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1
+ FormFormulas:
2
+ 1. E1 (Building Efficiency)= E2/D2= gross square feet/ rentable square feet eg 71,920/108,270
3
+ 2. D4 (Land Value Per GSF)= $c4/D$2= total land value/ total GSF
4
+ 3. E4 (Land Value per RSF)=$c4/E$2= total land value/ total rsf
5
+ 4. F4 (Land Value per Unit)= $C4/F$2= total land value/ total units
6
+ 5. D5 (Closing Costs per GSF)= $C5/D$2= total closing costs/ total GSF
7
+ 6. E5 (Closing Costs per RSF)= $C5/E$2= total closing costs/total RSF
8
+ 7. F5 (Closing Costs per Unit) = $C5/F$2= total closing costs/ total units
9
+ 8. C6 ( Acquisition Fee)=C4*0.02= 2% of total land value
10
+ 9. D6 (Acq fee per GSF)=$C6/D$2= Acq fee/ total GSF
11
+ 10. E6 (Acq fee per RSF)=$C6/E$2= Acq fee/ total RSF
12
+ 11. F6 (Acq fee per unit)=$C6/F$2= Acq fee/ total units
13
+ 12. C7 (Total cost of acquisition)=SUM(C4:C6)
14
+ 13. D7 (Total Acq cost per GSF)=$C7D$2(SUM(D4:D6))= total acq cost/ total GSF
15
+ 14. E7 (Total Acq cost per RSF)=$C7/E$2(SUM(E4:E6))= total acq cost/ total RSF
16
+ 15. F7 (total acq cost per unit)=$C7/F$2= total acq cost/ total units
17
+ 16. C10 (Total construction GMP)=A10*D2= 338? x 108,270= 338? x GSF
18
+ 17. D10 (Construction GMP per GSF)=$C10/D$2= Construction GMP/ total GSF
19
+ 18. E10 (Construction GMP per RSF)=$C10/E$2)= Construction GMP/ Total RSF
20
+ 19. F10( Construction GMP per Unit)= $C10/F$2)= Construction GMP/ total units
21
+ 20. C33 (HPD & IH cost)=(3500*F2*0.75)+(5000*F2*0.25)
22
+ 21. C34 (Retail TI & LC cost)=J41*0.3)+(50*I40)
23
+ 22. C35(Total soft cost)=SUM(C13:C34)
24
+ 23. D13(Arch&Int cost per GSF)=$C13/D$2= Arch&Int cost/total GSF
25
+ 24. D14(Struct Engin cost per GSF)=$C14/D$2= struct Engin cost/total GSF
26
+ 25. D15(MEP Engin cost per GSF)=$C15/D$2= MEP Engin cost/ total GSF
27
+ 26. D16 (BPP & Civil Engineer cost per GSF)=$C16/D$2= BPP & Civ Engineer cost/ total GSF
28
+ 27. D17(Controlled Inspections cost per GSF)=$C17/D$2= controlled inspections cost/total GSF
29
+ 28. D18(surveying cost per GSF)=$C18/D$2= Surverying cost/total GSF
30
+ 29. D19 (Utilities cost Per GSF)= $C19/D$2= utilities cost/total GSF
31
+ 30. D20 (Adv&Mark cost per GSF)=$C20/D$2= Adv&Mark cost/total GSF
32
+ 31. D21(Acc cost per GSF)=$C21/D$2= Acc cost/total GSF
33
+ 32. D22(Monitoring cost per GSF)=$C22/D$2=monitoring cost/total GSF
34
+ 33. D23(FF&E cost per GSF)=$C23/D$2= FF&E cost/total GSF
35
+ 34. D24(Environmental Consultant fee per GSF)= $C24/D$2= Environmental consultant fee/ total GSF
36
+ 35. D25(Misc Consultants fee per GSF)=$C25/D$2
37
+ 36. D26(General Legal cost per GSF)= $C26/D$2
38
+ 37. D27 (RE taxes per GSF)= $C27/D$2
