701
$33,440
$34,109
$34,791
$35,487
$36,197
$36,920
$37,659
$38,412
$41,800
$42,636
$43,489
$44,358
$45,246
$46,151
$47,074
$48,015
$12,000
$12,240
$12,485
$12,734
$12,989
$13,249
$13,514
$13,784
$34,498
$35,187
$35,891
$36,609
$37,341
$38,088
$38,850
$39,627
$49,227
$47,428
$48,376
$49,344
$50,331
$51,337
$52,364
$53,411
$22,000
$22,440
$22,889
$23,347
$23,814
$24,290
$24,776
$25,271
i
:i
88
88
88
88
88
88
88
88
88
88
88
88
88
94%
94%
94%
94%
94%
94%
94%
94%
94%
94%
94%
94%
94%
$1,800
$1,836
$1,873
$1,910
$1,948
$1,987
$2,027
$2,067
$2,109
$2,151
$2,194
$2,238
$2,283
$2.29
$2.33
$2.38
$2.43
$2.48
$2.53
$2.58
$2.63
$2.66
$2.74
$2.79
$2.85
$2.90
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6,00%
6.00%
6.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
$1,181,089
$1,204,711
$1,228,805
$1,253,381
$1,278,449
$1,304,018
$1,330,098
$1,356,700
$1,383,834
$1,411,511
$1,439,741
$1,468,536
$1,497,906
$719,530
$733,921
$748,599
$763,571
$778,843
$794,419
$810,308
$826,514
$843,044
$859,905
$877,103
$894,645
$912,538
$1,900,619
$1,938,631
$1,977,404
$2,016,952
$2,057,291
$2,098,437
$2,140,406
$2,183,214
$2,226,878
$2,271,416
$2,316,844
$2,363,181
$2,410,444
$61,607
$62,840
$64.096
$65,378
$66,686
$68,020
$69,380
$70,768
$72,183
$73,627
$75,099
$76,601
$78,133
$80,238
$81,843
$83,480
$85,149
$86,852
$88,589
$90,361
$92,168
$94,012
$95,892
$97,810
$99,766
$101,761
$65,058
$66,359
$67,686
$69,040
$70,421
$71,829
$73,266
$74,731
$76,226
$77,750
$79,305
$80,892
$82,509
$206,904
$211,042
$215,262
$219,568
$223,959
$228,438
$233,007
$237,667
$242,420
$247,269
$252,214
$267,259
$262,404
ia
law,
-$126,451
-$128,980
-$131,560
-$134,191
-$136,875
-$139,613
-$142,405
-$145,253
-$148,158
-$151,121
-$154,143
-$157,226
-$160,371
$321,619
$328,052
$334,613
$341,305
$348,131
$355,094
$362,196
$369,440
$376,828
$384,365
$392,052
$399,893
$407,891
$72,174
$73,618
$75,090
$76,592
$78,124
$79,686
$81,280
$82,905
$84,564
$86,255
$87,980
$89,740
$91,534
$154,659
$157,752
$160,907
$164,125
$167,408
$170,756
$174,171
$177,655
$181,208
$184,832
$188,529
$192,299
$196,145
$62,895
$64,153
$65,436
$66,744
$68,079
$69,441
$70,830
$72,246
$73,691
$75,165
$76,668
$78,202
$79,766
$51,553
$52,584
$53,636
$54,708
$55,803
$56,919
$58,057
$59,218
$60,403
$61,611
$62,843
$64,100
$65,382
$19,075
$19,456
$19,845
$20,242
$20,647
$21,060
$21,481
$21,911
$22,349
$22,796
$23,252
$23,717
$24,191
$39,180
$39,964
$40,763
$41,578
$42,410
$43,258
$44,123
$45,006
$45,906
$46,824
$47,761
$48,716
$49,690
$48,975
$49,955
$50,954
$51,973
$53,013
$54,073
$55,154
$56,257
$57,382
$58,530
$59,701
$60,895
$62,113
$14,060
$14,341
$14,628
$14,920
$15,219
$15,523
$15,834
$16,150
$16,473
$16,803
$17,139
$17,482
$17,831
$40,419
$41,228
$42,052
$42,893
$43,751
$44,626
$45,519
$46,429
$47,358
$48,305
$49,271
$50,256
$51,261
$54,479
$55,569
$56,680
$57,814
$58,970
$60,150
$61,353
$62,580
$63,831
$65,108
$66,410
$67,738
$69,093
$25,777
$26,292
$26,818
$27,354
$27,901
$28,459
$29,029
$29,609
$30,201
$30,805
$31,421
$32,050
$32,691
:�•ME=
�•
i i
88
88
88
88
88
88
88
88
88
94%
94%
94%
94%
94%
94%
94%
94%
94%
$2,328
$2,375
$2,422
$2,471
$2,520
$2,571
$2,622
$2,674
$2,728
$2.96
$3.02
$3.08
$3.14
$3.21
$3.27
$3.33
$3.40
$3.47
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2,00%
2.00%
2.00%
6,00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
6.00%
2.00%
2.00%
2.00%
2,00%
2.00%
2.00%
2.00%
2.00%
2.00%
$1,527,864
$1,558,422
$1,589,590
$1,621,382
$1,653,810
$1,686,886
$1,720,623
$1,755,036
$1,790,137
$930,789
$949,405
$968,393
$987,761
$1,007,516
$1,027,666
$1,048,219
$1,069,184
$1,090,568
$2,468,653
$2,507,826
$2,657,983
$2,609,143
$2,661,326
$2,714,652
$2,768,843
$2,824,220
$2,880,704
