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80(b) Certificate Re Interest Rate
CERTIFICATE RE: INTEREST RATE December 15, 2023 In accordance with the provisions of Section 215.84(3), Florida Statutes, the undersigned official of the Housing Finance Authority of Miami-Dade County, Florida (the “Authority”), DOES HEREBY CERTIFY that as of the date hereof, the rate of interest on its Multifamily Housing Revenue Note, Series 2023 (Vista Breeze) (the “Note”), does not, as of the date hereof, exceed an average net interest cost rate of 6.49%, computed by adding 300 basis points to The Bond Buyer “20 Bond Index” published immediately preceding the first day of the calendar month in which the Note is sold, or 3.49% as of November 30, 2023. The Authority has made this determination in consultation with Stifel, Nicolaus & Company, Incorporated, the placement agent for the Note, which has prepared for the Authority a calculation of the blended net interest cost of the Note based on the reasonably anticipated conversion date and draw schedule provided by Vista Breeze, Ltd., as the borrower of the Note proceeds. Such calculation is attached hereto as Exhibit A. [Remainder of page intentionally left blank] HOUSING FINANCE AUTHORITY OF MIAMI-DADE COUNTY (FLORIDA) ~ Git Name: Don L. Horn Title: Chair S-1 [Signature page to Certificate RE: Interest Rate] Vista Breeze 4878-6891-2017.3 Prepared by Stifel, Nicolaus & Company, Incorporated This information reflects prevailing conditions and our view as of this date, all of which are subject to change. Page 1 of 5 Housing Finance Authority of Miami-Dade County, Florida As of 12/15/2023 Multifamily Mortgage Revenue Note (Vista Breeze) Assumptions Note Par Amount:32,500,000.00$ Loan Amount:11,875,000.00$ Interest Rate:7.360%Interest Rate:6.37% Dated Date:12/15/2023 Monthly Payment $68,426.18 Settlement Date:12/15/2023 Assumed Conversion 7/1/2027 Interest Accrual:Actual/Actual Interest Accrual: Actual/360 First Interest Payment Date:1/1/2024 Assumed Conversion Date:7/1/2027 Outside Conversion Date:7/1/2027 Mandatory Prepayment Date:7/1/2042 Maturity Date 7/1/2057 Construction WAM:2.2212 Perm Loan WAM:17.5308 Combined WAM:8.6266 Construction NIC 10.12% Permanent Loan NIC 5.16% Combined NIC 6.4347% Max Rate for NIC test: 6.4900%20-yr BB + 300 Proof of NIC Annual Principal Principal Interest Total Bond Outstanding Date Reduction Redeemed Paid Debt Service Principal Balance Period Weight Bond Years 12/15/2023 - - - - 7,416,586.00 - - 1/1/2024 - - 25,423.65 25,423.65 7,851,463.00 0.04 - 2/1/2024 - - 48,945.08 48,945.08 8,695,066.00 0.13 - 3/1/2024 - - 50,706.96 50,706.96 9,528,834.00 0.21 - 4/1/2024 - - 59,401.61 59,401.61 11,931,084.00 0.29 - 5/1/2024 - - 71,977.69 71,977.69 14,265,645.00 0.38 - 6/1/2024 - - 88,930.32 88,930.32 18,293,901.00 0.46 - 7/1/2024 - - 110,363.21 110,363.21 19,678,439.00 0.54 - 8/1/2024 - - 122,673.02 122,673.02 23,036,861.00 0.63 - 9/1/2024 - - 143,609.02 143,609.02 