39
+ 38. D28(Misc Admin cost per GSF)=$C28/D$2
40
+ 39. D29(IBR cost per GSF)=$C29/D$2
41
+ 40. D30(Project team cost per GSF)=$C30/D$2
42
+ 41. D31(PEM Fees per GSF)=$C31/D$2
43
+ 42. D32(Bank fees per GSF)=$C32/D$2
44
+ 43. D33(HPD&IH fees per GSF)=$C33/D$2
45
+ 44. D34(Retail TI &LC fees per GSF)=$C34/D$2
46
+ 45. D35(Soft Cost per GSF)=$C35/D$2
47
+ 46. E13(Arch&Int cost per RSF)=$C13/E$2
48
+ 47. E14(Struct Engin cost per RSF)=$C14/E$2
49
+ 48. E15(MEP Engin cost per RSF)=$C15/E$2
50
+ 49. E16(BPP&Civil Engineer Cost per Rsf)=$C16/E$2
51
+ 50. E17(Controlled Inspections cost per RSF)=$C17/E$2
52
+ 51. E18(Surveying cost per RSF)=$C18/E$2
53
+ 52. E19(Utilities cost per RSF)=$C19/E$2
54
+ 53. E20(Ad&M cost per RSF)=$C20/E$2
55
+ 54. E21(Acc cost per RSf)=$C21/E$2
56
+ 55. E22(Mon cost per RSf)=$C22/E$2
57
+ 56. E23(FF&E per RSF)=$C23/E$2
58
+ 57. E24(Env con cost per RSF)=$C24/E$2
59
+ 58. E25(Misc con cost per rsf)=$C25/E$2
60
+ 59. E26(Gen legal cost per rsf)=$C26/E$2
61
+ 60. E27(RE taxes cost per RSF)=$C27/E$2
62
+ 61. E28(Misc Admin Cost per RSF)=$C28/E$2
63
+ 62. E29(IBR cost per RSf)=$C29/E$2
64
+ 63. E30(project team fees per RSf)=$C30/E$2
65
+ 64. E31(PEM fees per RSF)=$C31/E$2
66
+ 65. E32(banks fees per rsf)=$C32/E$2
67
+ 66. E33(HPD &IH fees per rsf)=$C33/E$2
68
+ 67. E34(Retail TI &LC cost per RSF)=$C34/E$2
69
+ 68. E35(Soft cost per RSf)= $C35/E$2
70
+ 69. F13(Arch&int cost per unit)=$C13/F$2
71
+ 70. F14(Structural engineer cost per unit)=$C14/F$2
72
+ 71. F15(MEP engin cost per unit)=$C15/F$2
73
+ 72. F16(BPP&civil engineer cost per unit)=$C16/F$2
74
+ 73. F17(CI cost per unit)=$C17/F$2
75
+ 74. F18(Surveying post per unit)=$C18/F$2
76
+ 75. F19(Utilities cost per unit)=$C19/F$2
77
+ 76. F20(Ad&M cost per unit)=$C20/F$2
78
+ 77. F21(Acc cost per unit)=$C21/F$2
79
+ 78. F22(Mon cost per unit)=$C22/F$2
80
+ 79. F23(FF&E cost per unit)=$C23/F$2
81
+ 80. F24(Env con cost per unit)=$C24/F$2
82
+ 81. F25(Misc con cost per unit)=$C25/F$2
83
+ 82. F26(Gen legal cost per unit)=$C26/F$2
84
+ 83. F27(Re taxes per unit)=$C27/F$2
85
+ 84. F28(Misc admin cost per unit)=$C28/F$2
86
+ 85. F29(IBR cost per unit)=$C29/F$2
87
+ 86. F30(Project team cost per unit)=$C30/F$2
88
+ 87. F31(PEM fees per unit=$C30/F$2
89
+ 88. F32(bank fees per unit)=$C32/F$2
90
+ 89. F33(HPD&IH fees per unit)=$C33/F$2
91
+ 90. F34(Retail TI & LC cost per unit)=$C34/F$2
92
+ 91. F35(Soft cost per unit)=$C35/F$2
93
+ 92. C38(Contingency cost)=A38*($C$35+$C$10)= 5% of Construction GMP+total Soft Cost
94
+ 93. C39( Dev fee)=A39*($C$35+$C$10)= 4% of Con GMP+total soft cost
95
+ 94. C42(Op reserve)=M15*0.2= 20% of total expenses
