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Tower Point Apartments (detail)

Schedule C: Residual Values & IROR's

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

  Original cost
PROJECT  
165 Capitalized Cost (TCC) 13,886,158
190 Residual Value 13,886,158
195 Land Residual 2,777,232
670 Mtge Amortization 4,347,420
710 Depreciation 7,856,317
   
Developer  
1 196 Equity Residual 95387
1 916 Pre-Tax Present Value -448054
1 926 Pre-Tax Net Cash -394061
   
Lender  
2 670 Mtge Amortization 4,127,007
2 916 Pre-Tax Present Value -1478401
2 926 Pre-Tax Net Cash 5,513,313
   
Investor  
3 196 Equity Residual 9,204,882
3 880 Inc.Taxes:Equity Residual -2434891
3 916 Pre-Tax Present Value -3404130
3 917 After-Tax Present Value -3582402
3 926 Pre-Tax Net Cash 6,586,185
3 927 After-Tax Net Cash 4,346,882
   
Other  
4 196 Equity Residual 238468
4 670 Mtge Amortization 220413
4 916 Pre-Tax Present Value 295208
4 926 Pre-Tax Net Cash 921944
   
All Participants  
99 916 Pre-Tax Present Value -5035377
99 926 Pre-Tax Net Cash 12,627,382
   
Developer  
1 936 IROR Pre-Tax  
1 938 FMRR Pre-Tax -6.5
   
Lender  
2 936 IROR Pre-Tax 7.32
2 938 FMRR Pre-Tax 10.22
   
Investor  
3 936 IROR Pre-Tax 5.18
3 937 IROR After-Tax 3.98
3 937.1 IROR After-Tax(w/o pass.loss) 3.83
3 938 FMRR Pre-Tax 7.56
3 939 FMRR After-Tax 7.16
3 939.1 FMRR After-Tax(w/o pass.loss) 6.71
   
Other  
4 936 IROR Pre-Tax  
4 938 FMRR Pre-Tax  
   
All Participants  
99 936 IROR Pre-Tax 6.03
99 938 FMRR Pre-Tax 8.84


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