$79,696
$81,290
$82,916
$84,574
$86,265
$87,991
$89,750
$91,545
$93,376
$103,796
$105,872
$107,990
$110,150
$112,353
$114,600
$116,892
$119,229
$121,614
$84,160
$85,843
$87,560
$89,311
$91,097
$92,919
$94,777
$96,673
$98,606
$267,652
$273,005
$278,465
$284,034
$289,715
$295,609
$301,419
$307,448
$313,597
-$163,578-$166,850-$170,187-$173,591-$177,062-$180,604-$184,216-$187,900-$191,658
$416,049
$424,370
$432,857
$441,514
$450,345
$459,352
$468,539
$477,909
$487.468
$93,365
$95,232
$97,137
$99,080
$101,061
$103,083
$105,144
$107,247
$109,392
$200,068
$204,069
$208,151
$212,314
$216,560
$220,891
$225,309
$229,815
$234,411
$81,361
$82,988
$84,648
$86,341
$88,068
$89,829
$91,626
$93,458
$95,327
$66,689
$68,023
$69,384
$70,771
$72,187
$73,630
$75,103
$76,605
$78,137
$24,675
$25,169
$25,672
$26,185
$26,709
$27,243
$27,788
$28,344
$28,911
$50,684
$51,698
$52,732
$53,786
$54,862
$55,959
$57,078
$58,220
$59,384
$63,355
$64,622
$65,914
$67,233
$68,577
$69,949
$71,348
$72,775
$74,230
$18,188
$18,552
$18,923
$19,301
$19,687
$20,081
$20,483
$20,892
$21,310
$52,287
$53,332
$54,399
$55,487
$56,597
$57,729
$58,883
$60,061
$61,262
$70,475
$71,884
$73,322
$74,789
$76,284
$77,810
$79,366
$80,954
$82,573
$33,345
$34,012
$34,692
$35,386
$36,093
$36,815
$37,552
$38,303
$39,069
1,45 SW 8th Street
ross Polential Rent (Multi)
lus: Other Income
Dss: Vacancy/Collection Loss
$0
$0
$0
$0
$0
$0
$1,622,160
$167,920
-$107,405
$1,654,603
$180,122
-$110 084
$1,687,695
$183,724
-$112 285
$1,721,449
$187,399
-$114,531
$1,755,878
$191,147
-$116 822
$1,790,996
$194,970
-$119156
ROSS REVENUE MULITFAMILY
$0
$0
$1,682,675
$1,724,642
$1,759,136
$1,794,317
$1,830,204
$1,866,808
ulitfamily Expenses
$0
$0
$775,024
$787,740
$803,495
$819,565
$835,956
$852,676
DTAL EXPENSES
$0
$0
$775,024
$787,740
$803,495
$819,565
$835,956
$852,676
ET OPERATING INCOME
$0
$0
$907,652
$936,902
$955,640
$974,752
$994,247
$1,014,132
ebt
N/A
N/A
$754,395
$754,395
$754,395
$754,395
$754,395
$754,395
SCR
N/A
N/A
1.20
1.24
1.27
1.29
1.32
1.34
CFADS
$0
$0
$153,257
$182,507
$201,245
$220,357
$239,852
$269,737
$1,826,816
$869,729
$887,123
$869,729
$887,123
$1,034,415
$1,055,103
$754,395
$754,395
1.37
1.40
$280,020
$300,708
ECT COSTS
Land Costs
17.4% $
57.81
$ 45,455
$ 4,000,000
Hard Costs
65.2% $
216.79
$ 170,455
$ 15,000,000
Professional Fees
2.7% $
9.11
$ 7,159
$ 630,000
Property Taxes & Insurance
1.1% $
3.61
$ 2,841
$ 250,000
Municipal Fees
5.8% $
19.18
$ 15,083
$ 1,327,313
Interest Costs
3.9% $
13.01
$ 10,227
$ 900,000
Closing Costs
2.6% $
8.59
$ 6,750
$ 594,000
Working Capital
0.4% $
1.45
$ 1,136
$ 100,000
Working Capital
0.4% $
1.45
$ 1,136
$ 100,000
FF&E
0.4% $
1.45
$ 1,136
$ 100.000
23,000,000
Equity 17.4% $ 57.81 $ 45,454.55 $ 4,000,000
City of Miami Grant 21.7% $ 72.26 $ 56,818 $ 5,000,000
Return on Cost without Miami Grant 3.95% 4.65%
Return on Cost with Miami Grant Miami 5.04% 6.26%
*DEVELOPMENT SCHEDULE
Scope of Work Estimated Date Actual Date
Closing on Total Project Financing by Source Month/Year Month/Year
a.
b.
C.
d.
Finalize Partnership
Selection of Architect
Appralsal/Market Study
Engineering Report
Architectural Plans and Specifications
City or County Environmental Clearance
Site Plan Approval
6/2021
Working Drawings Completed
Submit Drawings for Permit Approval
Construction Bids
6/2021
Selection of General Contractor
7/2021
Building Permits Issued
4/2022
Start of Construction
9/2021
Construction Completion @ 40%
512022
Construction Completion @ 80%
11/2022
Construction Completed - C.Q.
5/2023
Rentals— 90% Occupancy
912023
Temporary/Permanent Relocations
N/A
*Not limited to format or detail but must include these items.
612020
812020
1012020
12/2020
12/2020
5/2021
312021
4/2021