96
+ 95. C44( total Financing Contigency and Reserves)=C35+C10+SUM(C38:C42)+C7= total soft cost+ con GMP+ Acq cost+ total fin con res)
97
+ 96. D38(Cont per GSf)=$C38/D$2
98
+ 97. D39( dev fee per Gsf)=$C39/D$2
99
+ 98. D40(Fin cost per GSF)=$C40/D$2
100
+ 99. D41(IR per GSF)=$C41/D$2
101
+ 100. D42(Op res per GSF)=$C42/D$2
102
+ 101. D44(Total fin con reserves per gsf)=$C44/D$2
103
+ 102. E38(Cont cost per RSf)=$C38/E$2
104
+ 103. E39(Dev fee per rsf)=$C39/E$2
105
+ 104. E40(Fin cost per rsf)=$C40/E$2
106
+ 105. E41(IR per RSF)=$C41/E$2
107
+ 106. E42(Op res per Rsf)=$C42/E$2
108
+ 107. E44(Total fin con reserves per rsf)=$C44/E$2
109
+ 108. F38(Cont cost per unit)=$C38/F$2
110
+ 109. F39(dev fee per unit)=$C39/F$2
111
+ 110. F40(Fin costs per unit)=$C40/F$2
112
+ 111. F41(IR per unit)=$C41/F$2
113
+ 112. F42(op res per unit)=$C42/F$2
114
+ 113. F44(Total fin con reserves per unit)=$C44/F$2
115
+ 114. J3(Pre LTC Budget)=(C35+C38+C39+C42+C10+C7)
116
+ 115. J5(True LTC)=J5=M3=True LTC=Debt %
117
+ 116. J7(Loan Amount)=J4*J3
118
+ 117. J9(Financing Amt)=J8*J7
119
+ 118. J11(Interest Rate)=(J10+430)/10000
120
+ 119. J13(J7*0.7*(J11/12)*J12)
121
+ 120. J18(Trending Term)=M22+M23
122
+ 121. J19(Term revenue Inflation)=(1+J16)^($J$18/12)
123
+ 122. J20(Term Expense Inflation)=(1+J17)^($J$18/12)
124
+ 123. J28(Interest rate)=(J27+430)/10000
125
+ 124. J34(Gross Potential FM Rent)=M33*0.75*E2
126
+ 125. J35(Gross Potential IH Rent)=M33*0.75*E2
127
+ 126. J36(Other income)=I36*F2*12*0.75
128
+ 127. J37(Vacancy)=I37*(J36+J34+35)
129
+ 128. J38(Effective Gross income)=J34-J37+J36+J35
130
+ 129. J41(Retail rev)=J40*I40
131
+ 130. J44(Management Fee)=I44*J38
132
+ 131. J45(RE Taxes)=D2*30*0.1
133
+ 132. J46(Total Expenses)=SUM(J43:J45)
134
+ 133. J48(NOI)=J38-J46+J39+J41
135
+ 134. J49(Stabilized Yield on Cost)=(((J38+J41-J35)*J19)-(J46*J20))+J35
136
+ 135. J50(Yield on cost %)=J48/($C$44+PV(J21/12,36,0,C27))
137
+ 136. J51(Stabilized Yield on Cost %)=J49/($C$44+PV(J21/12,36,0,C27))
138
+ 137. J54(Property Value on Sale+ 25% of Year 1 CF)=(J49/I54)+(J49*0.25)
139
+ 138. J55(Sale Cost)=I55*J54
140
+ 139. J56(Net Sale Proceeds)=J54-J55
141
+ 140. J57(Cash Remaining After Loan Payback)=J56-N3
142
+ 141. J58(Lp Investment)=N4-J59
143
+ 142. J59(GP investment)=N4*0.2
144
+ 143. J61(GP Pref Accrual + Principal)=(1+I61/12)^$I$60*J59
145
+ 144. J62(LP Pref Accrual + Principal)=(1+I62/12)^$I$60*J58
146
+ 145. J63(Cash remaining after pref)=J57-J62-J61
147
+ 146. J64(Promote on JV)=I64*J63
148
+ 147. J65(Cash to LP)=(J63-J64)*(J58/(J58+J59))
149
+ 148. J66(Net to LP Investor)=J65+J62
150
+ 149. M3= (Debt%)=N3/C44
151
