EXECUTIVE SUMMARY

The Shores of Cobblestone Senior Campus

Apple Valley, MN
Project
A 210-unit senior rental campus offering independent, assisted living and memory care services.

Location
The project is in Apple Valley MN, a southern suburb of Minneapolis. The campus will be a key anchor in the
Cobblestone Master Planned Trans-generational neighborhood. The neighborhood also offers Target anchored
retail, banking and city parks.

Amenities
The campus will offer the residents home care services, exceptional dining, housekeeping, transportation, a
complete health and wellness facility, swimming pool, aquatic programs, performance room, private chapel, bistro.
All of this with lake views and access to walking trails.

Timeline
The project is scheduled to start construction by December 1, 2013. The construction period is 18 months. The
building will open and have residents moving in on June 1, 2015. The scheduled lease up is 24 months. Therefore,
the project will achieve stabilized occupancy June 2017. 2018 will be the first full year of stabilization.

Funding
The estimated loan amount is $37,500,000. The equity required is $12,825,000. The developer will contribute
$2,000,000 of the development fee and has received a grant of $550,000 that will be contributed as well.

Development Budget:
LAND
CONSTRUCTION/FF&E
ARCHITECT/ENGINEER
FINANCE/CAP INTEREST
MARKETING
FEES/CONTINGENCY/COI
RENT UP RESERVE
TOTAL

$4,000,000
$34,000,000
$620,000
$3,750,000
$945,000
$3,010,000
$4,000,000
$50,325,000

Stabilized Cashflow
The projected cash flow upon stabilization will be $1,709,905. This will produce a 13.33% cash on cash return on
equity.

Value/Profit After 10 Years Stabilization

The value assuming a 7.50 cap rate will be $76,400,000. After closing costs of 2.0% and return of original equity the
profit is estimated to be $28,300,000.

Tel: 612.338.1696 | www.greinerconstruction.biz

==================================================================== ==============
COBBLESTONE SENIOR CAMPUS
APPLE VALLEY. MINNESOTA
PROFORMA - 210 units
DATED 6/2/2013

==================================================================== ==============
COST PROFORMA
LAND
LAND COST

$4,000,000
--------------------------$4,000,000

TOTAL
SITE IMPROVEMENTS
LANDSCAPING

in construction
--------------------------$0

TOTAL
CONSTRUCTION
IND & ASSTD & MC
FF&E
CONTINGENCY

$152,381 per du

TOTAL
ARCHITECT/ENGINEER/GOVT FEES
ARCH AND ENG
HUD PLAN REVIEW FEE
CIVIL ENGINEER

$495,000
$50,000
$75,000
--------------------------$620,000

TOTAL
FINANCE COSTS
FINANCE FEES/COST
CAPITALIZED INTEREST 18 mos

$1,250,000
$2,500,000
--------------------------$3,750,000

TOTAL
MARKETING
ADV/STAFF/MISC

$32,000,000
$1,500,000
$500,000
--------------------------$34,000,000

$4,500 per unit

TOTAL
OTHER FEES
DEVELOPER G&A
REAL ESTATE COI
CONTINGENCY

$945,000
--------------------------$945,000

$2,500,000
$255,000
$255,000
--------------------------$3,010,000

TOTAL
RENT UP RESERVE

$4,000,000

==============
$50,325,000

TOTAL DEVELOPMENT COSTS

LESS DEBT
LESS EARNINGS

-$37,500,000
$0

CASH EQUITY REQUIRED

$12,825,000

======================== ================================== ========== ========== ============================================================================

COBBLESTONE SENIOR CAMPUS
APPLE VALLEY. MINNESOTA
PROFORMA - 210 units
DATED 6/2/2013

======================== ================================== ========== ========== ============================================================================

10 YEAR PROJECTION
category
increase
income
1.035
Assume : start construction March 2014. open Sept 2015. 2018 1st fully stabilized yr.
expenses
1.03
taxes
1.04
payroll
1.04
INCOME