27,058,593.00 0.71 - 10/1/2024 - - 163,238.72 163,238.72 30,207,122.00 0.79 - 11/1/2024 - - 188,307.57 188,307.57 30,207,122.00 0.88 - 12/1/2024 - - 182,233.13 182,233.13 30,578,212.00 0.96 - 1/1/2025 - - 191,143.15 191,143.15 31,497,694.00 1.04 - 2/1/2025 - - 196,890.79 196,890.79 31,945,902.00 1.13 - 3/1/2025 - - 180,367.44 180,367.44 32,500,000.00 1.21 - 4/1/2025 - - 203,156.16 203,156.16 32,500,000.00 1.29 - 5/1/2025 - - 196,602.74 196,602.74 32,500,000.00 1.38 - 6/1/2025 - - 203,156.16 203,156.16 32,500,000.00 1.46 - 7/1/2025 - - 196,602.74 196,602.74 32,500,000.00 1.54 - 8/1/2025 - - 203,156.16 203,156.16 32,500,000.00 1.63 - 9/1/2025 - - 203,156.16 203,156.16 32,500,000.00 1.71 - 10/1/2025 - - 196,602.74 196,602.74 32,500,000.00 1.79 - 11/1/2025 - - 203,156.16 203,156.16 32,500,000.00 1.88 - 12/1/2025 - - 196,602.74 196,602.74 32,500,000.00 1.96 - 1/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.04 - 2/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.13 - 3/1/2026 - - 183,495.89 183,495.89 32,500,000.00 2.21 - 4/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.29 - 5/1/2026 - - 196,602.74 196,602.74 32,500,000.00 2.38 - 6/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.46 - 7/1/2026 - - 196,602.74 196,602.74 32,500,000.00 2.54 - 8/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.63 - 9/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.71 - 10/1/2026 - - 196,602.74 196,602.74 32,500,000.00 2.79 - 11/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.88 - 12/1/2026 - - 196,602.74 196,602.74 32,500,000.00 2.96 - 1/1/2027 - - 203,156.16 203,156.16 32,500,000.00 3.04 - 2/1/2027 - - 203,156.16 203,156.16 32,500,000.00 3.13 - 3/1/2027 - - 183,495.89 183,495.89 32,500,000.00 3.21 - 4/1/2027 - - 203,156.16 203,156.16 32,500,000.00 3.29 - 5/1/2027 - - 196,602.74 196,602.74 32,500,000.00 3.38 - WAM & NIC Calculation Perm LoanNotes Prepared by Stifel, Nicolaus & Company, Incorporated This information reflects prevailing conditions and our view as of this date, all of which are subject to change. Page 2 of 5 Housing Finance Authority of Miami-Dade County, Florida As of 12/15/2023 Multifamily Mortgage Revenue Note (Vista Breeze) Assumptions Note Par Amount:32,500,000.00$ Loan Amount:11,875,000.00$ Interest Rate:7.360%Interest Rate:6.37% Dated Date:12/15/2023 Monthly Payment $68,426.18 Settlement Date:12/15/2023 Assumed Conversion 7/1/2027 Interest Accrual:Actual/Actual Interest Accrual: Actual/360 First Interest Payment Date:1/1/2024 Assumed Conversion Date:7/1/2027 Outside Conversion Date:7/1/2027 Mandatory Prepayment Date:7/1/2042 Maturity Date 7/1/2057 Construction WAM:2.2212 Perm Loan WAM:17.5308 Combined WAM:8.6266 Construction NIC 10.12% Permanent Loan NIC 5.16% Combined NIC 6.4347% Max Rate for NIC test: 6.4900%20-yr BB + 300 Proof of NIC Annual WAM & NIC Calculation Perm LoanNotes 6/1/2027 - - 203,156.16 203,156.16 32,500,000.00 3.46 - 6/15/2027 20,625,000.00 91,747.95 20,716,747.95 