+ 150. M4=(Equity%)=1-M3
152
+ 151. M5=(Total Cap stack%)=M3+M4
153
+ 152. N3(Debt)=J13+J7+J9
154
+ 153. N4(Equity)=C44-N3
155
+ 154. N5( Cap stack )=N3+N4
156
+ 155. O3(Debt per Gsf)=$N3/D$2
157
+ 156. O4(Equity per GSf)=$N4/D$2
158
+ 157. O5(Cap stack per Gsf)=$N5/D$2
159
+ 158. P3(Debt per Rsf)=$N3/E$2
160
+ 159. P4(Equity per Rsf)=$N4/E$2
161
+ 160. P5(Cap stack per Rsf)=$N5/E$2
162
+ 161. Q3(Debt per unit)=$N3/F$2
163
+ 162. Q4(Equity per unit)=$N4/F$2
164
+ 163. Q5(Cap Stack per unit)=$N5/F$2
165
+ 164. M10(R&M turnover)=Q10*$F$2
166
+ 165. M11(Utilities)=Q11*$F$2
167
+ 166. M12(Admin+Pro)= Q12*$F$2
168
+ 167. M13 (insurance)=Q13*$F$2
169
+ 168. M14(Pro fees)=Q14*$F$2
170
+ 169. M15(Total Expenses)=SUM(M9:M14)
171
+ 170. N9(Payroll %)=M9/$J$38
172
+ 171. N10(R&M turnover %)=M10/$J$38
173
+ 172. N11(Utilities cost %)=M11/$J$38
174
+ 173. N12(Admin+Pro %)=M12/$J$38
175
+ 174. N13(Insurance %)=M13/$J$38
176
+ 175. N14(Pro fees%)=M14/$J$38
177
+ 176. N15(total expenses %)= M15/$J$38
178
+ 177. N29(Start Date)=MIn(N21:N28)
179
+ 178. M35(Blended RSF)=M33*0.75+M34*0.25
180
+ 179. N33(Total Free market rent)=$M$33*425/12
181
+ 180. N35(total Blended RSF)=$M$33*750/12
182
+ 181. O33(Free market rents Sf)=N33/*110/12
183
+ 182. O34(Affordable rents Sf)=N34*110/12
184
+ O35(Blended RSF sf)=N35*110/12ulas:
185
+ 1. E1 (Building Efficiency)= E2/D2= gross square feet/ rentable square feet eg 71,920/108,270
186
+ 2. D4 (Land Value Per GSF)= $c4/D$2= total land value/ total GSF
187
+ 3. E4 (Land Value per RSF)=$c4/E$2= total land value/ total rsf
188
+ 4. F4 (Land Value per Unit)= $C4/F$2= total land value/ total units
189
+ 5. D5 (Closing Costs per GSF)= $C5/D$2= total closing costs/ total GSF
190
+ 6. E5 (Closing Costs per RSF)= $C5/E$2= total closing costs/total RSF
191
+ 7. F5 (Closing Costs per Unit) = $C5/F$2= total closing costs/ total units
192
+ 8. C6 ( Acquisition Fee)=C4*0.02= 2% of total land value
193
+ 9. D6 (Acq fee per GSF)=$C6/D$2= Acq fee/ total GSF
194
+ 10. E6 (Acq fee per RSF)=$C6/E$2= Acq fee/ total RSF
195
+ 11. F6 (Acq fee per unit)=$C6/F$2= Acq fee/ total units
196
+ 12. C7 (Total cost of acquisition)=SUM(C4:C6)
197
+ 13. D7 (Total Acq cost per GSF)=$C7D$2(SUM(D4:D6))= total acq cost/ total GSF
198
+ 14. E7 (Total Acq cost per RSF)=$C7/E$2(SUM(E4:E6))= total acq cost/ total RSF
199
+ 15. F7 (total acq cost per unit)=$C7/F$2= total acq cost/ total units
200
+ 16. C10 (Total construction GMP)=A10*D2= 338? x 108,270= 338? x GSF
201
+ 17. D10 (Construction GMP per GSF)=$C10/D$2= Construction GMP/ total GSF
202
+ 18. E10 (Construction GMP per RSF)=$C10/E$2)= Construction GMP/ Total RSF
203