2018
fully stablized
$9,625,677

BASE RENTAL INCOME

COMMUNITY FEE
COMMUNITY FEE
IL SERVICES
PARKING
GUEST ROOMS
RESPITE SUITE
HEALTH SERVICES AL & MC
BEAUTY SHOP
STORAGE
2ND OCC. Al
2ND OCC. Il
ADDTL MEALS
OPTL MEALS IL
STAFF MEALS
CATERING INC
HOUSEKEEPING
MAINTENANCE
BISTRO/STORE
CLUB MEMBR
MISC
LESS VACANCY

5.00%

ADJUSTED INCOME ( including base rent )

2019

2020

2021

2022

$9,962,576 $10,311,266 $10,672,160 $11,045,686

2026

2027

$11,432,285 $11,832,415 $12,246,549 $12,675,178

2023

2024

2025

$13,118,810

$229,505
$86,064
$169,374
$45,442
$13,822
$21,989
$286,862
$6,885
$20,655
$32,704
$27,541
$41,311
$15,492
$3,443
$10,328
$4,131
$2,066
$61,966
$30,983

$237,537
$89,076
$175,302
$47,032
$14,306
$22,759
$296,903
$7,126
$21,378
$33,849
$28,504
$42,757
$16,034
$3,563
$10,689
$4,276
$2,138
$64,135
$32,068

$245,851
$92,194
$181,438
$48,679
$14,806
$23,556
$307,294
$7,376
$22,127
$35,034
$29,502
$44,253
$16,595
$3,688
$11,063
$4,425
$2,213
$66,380
$33,190

$254,456
$95,421
$187,788
$50,382
$15,325
$24,380
$318,049
$7,634
$22,901
$36,260
$30,535
$45,802
$17,176
$3,817
$11,451
$4,580
$2,290
$68,703
$34,352

$263,362
$98,761
$194,361
$52,146
$15,861
$25,233
$329,181
$7,901
$23,703
$37,529
$31,603
$47,405
$17,777
$3,950
$11,851
$4,741
$2,370
$71,108
$35,554

$272,579
$102,217
$201,164
$53,971
$16,416
$26,117
$340,703
$8,177
$24,532
$38,843
$32,710
$49,064
$18,399
$4,089
$12,266
$4,906
$2,453
$73,596
$36,798

$282,120
$105,795
$208,204
$55,860
$16,991
$27,031
$352,627
$8,464
$25,391
$40,202
$33,854
$50,782
$19,043
$4,232
$12,695
$5,078
$2,539
$76,172
$38,086

$291,994
$109,498
$215,492
$57,815
$17,585
$27,977
$364,969
$8,760
$26,279
$41,609
$35,039
$52,559
$19,710
$4,380
$13,140
$5,256
$2,628
$78,838
$39,419

$302,214
$113,330
$223,034
$59,838
$18,201
$28,956
$377,743
$9,066
$27,199
$43,065
$36,266
$54,398
$20,399
$4,533
$13,600
$5,440
$2,720
$81,598
$40,799

$312,791
$117,297
$230,840
$61,933
$18,838
$29,969
$390,964
$9,384
$28,151
$44,573
$37,535
$56,302
$21,113
$4,692
$14,076
$5,630
$2,815
$84,454
$42,227

$5,738

$5,938

$6,146

$6,361

$6,584

$6,814

$7,053

$7,300

$7,555

$7,820

$481,284

$498,129

$515,563

$533,608

$552,284

$571,614

$591,621

$612,327

$633,759

$655,940

$12,186,485 $12,613,012 $13,054,468 $13,511,374

$13,984,272

$10,260,694 $10,619,818 $10,991,512 $11,376,215 $11,774,382

LESS EXPENSES
Sales/Marketing
Administrative
Management fee
Telephones
Payroll
Insurance
Taxes
Repair/Maintenance
Contract services
Food Services
Utilites
Turnover Expense
Repair/Replac Reserve
Misc

$67,531
$81,037
$513,035
$40,518
$3,041,351
$106,923
$535,278
$135,061
$135,061
$844,132
$343,280
$27,012
$85,000
$40,518

