HomeMy WebLinkAboutExhibit ATO:
FROM:
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Members of the Housing and
Commercial Loan Committee
DATE :
SUBJECT:
George N h, irecttdr
Depart t of Community & Economic Development
REFERENCES:
BORROWER:
ENCLOSURES:
July 30th, 2021
8tl' Street Properties, LLC:
Essence Miami
FILE
gth 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.
8tl' 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 8tR 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 4/5t° vote of the City Commission.
8TH STREET .PROPERTIES, LLC 2 June 25, 2021
ESSENCE MIAMI
BORROWER'S REQUEST
The Borrower submitted a request for Bond funds 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 teens
and conditions.
The following loan terns and conditions shall apply:
1. Project Financing: Evidence of the project securing a construction/permanent 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. Permitting: Evidence that project has secures full construction building permit from the City of
Miami.
3. City Commission Approval: Subsequent approval of the project by the City of Miami
Commission approval.
4. Use ofFunds: 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 funds for low
income and workforce households.
6. Maximum Rent. and Income Levels: Rents charged on City -assisted units are subject to Florida
Housing Finance Corporation State Housing Initiatives Partnership ("SHJI'") 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. Affordability Period: an affordability period of 30 years will apply cornrnencing from the date
the City approves the closeout of the project.
8. Loan Repayment & 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 Conunittee 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.
8tu' STREET PROPERTIES, LLC 3 June 25, 2021
ESSENCE MIAMI
13. Commitment Fee: 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 Compliance: Borrower is subject to compliance reporting requirements in the process
of construction and during the affordability period.
16. Development Benchmarks/Scope of Work: The project shall: (a) continence construction within
six (6) months from the Effective Date] 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. Insurance Requirements: Borrower shall obtain and furnish evidence of insurance coverage as
the City may require in connection with the Project.
18. Affirmative Marketing Plan: Borrower shall provide an Affirmative 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, pemianent 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 of Funds: 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 commitments represented herein
22. Discretionmy 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, and 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 hon-ower, 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.
ill The "Effective Date" is the date on which the contract has been signed by the City Manager and attested to
by the City Clerk.
8TH 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 (I N/A E.
Disapproved Yes ❑ No ❑ N/A (1
To Include Further Action Yes ❑ No El N/A ❑
Specify any further action, conditions or restrictions:
hairpersor%r Representae Stamp Date
8th 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
8th Street Properties LLC is a Florida Limited Partnership Company that was established in November
2005 and managed by the Nuri Dona and Ingrid Dona. 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-story construction, mixed use development on 829-845-847 SW 8th 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 Bank). Total development cost of the project is
$23,000,000. Based on the borrower's financial information the project is viable.
8th 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-Forina.
Acquisition/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 8th 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 annual 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 8th St
8th Street Properties, LLC-Essence Miami
Area: 25,563 sq. ft.
Number of Units: 88
Type of Unit: 1 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 Miami
Agency:
Project:
Funding Source / Amount:
Prep:
Total
Project
City HOME
City CDBG
LISC Loan
Surtax Loan
Check 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
-
iTotal
-
-
-
-
-
-
-
-
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
4,000000
17%
4,000,000
Hard Costs
13,675,289
8,685,289
4,990,000
-
Construction (incl. Site work)
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
4,990,000
-
Soft Costs
469,000
469,000
-
-
Arch Design, Civil Engineering
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
0%
83,041
-
-
Appraisal / Surveys
15,000
0%
15,000
-
-
Insurance: Construction Period
75,000
0%
75,000
-
-
Marketing / Advertising
50,000
0%
50,000
-
-
Loan Closing / Financing Fees
400,000
2%
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
742,330
3%
742,330
-
-
Soft Cost Contingency
97,770
0%
97,770
-
-
Total Soft Costs
3,784,770
16%
3,774,770
10,000
Total Project Cost
23,000,000
100%
-
14,000,000
5,000,000
4,000,000
Percent of City Funding to TDC
Total Units
Number of City Units
Percent of City Units to Total Units
City Subsidy Per Assisted Unit
6/22/2021 10:14
0%
88
88
1
#VALUE!