+ 19. F10( Construction GMP per Unit)= $C10/F$2)= Construction GMP/ total units
204
+ 20. C33 (HPD & IH cost)=(3500*F2*0.75)+(5000*F2*0.25)
205
+ 21. C34 (Retail TI & LC cost)=J41*0.3)+(50*I40)
206
+ 22. C35(Total soft cost)=SUM(C13:C34)
207
+ 23. D13(Arch&Int cost per GSF)=$C13/D$2= Arch&Int cost/total GSF
208
+ 24. D14(Struct Engin cost per GSF)=$C14/D$2= struct Engin cost/total GSF
209
+ 25. D15(MEP Engin cost per GSF)=$C15/D$2= MEP Engin cost/ total GSF
210
+ 26. D16 (BPP & Civil Engineer cost per GSF)=$C16/D$2= BPP & Civ Engineer cost/ total GSF
211
+ 27. D17(Controlled Inspections cost per GSF)=$C17/D$2= controlled inspections cost/total GSF
212
+ 28. D18(surveying cost per GSF)=$C18/D$2= Surverying cost/total GSF
213
+ 29. D19 (Utilities cost Per GSF)= $C19/D$2= utilities cost/total GSF
214
+ 30. D20 (Adv&Mark cost per GSF)=$C20/D$2= Adv&Mark cost/total GSF
215
+ 31. D21(Acc cost per GSF)=$C21/D$2= Acc cost/total GSF
216
+ 32. D22(Monitoring cost per GSF)=$C22/D$2=monitoring cost/total GSF
217
+ 33. D23(FF&E cost per GSF)=$C23/D$2= FF&E cost/total GSF
218
+ 34. D24(Environmental Consultant fee per GSF)= $C24/D$2= Environmental consultant fee/ total GSF
219
+ 35. D25(Misc Consultants fee per GSF)=$C25/D$2
220
+ 36. D26(General Legal cost per GSF)= $C26/D$2
221
+ 37. D27 (RE taxes per GSF)= $C27/D$2
222
+ 38. D28(Misc Admin cost per GSF)=$C28/D$2
223
+ 39. D29(IBR cost per GSF)=$C29/D$2
224
+ 40. D30(Project team cost per GSF)=$C30/D$2
225
+ 41. D31(PEM Fees per GSF)=$C31/D$2
226
+ 42. D32(Bank fees per GSF)=$C32/D$2
227
+ 43. D33(HPD&IH fees per GSF)=$C33/D$2
228
+ 44. D34(Retail TI &LC fees per GSF)=$C34/D$2
229
+ 45. D35(Soft Cost per GSF)=$C35/D$2
230
+ 46. E13(Arch&Int cost per RSF)=$C13/E$2
231
+ 47. E14(Struct Engin cost per RSF)=$C14/E$2
232
+ 48. E15(MEP Engin cost per RSF)=$C15/E$2
233
+ 49. E16(BPP&Civil Engineer Cost per Rsf)=$C16/E$2
234
+ 50. E17(Controlled Inspections cost per RSF)=$C17/E$2
235
+ 51. E18(Surveying cost per RSF)=$C18/E$2
236
+ 52. E19(Utilities cost per RSF)=$C19/E$2
237
+ 53. E20(Ad&M cost per RSF)=$C20/E$2
238
+ 54. E21(Acc cost per RSf)=$C21/E$2
239
+ 55. E22(Mon cost per RSf)=$C22/E$2
240
+ 56. E23(FF&E per RSF)=$C23/E$2
241
+ 57. E24(Env con cost per RSF)=$C24/E$2
242
+ 58. E25(Misc con cost per rsf)=$C25/E$2
243
+ 59. E26(Gen legal cost per rsf)=$C26/E$2
244
+ 60. E27(RE taxes cost per RSF)=$C27/E$2
245
+ 61. E28(Misc Admin Cost per RSF)=$C28/E$2
246
+ 62. E29(IBR cost per RSf)=$C29/E$2
247
+ 63. E30(project team fees per RSf)=$C30/E$2
248
+ 64. E31(PEM fees per RSF)=$C31/E$2
249
+ 65. E32(banks fees per rsf)=$C32/E$2
250
+ 66. E33(HPD &IH fees per rsf)=$C33/E$2
251
+ 67. E34(Retail TI &LC cost per RSF)=$C34/E$2