$69,556
$83,468
$530,991
$41,734
$3,163,005
$110,131
$556,689
$139,113
$139,113
$869,456
$353,579
$27,823
$85,000
$41,734

$71,643
$85,972
$549,576
$42,986
$3,289,525
$113,435
$578,956
$143,286
$143,286
$895,539
$364,186
$28,657
$85,000
$42,986

$73,792
$88,551
$568,811
$44,275
$3,421,106
$116,838
$602,115
$147,585
$147,585
$922,405
$375,112
$29,517
$85,000
$44,275

$76,006
$91,207
$588,719
$45,604
$3,557,951
$120,343
$626,199
$152,012
$152,012
$950,078
$386,365
$30,402
$85,000
$45,604

$78,286
$93,944
$609,324
$46,972
$3,700,269
$123,953
$651,247
$156,573
$156,573
$978,580
$397,956
$31,315
$85,000
$46,972

$80,635
$96,762
$630,651
$48,381
$3,848,279
$127,672
$677,297
$161,270
$161,270
$1,007,937
$409,894
$32,254
$85,000
$48,381

$83,054
$99,665
$652,723
$49,832
$4,002,210
$131,502
$704,389
$166,108
$166,108
$1,038,175
$422,191
$33,222
$85,000
$49,832

$85,546
$102,655
$675,569
$51,327
$4,162,299
$135,447
$732,565
$171,091
$171,091
$1,069,321
$434,857
$34,218
$85,000
$51,327

$88,112
$105,734
$699,214
$52,867
$4,328,791
$139,511
$761,867
$176,224
$176,224
$1,101,400
$447,903
$35,245
$85,000
$52,867

TOTAL EXPENSES

$5,995,737

$6,211,390

$6,435,034

$6,666,968

$6,907,503

$7,156,963

$7,415,684

$7,684,013

$7,962,313

$8,250,959

NET OPERATING INCOME

LESS DEBT SERVICE P&I
CASH FLOW
CASH ON CASH RETURN

5.50% 30 y

0.056

$4,264,957

$4,408,428

$4,556,478

$4,709,247

$4,866,879

$5,029,522

$5,197,329

$5,370,455

$5,549,061

$5,733,313

$2,555,052

$2,555,052

$2,555,052

$2,555,052

$2,555,052

$2,555,052

$2,555,052

$2,555,052

$2,555,052

$2,555,052

$1,709,905

$1,853,376

$2,001,426

$2,154,195

$2,311,827

$2,474,470

$2,642,277

$2,815,403

$2,994,009

$3,178,261

13.33%

14.45%

15.61%

16.80%

18.03%

19.29%

20.60%

21.95%

23.35%

24.78%

VALUE
NOI
CAP RATE
VALUE
LESS DEBT
LESS CLOSING COSTS
LESS EQUITY
PROFIT

$5,733,313
0.075
n
($33,985,756)
#VALUE!
($12,825,000)
#VALUE!

================= ========= ========== =========== ============================================

COBBLESTONE SENIOR CAMPUS
APPLE VALLEY. MINNESOTA
PROFORMA - 210 units
DATED 6/2/2013

================= ========= ========== =========== ============================================

BASE RENTAL INCOME
2013 rents
SQ FT/UNIT

RENT/SQ FT

MONTH RENT

ANNUAL BASE

INDEPENDENT LIVING
-- 1 BR
-- 1 BR
-- 1 BR
-- 1 BR
-- 1 BR

4
12
4
12
4

750
850
854
875
962

$2.54
$2.36
$2.35
$2.32
$2.19

$1,906
$2,009
$2,009
$2,034
$2,112

$91,464
$289,224
$96,408
$292,932
$101,352

-- 1 BR DEN
-- 1 BR DEN
-- 1 BR DEN

4
12
4

948
1188
1109

$2.28
$1.91
$2.09

$2,163
$2,266
$2,318

$103,824
$326,304
$111,240

-- 2BR
-- 2BR
-- 2BR
-- 2BR
-- 2BR
-- 2BR
-- 2BR
-- 2BR
-- 2BR
-- 2BR
-- 2BR
-- 2BR

1
4
4
13
4
1
16
2
3
4
4
8

1100
1131
1135
1142
1157
1175
1204
1234
1245
1297
1322
1337

$2.36
$2.32
$2.31
$2.31
$2.29
$2.26
$2.21
$2.18
$2.17
$2.12
$2.12
$2.12

$2,601
$2,627
$2,627
$2,637
$2,647
$2,652
$2,663
$2,693
$2,704
$2,755
$2,807
$2,833