11,875,000.00 3.50 72,187,500.00 7/1/2027 - - - - 11,875,000.00 3.54 - 8/1/2027 - - 65,137.67 65,137.67 11,875,000.00 3.63 - 9/1/2027 - - 65,137.67 65,137.67 11,875,000.00 3.71 - 10/1/2027 - - 63,036.46 63,036.46 11,875,000.00 3.79 - 11/1/2027 - - 65,137.67 65,137.67 11,875,000.00 3.88 - 12/1/2027 - - 63,036.46 63,036.46 11,875,000.00 3.96 - 1/1/2028 20,625,000.00 - 65,137.67 65,137.67 11,875,000.00 4.04 - 2/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.13 - 3/1/2028 - - 60,935.24 60,935.24 11,875,000.00 4.21 - 4/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.29 - 5/1/2028 - - 63,036.46 63,036.46 11,875,000.00 4.38 - 6/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.46 - 7/1/2028 - - 63,036.46 63,036.46 11,875,000.00 4.54 - 8/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.63 - 9/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.71 - 10/1/2028 - - 63,036.46 63,036.46 11,875,000.00 4.79 - 11/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.88 - 12/1/2028 - - 63,036.46 63,036.46 11,875,000.00 4.96 - 1/1/2029 - - 65,137.67 65,137.67 11,875,000.00 5.04 - 2/1/2029 - $3,288.51 65,137.67 68,426.18 11,871,711.49 5.13 16,862.75 3/1/2029 - $9,608.44 58,817.74 68,426.18 11,862,103.05 5.21 50,070.65 4/1/2029 - $3,359.25 65,066.93 68,426.18 11,858,743.80 5.29 17,785.36 5/1/2029 - $5,476.01 62,950.17 68,426.18 11,853,267.79 5.38 29,448.76 6/1/2029 - $3,407.71 65,018.47 68,426.18 11,849,860.08 5.46 18,609.88 7/1/2029 - $5,523.17 62,903.01 68,426.18 11,844,336.91 5.54 30,622.91 8/1/2029 - $3,456.70 64,969.48 68,426.18 11,840,880.21 5.63 19,453.54 9/1/2029 - $3,475.66 64,950.52 68,426.18 11,837,404.55 5.71 19,849.88 10/1/2029 - $5,589.29 62,836.89 68,426.18 11,831,815.26 5.79 32,386.83 11/1/2029 - $3,525.39 64,900.79 68,426.18 11,828,289.87 5.88 20,721.46 12/1/2029 - $5,637.67 62,788.51 68,426.18 11,822,652.20 5.96 33,606.78 1/1/2030 $55,923.45 $3,575.65 64,850.53 68,426.18 11,819,076.55 6.04 21,612.82 2/1/2030 - $3,595.26 64,830.92 68,426.18 11,815,481.29 6.13 22,030.95 3/1/2030 - $9,887.03 58,539.15 68,426.18 11,805,594.26 6.21 61,409.44 4/1/2030 - $3,669.22 64,756.96 68,426.18 11,801,925.04 6.29 23,095.70 5/1/2030 - $5,777.63 62,648.55 68,426.18 11,796,147.41 6.38 36,848.44 6/1/2030 - $3,721.03 64,705.15 68,426.18 11,792,426.38 6.46 24,041.99 7/1/2030 - $5,828.05 62,598.13 68,426.18 11,786,598.33 6.54 38,141.35 8/1/2030 - $3,773.41 64,652.77 68,426.18 11,782,824.92 6.63 25,009.32 9/1/2030 - $3,794.11 64,632.07 68,426.18 11,779,030.81 6.71 25,462.69 10/1/2030 - $5,899.16 62,527.02 68,426.18 11,773,131.65 6.79 40,081.51 11/1/2030 - $3,847.28 64,578.90 68,426.18 11,769,284.37 6.88 26,460.74 12/1/2030 - $5,950.90 62,475.28 68,426.18 11,763,333.47 6.96 41,424.88 1/1/2031 $59,644.11 $3,901.03 64,525.15 68,426.18 11,759,432.44 7.04 27,480.59 2/1/2031 - $3,922.43 64,503.75 68,426.18 11,755,510.01 7.13 27,958.21 Prepared by Stifel, Nicolaus & Company, Incorporated This information reflects prevailing conditions