Foundry Row — development pro forma
"Synthetic sample project. Figures are internally consistent, not market data."

USES OF FUNDS,Amount,$/gross sf,% of total
Land acquisition,7200000.00,29.23,0.0828
Hard cost,57880500.00,235.00,0.6653
Hard cost contingency (5%),2894025.00,11.75,0.0333
Soft cost (23%),13978140.75,56.75,0.1607
Construction period interest,5048284.21,20.50,0.0580
Total development cost,87000949.96,353.23,1.0000

SOURCES OF FUNDS,Amount,% of total
Construction loan,52200569.98,0.6000
Sponsor equity,34800379.98,0.4000

OPERATING BASIS,Value
Net rentable area (sf),199503
Rent $/sf/yr,44.0
Vacancy,0.07
Opex $/sf/yr,12.5

STABILIZED OPERATIONS,Amount
Effective gross revenue,8163662.76
Operating expense,2493787.50
Net operating income,5669875.26

RETURNS,Value
Yield on cost,0.065170
Exit capitalisation rate,0.055000
Spread over exit cap (bps),102
Stabilised value,103088641.09
Development profit,16087691.13
Unlevered IRR,0.113305
Levered IRR,0.143164
Equity multiple,2.382

CASH FLOW,Year 0,Year 1,Year 2,Year 3,Year 4,Year 5,Year 6,Year 7
Unlevered,-87000949.96,5825796.83,5986006.24,6150621.41,6319763.50,6493557.00,6672129.82,129449933.20
Levered,-34800379.98,1284347.24,1444556.65,1609171.82,1778313.91,1952107.41,2130680.23,72707913.63