$31,209
$126,072
$126,072
$411,341
$127,061
$31,827
$511,210
$64,643
$97,335
$132,252
$134,724
$271,920

1786

$1.70

$3,039

$145,848

$2,510
$2,510
$2,510

$361,440
$240,960
$180,720

-- 3BR

4
----------------124

ELDERLY WAIVER
-STUDIO
-STUDIO
-STUDIO

12
8
6

412
442
440

----------------26
ASSISTED LIVING
-STUDIO
-STUDIO

2
2

442
554

$8.97
$7.53

$3,966
$4,172

$95,172
$100,116

-1BR
-1BR EW shared
-1BR
-1BR
-1BR
-1BR

2
4
2
4
4
2

636
660
708
711
722
736

$7.29
$6.69
$6.70
$6.61
$6.51

$4,635
$5,020
$4,738
$4,764
$4,774
$4,790

$111,240
$240,960
$113,712
$228,660
$229,154
$114,948

912

$5.45

$4,970

$477,096

412
412
442

$5,871
$7,500
$5,923

$774,972
$540,000
$497,490

631
665

$6,335
$6,386

-1BR DEN
Total
MEMORY CARE
-STUDIO
-STUDIO EW shared
-STUDIO
-1 BR
-1 BR

TOTAL BASE REV

8
----------------30

11
6
7
4
2
----------------30
210

$304,056
$153,264
---------------------------

$8,388,221

========================= ========== ================================ ========== =======================

COBBLESTONE SENIOR CAMPUS
APPLE VALLEY. MINNESOTA
PROFORMA - 210 units
DATED 6/2/2013

========================

========== ================================ ========== =======================

OTHER INCOME/EXPENSE

COMMUNITY FEE
COMMUNITY FEE
IL SERVICES
PARKING
GUEST ROOMS
RESPITE SUITE
HEALTH SERVICES AL & MC
BEAUTY SHOP
STORAGE
2ND OCC. Al
2ND OCC. Il
ADDTL MEALS
OPTL MEALS IL
STAFF MEALS
CATERING INC
HOUSEKEEPING
MAINTENANCE
BISTRO/STORE
CLUB MEMBR

30
60
2
1
26
2
50
5
20
300
5
50
12
6
50

$5,000
$5,000
$410
$55
$55
$105
$400
$250
$30
$475
$100
$10
$225
$5
$750
$25
$25
$4,500
$45

per il unit
per al unit
per month
per month
per night
per day
/mo AL
per month
per month
per month
per month
per month
per month
per month
per month
hrs per month
hrs per month
per month
per month

40
15

30.00% occ
50.00% occ
24

MISC

$5,000

LESS VACANCY

5.00%

($419,411)

ADJUSTED INCOME ( including base rent )

LESS EXPENSES 2013 Dollars
Sales/Marketing
Administrative
Management fee
Telephones
Payroll
Insurance
Taxes
Repair/Maintenance
Contract services
Food Services
Utilites
Turnover Expense
Repair/Replac Reserve
Misc
TOTAL EXPENSES

NET OPERATING INCOME

$500 /mo MC

$200,000
$75,000
$147,600
$39,600
$12,045
$19,163
$249,984
$6,000
$18,000
$28,500
$24,000
$36,000
$13,500
$3,000
$9,000
$3,600
$1,800
$54,000
$27,000

2013 dollars

$8,941,602

5.00%

$2,200

($60,000)
($72,000)
($447,080)
($36,000)
($2,625,000)
($95,000)
($462,000)
($120,000)
($120,000)
($750,000)
($305,000)
($24,000)
($85,000)
($36,000)
-------------------------($5,237,080)