and our view as of this date, all of which are subject to change. Page 3 of 5 Housing Finance Authority of Miami-Dade County, Florida As of 12/15/2023 Multifamily Mortgage Revenue Note (Vista Breeze) Assumptions Note Par Amount:32,500,000.00$ Loan Amount:11,875,000.00$ Interest Rate:7.360%Interest Rate:6.37% Dated Date:12/15/2023 Monthly Payment $68,426.18 Settlement Date:12/15/2023 Assumed Conversion 7/1/2027 Interest Accrual:Actual/Actual Interest Accrual: Actual/360 First Interest Payment Date:1/1/2024 Assumed Conversion Date:7/1/2027 Outside Conversion Date:7/1/2027 Mandatory Prepayment Date:7/1/2042 Maturity Date 7/1/2057 Construction WAM:2.2212 Perm Loan WAM:17.5308 Combined WAM:8.6266 Construction NIC 10.12% Permanent Loan NIC 5.16% Combined NIC 6.4347% Max Rate for NIC test: 6.4900%20-yr BB + 300 Proof of NIC Annual WAM & NIC Calculation Perm LoanNotes 3/1/2031 - $10,184.16 58,242.02 68,426.18 11,745,325.85 7.21 73,439.11 4/1/2031 - $3,999.81 64,426.37 68,426.18 11,741,326.04 7.29 29,176.39 5/1/2031 - $6,099.31 62,326.87 68,426.18 11,735,226.73 7.38 44,999.35 6/1/2031 - $4,055.20 64,370.98 68,426.18 11,731,171.53 7.46 30,256.30 7/1/2031 - $6,153.21 62,272.97 68,426.18 11,725,018.32 7.54 46,422.55 8/1/2031 - $4,111.20 64,314.98 68,426.18 11,720,907.12 7.63 31,359.32 9/1/2031 - $4,133.75 64,292.43 68,426.18 11,716,773.37 7.71 31,875.81 10/1/2031 - $6,229.64 62,196.54 68,426.18 11,710,543.73 7.79 48,556.58 11/1/2031 - $4,190.59 64,235.59 68,426.18 11,706,353.14 7.88 33,012.54 12/1/2031 - $6,284.96 62,141.22 68,426.18 11,700,068.18 7.96 50,035.26 1/1/2032 $63,612.32 $4,248.06 64,178.12 68,426.18 11,695,820.12 8.04 34,173.28 2/1/2032 - $4,271.36 64,154.82 68,426.18 11,691,548.76 8.13 34,716.66 3/1/2032 - $8,432.30 59,993.88 68,426.18 11,683,116.46 8.21 69,238.55 4/1/2032 - $4,341.04 64,085.14 68,426.18 11,678,775.42 8.29 36,006.52 5/1/2032 - $6,431.35 61,994.83 68,426.18 11,672,344.07 8.38 53,880.42 6/1/2032 - $4,400.13 64,026.05 68,426.18 11,667,943.94 8.46 37,229.99 7/1/2032 - $6,488.84 61,937.34 68,426.18 11,661,455.10 8.54 55,443.53 8/1/2032 - $4,459.86 63,966.32 68,426.18 11,656,995.24 8.63 38,478.68 9/1/2032 - $4,484.32 63,941.86 68,426.18 11,652,510.92 8.71 39,063.41 10/1/2032 - $6,570.77 61,855.41 68,426.18 11,645,940.15 8.79 57,786.27 11/1/2032 - $4,544.96 63,881.22 68,426.18 11,641,395.19 8.88 40,349.14 12/1/2032 - $6,629.77 61,796.41 68,426.18 11,634,765.42 8.96 59,410.11 1/1/2033 $65,660.96 $4,606.26 63,819.92 68,426.18 11,630,159.16 9.04 41,661.06 2/1/2033 - $4,631.53 63,794.65 68,426.18 11,625,527.63 9.13 42,275.58 3/1/2033 - $10,828.15 57,598.03 68,426.18 11,614,699.48 9.21 99,739.29 4/1/2033 - $4,716.33 63,709.85 68,426.18 11,609,983.15 9.29 43,835.67 5/1/2033 - $6,796.52 61,629.66 68,426.18 11,603,186.63 9.38 63,736.25 6/1/2033 - $4,779.48 63,646.70 68,426.18 11,598,407.15 9.46 45,219.19 7/1/2033 - $6,857.97 61,568.21 68,426.18 11,591,549.18 9.54 65,455.51 8/1/2033 - $4,843.31 63,582.87 68,426.18 