252
+ 68. E35(Soft cost per RSf)= $C35/E$2
253
+ 69. F13(Arch&int cost per unit)=$C13/F$2
254
+ 70. F14(Structural engineer cost per unit)=$C14/F$2
255
+ 71. F15(MEP engin cost per unit)=$C15/F$2
256
+ 72. F16(BPP&civil engineer cost per unit)=$C16/F$2
257
+ 73. F17(CI cost per unit)=$C17/F$2
258
+ 74. F18(Surveying post per unit)=$C18/F$2
259
+ 75. F19(Utilities cost per unit)=$C19/F$2
260
+ 76. F20(Ad&M cost per unit)=$C20/F$2
261
+ 77. F21(Acc cost per unit)=$C21/F$2
262
+ 78. F22(Mon cost per unit)=$C22/F$2
263
+ 79. F23(FF&E cost per unit)=$C23/F$2
264
+ 80. F24(Env con cost per unit)=$C24/F$2
265
+ 81. F25(Misc con cost per unit)=$C25/F$2
266
+ 82. F26(Gen legal cost per unit)=$C26/F$2
267
+ 83. F27(Re taxes per unit)=$C27/F$2
268
+ 84. F28(Misc admin cost per unit)=$C28/F$2
269
+ 85. F29(IBR cost per unit)=$C29/F$2
270
+ 86. F30(Project team cost per unit)=$C30/F$2
271
+ 87. F31(PEM fees per unit=$C30/F$2
272
+ 88. F32(bank fees per unit)=$C32/F$2
273
+ 89. F33(HPD&IH fees per unit)=$C33/F$2
274
+ 90. F34(Retail TI & LC cost per unit)=$C34/F$2
275
+ 91. F35(Soft cost per unit)=$C35/F$2
276
+ 92. C38(Contingency cost)=A38*($C$35+$C$10)= 5% of Construction GMP+total Soft Cost
277
+ 93. C39( Dev fee)=A39*($C$35+$C$10)= 4% of Con GMP+total soft cost
278
+ 94. C42(Op reserve)=M15*0.2= 20% of total expenses
279
+ 95. C44( total Financing Contigency and Reserves)=C35+C10+SUM(C38:C42)+C7= total soft cost+ con GMP+ Acq cost+ total fin con res)
280
+ 96. D38(Cont per GSf)=$C38/D$2
281
+ 97. D39( dev fee per Gsf)=$C39/D$2
282
+ 98. D40(Fin cost per GSF)=$C40/D$2
283
+ 99. D41(IR per GSF)=$C41/D$2
284
+ 100. D42(Op res per GSF)=$C42/D$2
285
+ 101. D44(Total fin con reserves per gsf)=$C44/D$2
286
+ 102. E38(Cont cost per RSf)=$C38/E$2
287
+ 103. E39(Dev fee per rsf)=$C39/E$2
288
+ 104. E40(Fin cost per rsf)=$C40/E$2
289
+ 105. E41(IR per RSF)=$C41/E$2
290
+ 106. E42(Op res per Rsf)=$C42/E$2
291
+ 107. E44(Total fin con reserves per rsf)=$C44/E$2
292
+ 108. F38(Cont cost per unit)=$C38/F$2
293
+ 109. F39(dev fee per unit)=$C39/F$2
294
+ 110. F40(Fin costs per unit)=$C40/F$2
295
+ 111. F41(IR per unit)=$C41/F$2
296
+ 112. F42(op res per unit)=$C42/F$2
297
+ 113. F44(Total fin con reserves per unit)=$C44/F$2
298
+ 114. J3(Pre LTC Budget)=(C35+C38+C39+C42+C10+C7)
299
+ 115. J5(True LTC)=J5=M3=True LTC=Debt %
300
+ 116. J7(Loan Amount)=J4*J3
301
+ 117. J9(Financing Amt)=J8*J7
302
+ 118. J11(Interest Rate)=(J10+430)/10000
303
+ 119. J13(J7*0.7*(J11/12)*J12)
304
+ 120. J18(Trending Term)=M22+M23
305
+ 121. J19(Term revenue Inflation)=(1+J16)^($J$18/12)
306
+ 122. J20(Term Expense Inflation)=(1+J17)^($J$18/12)