$3,704,522

=============== =================== ========== ========== ========== ========== ========== ========== ========== ========== ========== ========== ========== ==========
COBBLESTONE SENIOR CAMPUS
APPLE VALLEY. MINNESOTA
PROFORMA - 210 units
DATED 6/2/2013
RENT UP ANALYSIS
=============== =================== ========== ========== ========== ========== ========== ========== ========== ========== ========== ========== ========== ==========
ave IL rent
ave EW rent
ave AL rent
ave MC rent

$2,436
$2,510
$4,753
$6,305

MONTH
UNITS RENTED
--IL
--EW
--AL
--MC

# Available
124
26
30
30

CUM TOTAL RENTED

income
expenses
taxes
payroll
2016
5
1

1.0712
1.0609
1.0816
1.0816

1.1087
1.1023
1.1249
1.1249

6
2

7
3

8
4

9
5

10
6

11
7

12
8

1
9

2
10

2017
3
11

4
12

20
0
1
1

15
2
1
1

6
2
2
2

6
3
2
2

5
3
2
1

5
3
1
2

5
3
1
1

5
3
1
1

5
3
2
1

4
1
1
1

4
1
1
1

4
1
1
1

22

41

53

66

77

88

98

108

119

126

133

140

$52,182
$0
$5,091
$6,754

$91,318
$5,377
$10,183
$13,508

$106,972
$10,755
$20,365
$27,015

$122,627
$18,821
$30,548
$40,523

$135,672
$26,887
$40,731
$47,277

$148,717
$34,953
$45,822
$60,785

$161,763
$43,019
$50,913
$67,539

$174,808
$51,086
$56,005
$74,292

$194,429
$61,222
$68,504
$83,883

$205,230
$64,005
$73,774
$90,873

$216,032
$66,788
$79,043
$97,863

$226,833
$69,570
$84,313
$104,854

INCOME
--IL
--EW
--AL
--MC
TOTAL BASE RENT
OTHER INCOME
COMMUNITY FEE
$5,000
COMMUNITY FEE
$5,000
IL SERVICES
PARKING
GUEST ROOMS
RESPITE SUITE
HEALTH SERVICES AL & MC
BEAUTY SHOP
STORAGE
2ND OCC. Al
2ND OCC. Il
ADDTL MEALS
OPTL MEALS IL
STAFF MEALS
CATERING INC
HOUSEKEEPING
MAINTENANCE
BISTRO/STORE
CLUB MEMBR
MISC

10

11

12

$26,780
$5,356
$7,111
$1,974
$214
$321
$6,893
$536
$1,157
$1,018
$857
$1,653
$651
$214
$268
$165
$83
$2,479
$643

$27,717
$11,087
$7,661
$2,126
$443
$776
$7,830
$554
$1,319
$1,053
$887
$1,885
$701
$222
$277
$188
$94
$2,827
$887

$22,174
$5,543
$8,100
$2,248
$443
$776
$8,479
$554
$1,397
$1,053
$887
$1,996
$742
$222
$277
$200
$100
$2,993
$887

$22,174
$5,543
$8,539
$2,370
$443
$887
$9,127
$554
$1,475
$1,053
$998
$2,107
$782
$277
$554
$211
$105
$3,160
$887

$22,174
$5,543
$8,979
$2,492
$554
$887
$9,776
$554
$1,552
$1,053
$998
$2,217
$822
$277
$554
$222
$111
$3,326
$998

$443

$443

$443

$443

$200,000
$75,000
$147,600
$39,600
$12,045
$19,163
$249,984
$6,000
$18,000
$28,500
$24,000
$36,000
$13,500
$3,000
$9,000
$3,600
$1,800
$54,000
$27,000

$107,120
$5,356
$2,123
$589
$0
$0
$627
$0
$236
$0
$0
$337
$194
$0
$0
$34
$17
$0
$0

$80,340
$5,356
$3,715
$1,031
$0
$0
$1,253
$0
$439
$0
$0
$627
$340
$0
$0
$63
$31
$941
$0