11,586,705.87 9.63 46,630.31 9/1/2033 - $4,869.88 63,556.30 68,426.18 11,581,835.99 9.71 47,291.95 10/1/2033 - $6,945.93 61,480.25 68,426.18 11,574,890.06 9.79 68,031.53 11/1/2033 - $4,934.69 63,491.49 68,426.18 11,569,955.37 9.88 48,743.77 12/1/2033 - $7,009.00 61,417.18 68,426.18 11,562,946.37 9.96 69,817.43 1/1/2034 $72,213.00 $5,000.21 63,425.97 68,426.18 11,557,946.16 10.04 50,224.33 2/1/2034 - $5,027.63 63,398.55 68,426.18 11,552,918.53 10.13 50,918.72 3/1/2034 - $11,187.89 57,238.29 68,426.18 11,541,730.64 10.21 114,240.79 4/1/2034 - $5,116.58 63,309.60 68,426.18 11,536,614.06 10.29 52,672.35 5/1/2034 - $7,185.99 61,240.19 68,426.18 11,529,428.07 10.38 74,574.61 6/1/2034 - $5,184.06 63,242.12 68,426.18 11,524,244.01 10.46 54,231.03 7/1/2034 - $7,251.65 61,174.53 68,426.18 11,516,992.36 10.54 76,464.62 8/1/2034 - $5,252.28 63,173.90 68,426.18 11,511,740.08 10.63 55,820.06 9/1/2034 - $5,281.09 63,145.09 68,426.18 11,506,458.99 10.71 56,566.34 10/1/2034 - $7,346.06 61,080.12 68,426.18 11,499,112.93 10.79 79,296.64 11/1/2034 - $5,350.35 63,075.83 68,426.18 11,493,762.58 10.88 58,199.92 Prepared by Stifel, Nicolaus & Company, Incorporated This information reflects prevailing conditions and our view as of this date, all of which are subject to change. Page 4 of 5 Housing Finance Authority of Miami-Dade County, Florida As of 12/15/2023 Multifamily Mortgage Revenue Note (Vista Breeze) Assumptions Note Par Amount:32,500,000.00$ Loan Amount:11,875,000.00$ Interest Rate:7.360%Interest Rate:6.37% Dated Date:12/15/2023 Monthly Payment $68,426.18 Settlement Date:12/15/2023 Assumed Conversion 7/1/2027 Interest Accrual:Actual/Actual Interest Accrual: Actual/360 First Interest Payment Date:1/1/2024 Assumed Conversion Date:7/1/2027 Outside Conversion Date:7/1/2027 Mandatory Prepayment Date:7/1/2042 Maturity Date 7/1/2057 Construction WAM:2.2212 Perm Loan WAM:17.5308 Combined WAM:8.6266 Construction NIC 10.12% Permanent Loan NIC 5.16% Combined NIC 6.4347% Max Rate for NIC test: 6.4900%20-yr BB + 300 Proof of NIC Annual WAM & NIC Calculation Perm LoanNotes 12/1/2034 - $7,413.46 61,012.72 68,426.18 11,486,349.12 10.96 81,259.76 1/1/2035 $77,017.40 $5,420.36 63,005.82 68,426.18 11,480,928.76 11.04 59,864.86 2/1/2035 - $5,450.10 62,976.08 68,426.18 11,475,478.66 11.13 60,647.50 3/1/2035 - $11,571.56 56,854.62 68,426.18 11,463,907.10 11.21 129,730.04 4/1/2035 - $5,543.47 62,882.71 68,426.18 11,458,363.63 11.29 62,610.41 5/1/2035 - $7,601.37 60,824.81 68,426.18 11,450,762.26 11.38 86,486.70 6/1/2035 - $5,615.57 62,810.61 68,426.18 11,445,146.69 11.46 64,360.67 7/1/2035 - $7,671.53 60,754.65 68,426.18 11,437,475.16 11.54 88,563.55 8/1/2035 - $5,688.45 62,737.73 68,426.18 11,431,786.71 11.63 66,144.03 9/1/2035 - $5,719.65 62,706.53 68,426.18 11,426,067.06 11.71 66,983.46 10/1/2035 - $7,772.81 60,653.37 68,426.18 11,418,294.25 11.79 91,675.98 11/1/2035 - $5,793.66 62,632.52 68,426.18 11,412,500.59 11.88 68,815.81 12/1/2035 - $7,844.82 60,581.36 