Total Square Footage
Total Cost per S/F
175000
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
t l `s `, xdu Rini'..:Me,$150 �Iant* annually
ONE BEDROOMS
1A- 1BR/1 BA- 100%AMI 565 2 1,130 $1,500 $2.65
1B- 1BR/1 BA- 60% AMI 570 1 570 $1,017 $1.78
1C- 1BR/1 BA- 60% AMI 700 1 700 $1,017 $1.45
1C- 1BR/1 BA- 100% AMI 700 4 2,800 $1,500 $2.14
1D- 1BR/1 BA- 60% AMI 715 1 715 $1,017 $1.42
1D- 1BR/1 BA- 100% AMI 715 4 2,860 $1,600 $2.24
1E- 1BR/1 BA- 60% AMI 720 2 1,440 $1,017 $1.41
1E- 1BR/1 BA- 100% AMI 720 8 5,760 $1,600 $2.22
1F- 1BR/1 BA- 60% AMI 725 2 1,450 $1,017 $1.40
1F- 1BR/1 BA- 100% AMI 725 7 5,075 $1,600 $2.21
1G- 1BR/1 BA- 60% AMI 730 3 2,190 $1,017 $1.39
1G- 1BR/1 BA- 100% AMI 730 12 8,760 $1,600 $2.19
1H- 1BR/1 BA- 60% AMI 775 2 1,550 $1,017 $1.31
1H- 1BR/1 BA- 100% ami 775 8 6,200 $1,650 $2.13
1 BR TOTALS 723 57 41,200 $1,473.75 $2.04
TWO BEDROOMS
2A- 2BR/1BA- 60% AMI 845
2A- 2BR/2BA- 100% AMI 845
2B- 2BR/2BA- 100% AMI 900
2C- 2BR/28A- 60% AMI 940
2C- 2BR/2BA- 100% AMI 940
2D- 2BR/1BA- 60% AMI 950
2D- 2BR/2BA- 100% AMI 950
2E- 2BR/2BA- 60% AMI 960
2E- 2BR/1BA-100% AMI 960
2 BR TOTALS 903
3 2,535 $1,221 $1.44
9 7,605 $1,750 $2.07
4 3,600 $1,775 $1.97
1 940 $1,221 $1.30
4 3,760 $1,750 $1.86
1 950 $1,221 $1.29
4 3,800 $1,750 $1.84
1 960 $1,221 $1.27
4 3,840 $1,750 $1.82
31 27,990 $1,650.84 $1.83
3
$3,000 $36,000
$1,017 $12,204
$1,017 $12,204
$6,000 $72,000
$1,017 $12,204
$6,400 $76,800
$2,034 $24,408
$12,800 $153,600
$2,034 $24,408
$11,200 $134,400
$3,051 $36,612
$19,200 $230,400
$2,034 $24,408
$13,200 $158,400
$84,004 $1,008,048
$3,663 $43,956
$15,750 $189,000
$7,100 $85,200
$1,221 $14,652
$7,000 $84,000
$1,221 $14,652
$7,000 $84,000
$1,221 $14,652
$7,000 $84,000
$51,176 $614,112
845 SW 8th Street
REVENUE
Multifamily
Rental Income
1 BD/1 BA
2 BD/2 BA
Subtotal
Thal
'7otaf
i;pk
5t+
Uifs
Atg R¢Xt .>
41,200
57
$1,474
27,990
31
$1,651
69,190
88
$1,536
Other Income
Parking & Storage
Water & Sewer ReBill + Trash Valet
Other Income
Subtotal
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
$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
4s44'Iows rs r C hffaws
Annually Monthly Por.Unit
$1,008,048
$614,112
$2.04
$1.83
$17,685
$19,810
$1,622,160 I $1.95 I $18,433.64
$50,000
$65,120
$52,800
$0.06
$0.08
$0.06
$568
$740
$600
$167,920 $0.20
$1,908
'19.0,080 $2.16 „ .$20,642
-$107,405 -$1.55
y6$2,675
-$1,221
Total
$/PSF $/Unit
$274,499
$61,600
$132,000
$53,680
$44,000
$16,280
$33,440
$41,800
$12,000
$34,498
$49,227
$22,000
$3.97
$0.89
$1.91
$0.78
$0.64
$0.24
$0.48
$0.60
$0.17
$0.50
$0.71
$0.32
$3,119
$700
$1,500
$610
$500
$185
$380
$475
$136
$392
$559
$250
$775,024 $11.20
$8,807
$907,6 $10,314
845 SW 8th Street
Occupied Revenue Units
Physical Occupancy %
Avg. Street Rent / Unit
Avg. Street Rent / SF
Rent Growth
Vacancy Factor
Expense Growth
Multifamily
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%
$3.97
$0.89
$1.91
$0.78
$0.64
$0.24
$0.48
$0.60
$0.17
$0.50
$0.71
$0.32
$3,181.69
$714.00
$1,530.00
$622.20
$510.00
$188.70
$387.60
$484.50
$139.09
$399.86
3%
$255.00
88
94%
$1,536
$1.95
2.00%
6.00%
2.00%
88
94%
$1,567
$1.99
2.00%
6.00%
2.00%
ear 6 Year 6 " Year 7 '' 1fear >3 Year 6 Year 10
eat Year, 4< Yea 6 ; Year+ 6 Year 7 Year 0
88
94%
$1,598
$2.03
2.00%
6.00%
2.00%
88
94%
$1,630
$2.07
2.00%
6.00%
2.00%
88
94%
$1,663
$2.11
2.00%
6.00%
2.00%
88
94%
$1,696
$2.16
2.00%
6.00%
2.00%
88
94%
$1,730
$2.20
2.00%
6.00%
2.00%
88
94%
$1,765
$2.24
2.00%
6.00%
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 $1,755,878 $1,790,996 $1,826,816 $1,863,352
$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
g$1000$0' $11$34.0 +41f8Y1t42U' $1905;848'= $1;9dYt625;` $1 J55,96G $2;0256116' $2066,109
-$107,405
-$110,084
-$112,285
-$114,531
-$116,822
-$119,158
-$121,541
-$123,972
s 41;9i ,$421'- $ ,-769i136`. $Ii7J$s41°1,':-_ ;$1,813,204:_. $ ;8661608..` $19041144<:._, `' $ ,942,22i.