$32,136
$10,712
$4,352
$1,208
$0
$0
$2,507
$0
$568
$0
$0
$811
$398
$0
$0
$81
$41
$1,217
$0

$32,136
$10,712
$4,988
$1,385
$214
$321
$3,760
$0
$707
$0
$428
$1,010
$457
$161
$268
$101
$50
$1,515
$428

$26,780
$10,712
$5,519
$1,532
$214
$321
$4,665
$0
$825
$0
$428
$1,178
$505
$214
$268
$118
$59
$1,767
$428

$26,780
$5,356
$6,050
$1,679
$214
$321
$5,640
$0
$943
$1,018
$857
$1,347
$554
$214
$268
$135
$67
$2,020
$428

$26,780
$5,356
$6,581
$1,826
$214
$321
$6,267
$536
$1,050
$1,018
$857
$1,500
$603
$214
$268
$150
$75
$2,250
$643

$5,000

$0

$0

$0

$428

$428

$428

$428

$428

$180,659

$214,523

$219,137

$271,590

$306,531

$344,597

$380,169

$414,992

TOTAL INCOME

$477,017

$493,396

$521,416

$549,104

EXPENSES
LESS EXPENSES
Sales/Marketing
Administrative
Management fee
Telephones
Payroll
Insurance
Taxes
Repair/Maintenance
Contract services
Food Services
Utilites
Turnover Expense
Repair/Replac Reserve
Misc

$5,305
$6,365
$9,033
$3,183
$86,879
$8,399
$21,632
$10,609
$10,609
$24,668
$26,965
$0
$0
$3,183

$5,305
$6,365
$10,726
$3,183
$86,879
$8,399
$21,632
$10,609
$10,609
$28,699
$26,965
$0
$0
$3,183

$5,305
$6,365
$10,957
$3,183
$86,879
$8,399
$21,632
$10,609
$10,609
$31,246
$26,965
$0
$0
$3,183

$5,305
$6,365
$13,579
$3,183
$112,524
$8,399
$21,632
$10,609
$10,609
$34,004
$26,965
$0
$0
$3,183

$5,305
$6,365
$15,327
$3,183
$124,241
$8,399
$21,632
$10,609
$10,609
$36,338
$26,965
$0
$0
$3,183

$5,305
$6,365
$17,230
$3,183
$124,241
$8,399
$21,632
$10,609
$10,609
$38,672
$26,965
$0
$0
$3,183

$5,305
$6,365
$19,008
$3,183
$161,861
$8,399
$32,448
$10,609
$10,609
$40,794
$26,965
$0
$0
$3,183

$5,305
$6,365
$20,750
$3,183
$163,935
$8,399
$32,448
$10,609
$10,609
$42,915
$26,965
$0
$0
$3,183

$5,511
$6,614
$23,851
$3,307
$170,492
$8,726
$33,746
$11,023
$11,023
$46,234
$28,016
$0
$0
$3,307

$5,511
$6,614
$24,670
$3,307
$172,648
$8,726
$33,746
$11,023
$11,023
$47,777
$28,016
$0
$0
$3,307

$5,511
$6,614
$26,071
$3,307
$195,663
$8,726
$33,746
$11,023
$11,023
$49,321
$28,016
$0
$0
$3,307

$5,511
$6,614
$27,455
$3,307
$195,663
$8,726
$33,746
$11,023
$11,023
$50,864
$28,016
$0
$0
$3,307

$216,829

$222,553

$225,330

$256,356

$272,154

$276,391

$328,728

$334,664

$351,850

$356,368

$382,327

$385,254

$36,170

$8,030

$6,193

$15,234

$34,377

$68,205

$51,441

$80,328

$125,168

$137,029

$139,090

$163,850

DEBT SERVICE

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

CASH FLOW

$311,170

$283,030

$281,193

$259,766

$240,623

$206,795

$223,559

$194,672

$149,832

$137,971

$135,910

$111,150

CUM CASH FLOW

$311,170

$594,201

$875,393 $1,135,159

$1,375,783 $1,582,577 $1,806,136 $2,000,808

$2,150,640

TOTAL EXPENSES
NOI

($60,000)
($72,000)
($447,080)
($36,000)
($2,625,000)
($95,000)
($462,000)
($120,000)
($120,000)
($750,000)
($305,000)
($24,000)
($85,000)
($36,000)