68,426.18 11,404,655.77 11.96 93,832.76 1/1/2036 $82,141.47 $5,868.48 62,557.70 68,426.18 11,398,787.29 12.04 70,682.58 2/1/2036 - $5,900.67 62,525.51 68,426.18 11,392,886.62 12.13 71,562.01 3/1/2036 - $9,964.85 58,461.33 68,426.18 11,382,921.77 12.21 121,681.89 4/1/2036 - $5,987.69 62,438.49 68,426.18 11,376,934.08 12.29 73,615.32 5/1/2036 - $8,033.62 60,392.56 68,426.18 11,368,900.46 12.38 99,438.36 6/1/2036 - $6,064.60 62,361.58 68,426.18 11,362,835.86 12.46 75,571.65 7/1/2036 - $8,108.46 60,317.72 68,426.18 11,354,727.40 12.54 101,716.13 8/1/2036 - $6,142.35 62,283.83 68,426.18 11,348,585.05 12.63 77,564.23 9/1/2036 - $6,176.04 62,250.14 68,426.18 11,342,409.01 12.71 78,504.33 10/1/2036 - $8,216.89 60,209.29 68,426.18 11,334,192.12 12.79 105,130.54 11/1/2036 - $6,254.99 62,171.19 68,426.18 11,327,937.13 12.88 80,550.37 12/1/2036 - $8,293.71 60,132.47 68,426.18 11,319,643.42 12.96 107,495.70 1/1/2037 $85,478.66 $6,334.79 62,091.39 68,426.18 11,313,308.63 13.04 82,633.82 2/1/2037 - $6,369.54 62,056.64 68,426.18 11,306,939.09 13.13 83,617.91 3/1/2037 - $12,406.58 56,019.60 68,426.18 11,294,532.51 13.21 163,904.71 4/1/2037 - $6,472.53 61,953.65 68,426.18 11,288,059.98 13.29 86,048.69 5/1/2037 - $8,505.39 59,920.79 68,426.18 11,279,554.59 13.38 113,783.22 6/1/2037 - $6,554.69 61,871.49 68,426.18 11,272,999.90 13.46 88,233.41 7/1/2037 - $8,585.34 59,840.84 68,426.18 11,264,414.56 13.54 116,283.66 8/1/2037 - $6,637.74 61,788.44 68,426.18 11,257,776.82 13.63 90,457.65 9/1/2037 - $6,674.15 61,752.03 68,426.18 11,251,102.67 13.71 91,510.01 10/1/2037 - $8,701.58 59,724.60 68,426.18 11,242,401.09 13.79 120,033.46 11/1/2037 - $6,758.49 61,667.69 68,426.18 11,235,642.60 13.88 93,792.82 12/1/2037 - $8,783.64 59,642.54 68,426.18 11,226,858.96 13.96 122,629.37 1/1/2038 $93,293.41 $6,843.74 61,582.44 68,426.18 11,220,015.22 14.04 96,116.53 2/1/2038 - $6,881.28 61,544.90 68,426.18 11,213,133.94 14.13 97,217.19 3/1/2038 - $12,871.33 55,554.85 68,426.18 11,200,262.61 14.21 182,915.90 4/1/2038 - $6,989.63 61,436.55 68,426.18 11,193,272.98 14.29 99,912.88 5/1/2038 - $9,008.56 59,417.62 68,426.18 11,184,264.42 14.38 129,523.07 6/1/2038 - $7,077.38 61,348.80 68,426.18 11,177,187.04 14.46 102,346.78 7/1/2038 - $9,093.95 59,332.23 68,426.18 11,168,093.09 14.54 132,266.45 8/1/2038 - $7,166.09 61,260.09 68,426.18 11,160,927.00 14.63 104,823.97 Prepared by Stifel, Nicolaus & Company, Incorporated This information reflects prevailing conditions and our view as of this date, all of which are subject to change. Page 5 of 5 Housing Finance Authority of Miami-Dade County, Florida As of 12/15/2023 Multifamily Mortgage Revenue Note (Vista Breeze) Assumptions Note Par Amount:32,500,000.00$ Loan Amount:11,875,000.00$ Interest Rate:7.360%Interest Rate:6.37% Dated Date:12/15/2023 Monthly Payment $68,426.18 Settlement Date:12/15/2023 Assumed Conversion 7/1/2027 Interest Accrual:Actual/Actual Interest Accrual: Actual/360 First Interest Payment Date:1/1/2024 