$274,499
$61,600
$132,000
$53,680
$44,000
$16,280
$33,440
$41,800
$12,000
$34,498
$49,227
$22,000
$279,989
$62,832
$134,640
$54,754
$44,880
$16,606
$34,109
$42,636
$12,240
$35,187
$47,428
$22,440
$285,589
$64,089
$137,333
$55,849
$45,778
$16,938
$34,791
$43,489
$12,485
$35,891
$48,376
$22,889
$291,301
$65,370
$140,079
$56,966
$46,693
$17,276
$35,487
$44,358
$12,734
$36,609
$49,344
$23,347
$297,127
$66,678
$142,881
$58,105
$47,627
$17,622
$36,197
$45,246
$12,989
$37,341
$50,331
$23,814
$303,069
$68,011
$145,739
$59,267
$48,580
$17,974
$36,920
$46,151
$13,249
$38,088
$51,337
$24,290
$309,130
$69,372
$148,653
$60,452
$49,551
$18,334
$37,659
$47,074
$13,514
$38,850
$52,364
$24,776
$315,313
$70,759
$151,627
$61,661
$50,542
$18,701
$38,412
$48,015
$13,784
$39,627
$53,411
$25,271
SYY0
$78 4
$803,495;
'$819,665'
$835;986
$862,678' $869,729 $887,123
11002
$994,247
1;014-133"
$,'110040415„
11085,103
88 88 88 88 88
94% 94% 94% 94% 94%
$1,800 $1,836 $1,873 $1,910 $1,948
$2.29 $2.33 $2.38 $2.43 $2.48
2.00%
6.00%
2.00%
2.00%
6.00%
2.00%
2.00%
6.00%
2.00%
2.00% 2.00%
6.00% 6.00%
2.00% 2.00%
88
94%
$1,987
$2.53
2.00%
6.00%
2.00%
88
94%
$2,027
$2.58
2.00%
6.00%
2.00%
88
94%
$2,067
$2.63
2.00%
6.00%
2.00%
88
94%
$2,109
$2.68
2.00%
• 6.00%
2.00%
88
94%
$2,151
$2.74
2.00%
6.00%
2.00%
88
94%
$2,194
$2.79
2.00%
6.00%
2.00%
Year22 Year23
Year`20 Year 21
88
94%
$2,238
$2.85
2.00%
6.00%
2.00%
88
94%
$2,283
$2.90
2.00%
6.00%
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 $257,259 $262,404
j��iljtlY2h tf :�12147L566�
23615201- °` $21 $�1,25b ` 2 326 5 5! $2,3Y3,413 $2j420,801... $2,459,299 : $2 618,655 $2 559,058, $2,620 439 ." $2 612,845' '
-$126,451-8128,980-8131,560-8134,191-$136,875-$139,613 -8142,405 -8145,253 -8148,158
-$151,121.