$2,288,612 $2,424,522 $2,535,672

======================= ========== ========== ========== ========== ===================== ========== ========== ========== ========== ========== =========
COBBLESTONE SENIOR CAMPUS
APPLE VALLEY. MINNESOTA
PROFORMA - 210 units
DATED 6/2/2013
RENT UP ANALYSIS
======================= ========== ========== ========== ========== ===================== ========== ========== ========== ========== ========== =========
1.1475
1.1453
1.1699
1.1699

MONTH

--IL
--EW
--AL
--MC
CUM TOTAL RENTED

--IL
--EW
--AL
--MC

COMMUNITY FEE
COMMUNITY FEE
IL SERVICES
PARKING
GUEST ROOMS
RESPITE SUITE
HEALTH SERVICES AL & MC
BEAUTY SHOP
STORAGE
2ND OCC. Al
2ND OCC. Il
ADDTL MEALS
OPTL MEALS IL
STAFF MEALS
CATERING INC
HOUSEKEEPING
MAINTENANCE
BISTRO/STORE
CLUB MEMBR
MISC

TOTAL INCOME

Sales/Marketing
Administrative
Management fee
Telephones
Payroll
Insurance
Taxes
Repair/Maintenance
Contract services
Food Services
Utilites
Turnover Expense
Repair/Replac Reserve
Misc
TOTAL EXPENSES

5
13

6
14

7
15

8
16

9
17

10
18

11
19

12
20

1
21

2
22

3
23

4
24

4
0
1
1

4
0
1
1

4
0
1
2

3
0
1
1

3
0
1
2

3
0
1
1

3
0
1
1

2
0
1
1

2
0
1
1

2
0
1
1

2
0
1
1

2
0
1
0

146

152

159

164

170

175

180

184

188

192

196

199

$248,436
$69,570
$94,852
$118,834

$259,238
$69,570
$100,121
$132,815

$267,339
$69,570
$105,391
$139,805

$275,440
$69,570
$110,660
$153,785

$283,542
$69,570
$115,930
$160,776

$291,643
$69,570
$121,200
$167,766

$297,044
$69,570
$126,469
$174,756

$302,633
$69,570
$131,923
$181,991

$308,223
$69,570
$137,377
$189,226

$313,813
$69,570
$142,831
$196,461

$319,403
$69,570
$148,285
$196,461

10

11

12

$22,174
$5,543
$9,418
$2,614
$554
$998
$10,424
$554
$1,619
$1,053
$998
$2,312
$862
$277
$554
$231
$116
$3,469
$998

$22,174
$5,543
$9,858
$2,736
$554
$998
$11,073
$554
$1,685
$1,053
$1,109
$2,407
$903
$277
$554
$241
$120
$3,611
$998

$22,174
$5,543
$10,297
$2,858
$554
$1,109
$12,082
$554
$1,763
$1,053
$1,109
$2,518
$943
$277
$554
$252
$126
$3,777
$1,330

$16,630
$5,543
$10,627
$2,949
$665
$1,109
$12,730
$554
$1,818
$1,053
$1,330
$2,598
$973
$277
$832
$260
$130
$3,896
$1,330

$16,630
$5,543
$10,956
$3,041
$665
$1,109
$13,739
$554
$1,885
$1,053
$1,441
$2,693
$1,003
$277
$832
$269
$135
$4,039
$1,552

$16,630
$5,543
$11,286
$3,132
$776
$1,109
$14,388
$554
$1,663
$2,107
$1,552
$2,772
$1,033
$277
$832
$277
$139
$4,158
$1,552

$16,630
$5,543
$11,615
$3,224
$776
$1,774
$15,037
$554
$1,663
$2,633
$1,663
$2,851
$1,064
$277
$832
$285
$143
$4,276
$1,774

