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Belle Glade 72 Units Deal A

Schedule C: Residual Values & IROR's

(column heading(s) indicate method for calculating residual value)

  Original value escalated by AVI[154] rate
PROJECT  
165 Capitalized Cost (TCC) 2,942,399
190 Residual Value 5,703,600
195 Land Residual 1,425,900
670 Mtge Amortization 2,500,000
710 Depreciation 942667
   
Developer  
1 196 Equity Residual 2,136,801
1 916 Pre-Tax Present Value 999632
1 926 Pre-Tax Net Cash 2,383,633
   
Lender  
2 670 Mtge Amortization 1,800,000
2 916 Pre-Tax Present Value -184075
2 926 Pre-Tax Net Cash 1,424,023
   
Public  
5 670 Mtge Amortization 700000
5 916 Pre-Tax Present Value 183472
5 926 Pre-Tax Net Cash 748819
   
Secondary Lender  
6 196 Equity Residual 1,066,799
6 880 Inc.Taxes:Equity Residual -401893
6 916 Pre-Tax Present Value 229301
6 917 After-Tax Present Value 357766
6 926 Pre-Tax Net Cash 1,066,799
6 927 After-Tax Net Cash 1,136,239
   
All Participants  
99 916 Pre-Tax Present Value 435497
99 926 Pre-Tax Net Cash 5,623,274
   
Developer  
1 936 IROR Pre-Tax 23.03
1 938 FMRR Pre-Tax 23.05
   
Lender  
2 936 IROR Pre-Tax 8.12
2 938 FMRR Pre-Tax 10.46
   
Public  
5 936 IROR Pre-Tax 11.19
5 938 FMRR Pre-Tax 12.74
   
Secondary Lender  
6 936 IROR Pre-Tax  
6 937 IROR After-Tax  
6 938 FMRR Pre-Tax  
6 939 FMRR After-Tax  
   
All Participants  
99 936 IROR Pre-Tax 14.35
99 938 FMRR Pre-Tax 15.1


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