-$154,143
-$157,226
-$160,371
>.- '� 9e'(i0lt"ip . 020 d`9'3
$ i ..,� .._. '$ � � ';$2idfi$059 $2;102529 12;1440,5 t.."4'f5'1g'i52 ;$2;291;f109...$212'Y5,625", "'$2,521"0di $2,90',552= . $2;414;9i5-.. ;,.$2;463j213 '$2512,4YY',,
$321,619
$72,174
$154,659
$62,895
$51,553
$19,075
$39,180
$48,975
$14,060
$40,419
$54,479
$25,777
4866
$328,052
$73,618
$157,752
$64,153
$52,584
$19,456
$39,964
$49,955
$14,341
$41,228
$55,569
$26,292
$334,613
$75,090
$160,907
$65,436
$53,636
$19,845
$40,763
$50,954
$14,628
$42,052
$56,680
$26,818
$341,305
$76,592
$164,125
$66,744
$54,708
$20,242
$41,578
$51,973
$14,920
$42,893
$57,814
$27,354
$348,131
$78,124
$167,408
$68,079
$55,803
$20,647
$42,410
$53,013
$15,219
$43,751
$58,970
$27,901
.080,257' $ 79 4
$355,094
$79,686
$170,756
$69,441
$56, 919
$21, 060
$43,258
$54,073
$15,523
$44,626
$60,150
$28,459
99�b?
$362,196
$81,280
$174,171
$70,830
$58,057
$21,481
$44,123
$55,154
$15,834
$45,519
$61,353
$29,029
$369,440
$82,905
$177,655
$72,246
$59,218
$21,911
$45,006
$56,257
$16,150
$46,429
$62,580
$29,609
$376,828
$84,564
$181,208
$73,691
$60,403
$22,349
$45,906
$57,382
$16,473
$47,358
$63,831
$30,201
$384,365
$86,255
$184,832
$75,165
$61,611
$22,796
$46,824
$58,530
$16,803
$48,305
$65,108
$30,805
$392,052
$87,980
$188,529
$76,668
$62,843
$23,252
$47,761
$59,701
$17,139
$49,271
$66,410
$31,421
$399,893 $407,891
$89,740 $91,534
$192,299 $196,145
$78,202 $79,766
$64,100 $65,382
$23,717 $24,191
$48,716 $49,690
$60,895 $62,113
$17,482 $17,831
$50,256 $51,261
$67,738 $69,093
$32,050 $32,691
649
�7,18Ht
11260,946 $ r206,185 $1 11,880 $1,336,1 5 51964,909
Year
`a�lr' 6 Yaa>` y Y� rr 8 Yaar'29 YaaN 3O
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
Z00% 2.00%
6.00% 6.00%
2.00% 2.00%
2.00%
6.00%
2.00%
2.00%
6.00%
2,00%
2.00%
6.00%
2.00%
2.00%
6.00%
2.00%
Z00% 2.00%
6.00% 6.00%
2.00% 2.00%
2.00%
6.00%
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
$2,458,653 $2,507,826 $2,557,983 $2,609,143 $2,661,325 $2,714,552 $2,768,843 $2,824,220 $2,880,704
$79,696 $81,290
$103,796 $105,872
$84,160 $85,843
$267,652 $273,005
$82,916 $84,574 $86,265 $87,991 $89,750 $91,545 $93,376
$107,990 $110,150 $112,353 $114,600 $116,892 $119,229 $121,614
$87,560 $89,311 $91,097 $92,919 $94,777 $96,673 $98,606
$278,465 $284,034 $289,715 $295,509 $301,419 $307,448 $313,597
-$163,578 -$166,850
-8170,187-8173,591-8177,062-8180,604 -8184,216 -$187,900 -$191,658
1" aiget2fy'Z 0i 1426?1';',, tItigi$ e,IV321 M'Yi r. "$ ,629i45 .. $2y"NH$,04y,-ff $2 943 ttt' 7,$$otl02,a43=-
$416,049
$93,365
$200,068
$81,361
$66,689
$24,675
$50,684
$63,355
$18,188
$52,287
$70,475
$33,345
$424,370
$95,232
$204,069
$82,988
$68,023
$25,169
$51,698
$64,622
$18,552
$53,332
$71,884
$34,012
$432,857
$97,137
$208,151
$84,648
$69,384
$25,672
$52,732
$65,914
$18,923
$54,399
$73,322
$34,692
$441,514
$99,080
$212,314
$86,341
$70,771
$26,185
$53,786
$67,233
$19,301
$55,487
$74,789
$35,386
u -$1j1`i11,$14$Mti nx:$4010,3b $'C 24211,)
$450,345
$101,061
$216,560
$88,068
$72,187
$26,709
$54,862
$68,577
$19,687
$56,597
$76,284
$36,093
$459,352
$103,083
$220,891
$89,829
$73,630
$27,243
$55,959
$69,949
$20,081
$57,729
$77,810
$36,815
$468,539
$105,144
$225,309
$91,626
$75,103
$27,788
$57,078
$71,348
$20,483
$58,883