$11,087
$5,543
$11,835
$3,285
$887
$1,774
$15,685
$554
$1,663
$2,633
$1,885
$2,914
$1,084
$277
$832
$291
$146
$4,371
$1,996

$11,475
$5,737
$12,062
$3,348
$918
$1,836
$16,356
$574
$1,721
$2,725
$1,951
$3,082
$1,104
$287
$861
$308
$154
$4,623
$2,065

$11,475
$5,737
$12,290
$3,411
$918
$1,836
$17,028
$574
$1,721
$2,725
$1,951
$3,147
$1,125
$287
$861
$315
$157
$4,721
$2,065

$11,475
$5,737
$12,517
$3,474
$918
$1,836
$17,699
$574
$1,721
$2,725
$1,951
$3,213
$1,146
$287
$861
$321
$161
$4,819
$2,065

$11,475
$5,737
$12,745
$3,537
$918
$1,836
$17,997
$574
$1,721
$2,725
$1,951
$3,262
$1,167
$287
$861
$326
$163
$4,893
$2,065

$459

$459

$459

$459

$237,635
$69,570
$89,582
$111,844

$443

$443

$443

$443

$443

$443

$443

$443

$573,845

$598,585

$631,062

$647,855

$677,317

$700,041

$723,236

$737,025

$757,765

$777,200

$796,636

$808,419

$5,511
$6,614
$28,692
$3,307
$195,663
$8,726
$33,746
$11,023
$11,023
$52,186
$28,016
$0
$7,083
$3,307

$5,511
$6,614
$29,929
$3,307
$218,677
$8,726
$33,746
$11,023
$11,023
$53,509
$28,016
$0
$7,083
$3,307

$5,511
$6,614
$31,553
$3,307
$222,989
$8,726
$33,746
$11,023
$11,023
$55,052
$28,016
$0
$7,083
$3,307

$5,511
$6,614
$32,393
$3,307
$222,989
$8,726
$33,746
$11,023
$11,023
$56,155
$28,016
$0
$7,083
$3,307

$5,511
$6,614
$33,866
$3,307
$234,497
$8,726
$33,746
$11,023
$11,023
$57,477
$28,016
$0
$7,083
$3,307

$5,511
$6,614
$35,002
$3,307
$246,004
$8,726
$33,746
$11,023
$11,023
$58,580
$28,016
$0
$7,083
$3,307

$5,511
$6,614
$36,162
$3,307
$246,004
$8,726
$43,307
$11,023
$11,023
$59,682
$28,016
$0
$7,083
$3,307

$5,511
$6,614
$36,851
$3,307
$246,004
$8,726
$43,307
$11,023
$11,023
$60,564
$28,016
$0
$7,083
$3,307

$5,726
$6,872
$37,888
$3,436
$255,844
$9,067
$45,040
$11,453
$11,453
$63,062
$29,109
$0
$7,083
$3,436

$5,726
$6,872
$38,860
$3,436
$255,844
$9,067
$45,040
$11,453
$11,453
$63,978
$29,109
$0
$7,083
$3,436

$5,726
$6,872
$39,832
$3,436
$255,844
$9,067
$45,040
$11,453
$11,453
$64,894
$29,109
$0
$7,083
$3,436

$5,726
$6,872
$40,421
$3,436
$255,844
$9,067
$45,040
$11,453
$11,453
$65,582
$29,109
$0
$7,083
$3,436

$394,897

$420,472

$427,951

$429,893

$444,196

$457,942

$469,765

$471,336

$489,467

$491,355

$493,243

$494,520

NOI

$178,947

$178,114

$203,112

$217,962

$233,121

$242,099

$253,471

$265,689

$268,298

$285,845

$303,392

$313,900

DEBT SERVICE

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

$275,000

CASH FLOW
CUM CASH FLOW

$96,053

$96,886

$71,888

$57,038

$41,879

$32,901

$21,529

$9,311

$6,702

$10,845

$28,392

$38,900

$2,631,725

$2,728,611

$2,800,499

$2,857,537

$2,899,416

$2,932,316

$2,953,845

$2,963,156

$2,969,858

$2,959,013

$2,930,621

$2,891,722