307
+ 123. J28(Interest rate)=(J27+430)/10000
308
+ 124. J34(Gross Potential FM Rent)=M33*0.75*E2
309
+ 125. J35(Gross Potential IH Rent)=M33*0.75*E2
310
+ 126. J36(Other income)=I36*F2*12*0.75
311
+ 127. J37(Vacancy)=I37*(J36+J34+35)
312
+ 128. J38(Effective Gross income)=J34-J37+J36+J35
313
+ 129. J41(Retail rev)=J40*I40
314
+ 130. J44(Management Fee)=I44*J38
315
+ 131. J45(RE Taxes)=D2*30*0.1
316
+ 132. J46(Total Expenses)=SUM(J43:J45)
317
+ 133. J48(NOI)=J38-J46+J39+J41
318
+ 134. J49(Stabilized Yield on Cost)=(((J38+J41-J35)*J19)-(J46*J20))+J35
319
+ 135. J50(Yield on cost %)=J48/($C$44+PV(J21/12,36,0,C27))
320
+ 136. J51(Stabilized Yield on Cost %)=J49/($C$44+PV(J21/12,36,0,C27))
321
+ 137. J54(Property Value on Sale+ 25% of Year 1 CF)=(J49/I54)+(J49*0.25)
322
+ 138. J55(Sale Cost)=I55*J54
323
+ 139. J56(Net Sale Proceeds)=J54-J55
324
+ 140. J57(Cash Remaining After Loan Payback)=J56-N3
325
+ 141. J58(Lp Investment)=N4-J59
326
+ 142. J59(GP investment)=N4*0.2
327
+ 143. J61(GP Pref Accrual + Principal)=(1+I61/12)^$I$60*J59
328
+ 144. J62(LP Pref Accrual + Principal)=(1+I62/12)^$I$60*J58
329
+ 145. J63(Cash remaining after pref)=J57-J62-J61
330
+ 146. J64(Promote on JV)=I64*J63
331
+ 147. J65(Cash to LP)=(J63-J64)*(J58/(J58+J59))
332
+ 148. J66(Net to LP Investor)=J65+J62
333
+ 149. M3= (Debt%)=N3/C44
334
+ 150. M4=(Equity%)=1-M3
335
+ 151. M5=(Total Cap stack%)=M3+M4
336
+ 152. N3(Debt)=J13+J7+J9
337
+ 153. N4(Equity)=C44-N3
338
+ 154. N5( Cap stack )=N3+N4
339
+ 155. O3(Debt per Gsf)=$N3/D$2
340
+ 156. O4(Equity per GSf)=$N4/D$2
341
+ 157. O5(Cap stack per Gsf)=$N5/D$2
342
+ 158. P3(Debt per Rsf)=$N3/E$2
343
+ 159. P4(Equity per Rsf)=$N4/E$2
344
+ 160. P5(Cap stack per Rsf)=$N5/E$2
345
+ 161. Q3(Debt per unit)=$N3/F$2
346
+ 162. Q4(Equity per unit)=$N4/F$2
347
+ 163. Q5(Cap Stack per unit)=$N5/F$2
348
+ 164. M10(R&M turnover)=Q10*$F$2
349
+ 165. M11(Utilities)=Q11*$F$2
350
+ 166. M12(Admin+Pro)= Q12*$F$2
351
+ 167. M13 (insurance)=Q13*$F$2
352
+ 168. M14(Pro fees)=Q14*$F$2
353
+ 169. M15(Total Expenses)=SUM(M9:M14)
354
+ 170. N9(Payroll %)=M9/$J$38
355
+ 171. N10(R&M turnover %)=M10/$J$38
356
+ 172. N11(Utilities cost %)=M11/$J$38
357
+ 173. N12(Admin+Pro %)=M12/$J$38
358
+ 174. N13(Insurance %)=M13/$J$38
359
+ 175. N14(Pro fees%)=M14/$J$38
360
+ 176. N15(total expenses %)= M15/$J$38
361
+ 177. N29(Start Date)=MIn(N21:N28)
362
+ 178. M35(Blended RSF)=M33*0.75+M34*0.25
363
+ 179. N33(Total Free market rent)=$M$33*425/12
364
+ 180. N35(total Blended RSF)=$M$33*750/12
365
+ 181. O33(Free market rents Sf)=N33/*110/12
366
+ 182. O34(Affordable rents Sf)=N34*110/12
367
+ 183. O35(Blended RSF sf)=N35*110/12