$79,366
$37,552
$477,909
$107,247
$229,815
$93,458
$76,605
$28,344
$58,220
$72,775
$20, 892
$60,061
$80,954
$38,303
$487,468
$109,392
$234,411
$95,327
$78,137
$28,911
$59,384
$74,230
$21,310
$61,262
$82,573
$39,069
; all 0 ei;29011, 41041111219_,'::._$'1y344i6g3....,$1;3/944/5 ,
506jta4y $1y6.4Yi6 $ _.. ii50y,$Lt1 1f$99,, 00.. $1)031004 ,
845 SW 8th Street
1211/2021 12/1/2022 1211/2022' 12/ /2024 12/1/2025. 121112020 . ''.12/1/2021
�ear1 Yeer2 V 2r Vaal'4 /enrd Year ' .. VOA l
Gross Potential Rent (Multi) $0 $0 $1,622,160 $1,654,603
Plus: Other lncome $0 $0 $167,920 $180,122
Less: Vacancy/Collection Loss $0 $0 -$107,405 -$110,084
GROSS REVENUE MULITFAMILY $0 $0 $1,682,675 $1,724,642
Mulitfamily Expenses
TOTAL EXPENSES
$0 $0
$0 $0
$775,024
$775,024
$787,740
$787,740
$1,687,695
$183,724
-$112,285
$1,759,135
$803,495
$803,495
$1,721,449
$187,399
-$114,531
$1,794,317
$819,565
$819,565
$1,755,878
$191,147
-$116,822
$1,830,204
$835,956
$835,956
$1,790,996
$194,970
-$119,158
$1,866,808
$852,675
$852,675
12/4/2020 `' . 12/1/2020
Year VeerJO
$1,826,816
$198,869
-$121,541
$1,904,144
$1,863,352
$202,847
-$123,972
$1,942,227
$869,729 $887,123
$869,729 $867,123
NET OPERATING INCOME $0 $0 $907,652 $936,902 $955,640 $974,752 $994,247 $1,014,132 $1,034,415 $1,055,103
Debt N/A N/A $754,395 $754,395 $754,395 $754,395 $754,395 $754,395 $754,395 $754,395
DSCR N/A N/A 1.20 1.24 1.27 1.29 1.32 1.34 1.37 1.40
NCFADS $0 $0 $153,257 8182,507 $201,245 $220,357 $239,852 $269,737 $280,020 $300,708
N f;00210144ArfOn0btAO ilEeE; $n ` : $far 153,257,. _ , , s $1$2;507
$220j357,. "'$230$022 -:!.,.'$259,'37, $200020. ``:$300,700
DEVELOPMENT BUDGET
PRO ECT COSTS
Land Costs
Hard Costs
Professional Fees
Property Taxes & Insurance
Municipal Fees
Interest Costs
Closing Costs
Working Capital
Working Capital
FF&E
Equity
City of Miami Grant
Construction Loan
.} I s`.t~tiNes lifiat
T lyultIi t�N;:t;IigY
17.4% $
65.2% $
2.7% $
1.1% $
5.8% $
3.9% $
2.6% $
0.4% $
0.4% $
0.4% $
57.81
216.79
9.11
3.61
19.18
13.01
8.59
1.45
1.45
1.45
tl`ta1[
45,455
170,455
7,159
2,841
15,083
10,227
6,750
1,136
1,136
1,136
7'ulnl CtstD_,
$ 4,000,000
$ 15,000,000
$ 630,000
$ 250,000
$ 1,327,313
$ 900,000
$ 594,000
$ 100,000
$ 100,000
$ 100,000
3;O00,06';_
Return on Cost without Miami Grant
Return on Cost with Miami Grant Miami
17.4% $
21.7% $
60.9% $
osts),SK
57.81 $
72.26 $
202.34
Rounded: $
23,000,000
'faih/unit &WINO'Mb
45,454.55 $
56,818 $
159 091 $
4,000,000
5,000,000
14 000 000
i$l ...... z. .. . 263.40 L3,000t0tf0
3.95% 4.65%
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 6/2020
Selection of Architect 8/2020
Appraisal/Market Study 10/2020
Engineering Report 12/2020
Architectural Plans and Specifications 12/2020
City or County Environmental Clearance 512021
Site Plan Approval 6/2021
Working Drawings Completed 3/2021
Submit Drawings for Permit Approval 4/2021
Construction Bids 6/2021
Selection of General Contractor 7/2021
Building Permits Issued 4/2022
Start of Construction 9/2021
Construction Completion @ 40% 5/2022
Construction Completion @ 80% 11/2022
Construction Completed - C.Q. 5/2023
Rentals— 90% Occupancy 9/2023
Temporary/Permanent Relocations NIA
*Not limited to format or detail but must include these items.