Assumed Conversion Date:7/1/2027 Outside Conversion Date:7/1/2027 Mandatory Prepayment Date:7/1/2042 Maturity Date 7/1/2057 Construction WAM:2.2212 Perm Loan WAM:17.5308 Combined WAM:8.6266 Construction NIC 10.12% Permanent Loan NIC 5.16% Combined NIC 6.4347% Max Rate for NIC test: 6.4900%20-yr BB + 300 Proof of NIC Annual WAM & NIC Calculation Perm LoanNotes 9/1/2038 - $7,205.40 61,220.78 68,426.18 11,153,721.60 14.71 105,999.44 10/1/2038 - $9,218.51 59,207.67 68,426.18 11,144,503.09 14.79 136,382.73 11/1/2038 - $7,295.48 61,130.70 68,426.18 11,137,207.61 14.88 108,540.53 12/1/2038 - $9,306.17 59,120.01 68,426.18 11,127,901.44 14.96 139,230.64 1/1/2039 $99,500.33 $7,386.55 61,039.63 68,426.18 11,120,514.89 15.04 111,126.54 2/1/2039 - $7,427.07 60,999.11 68,426.18 11,113,087.82 15.13 112,355.06 3/1/2039 - $13,367.00 55,059.18 68,426.18 11,099,720.82 15.21 203,326.92 4/1/2039 - $7,541.13 60,885.05 68,426.18 11,092,179.69 15.29 115,337.39 5/1/2039 - $9,545.19 58,880.99 68,426.18 11,082,634.50 15.38 146,783.81 6/1/2039 - $7,634.85 60,791.33 68,426.18 11,074,999.65 15.46 118,043.26 7/1/2039 - $9,636.39 58,789.79 68,426.18 11,065,363.26 15.54 149,792.33 8/1/2039 - $7,729.59 60,696.59 68,426.18 11,057,633.67 15.63 120,796.31 9/1/2039 - $7,771.99 60,654.19 68,426.18 11,049,861.68 15.71 122,106.60 10/1/2039 - $9,769.83 58,656.35 68,426.18 11,040,091.85 15.79 154,309.04 11/1/2039 - $7,868.21 60,557.97 68,426.18 11,032,223.64 15.88 124,929.69 12/1/2039 - $9,863.46 58,562.72 68,426.18 11,022,360.18 15.96 157,431.78 1/1/2040 $106,120.18 $7,965.47 60,460.71 68,426.18 11,014,394.71 16.04 127,801.54 2/1/2040 - $8,009.17 60,417.01 68,426.18 11,006,385.54 16.13 129,170.11 3/1/2040 - $11,948.14 56,478.04 68,426.18 10,994,437.40 16.21 193,692.63 4/1/2040 - $8,118.64 60,307.54 68,426.18 10,986,318.76 16.29 132,288.73 5/1/2040 - $10,107.14 58,319.04 68,426.18 10,976,211.62 16.38 165,532.49 6/1/2040 - $8,218.61 60,207.57 68,426.18 10,967,993.01 16.46 135,287.45 7/1/2040 - $10,204.42 58,221.76 68,426.18 10,957,788.59 16.54 168,826.46 8/1/2040 - $8,319.67 60,106.51 68,426.18 10,949,468.92 16.63 138,337.62 9/1/2040 - $8,365.30 60,060.88 68,426.18 10,941,103.62 16.71 139,793.46 10/1/2040 - $10,347.15 58,079.03 68,426.18 10,930,756.47 16.79 173,774.64 11/1/2040 - $8,467.94 59,958.24 68,426.18 10,922,288.53 16.88 142,920.01 12/1/2040 - $10,447.03 57,979.15 68,426.18 10,911,841.50 16.96 177,193.24 1/1/2041 $111,124.91 $8,571.70 59,854.48 68,426.18 10,903,269.80 17.04 146,099.86 2/1/2041 - $8,618.72 59,807.46 68,426.18 10,894,651.08 17.13 147,619.52 3/1/2041 - $14,449.24 53,976.94 68,426.18 10,880,201.84 17.21 248,687.48 4/1/2041 - $8,745.25 59,680.93 68,426.18 10,871,456.59 17.29 151,244.24 5/1/2041 - $10,716.86 57,709.32 68,426.18 10,860,739.73 17.38 186,235.21 6/1/2041 - $8,852.01 59,574.17 68,426.18 10,851,887.72 17.46 154,565.93 7/1/2041 - $10,820.74 57,605.44 68,426.18 10,841,066.98 17.54 189,843.87 8/1/2041 - $8,959.92 59,466.26 68,426.18 10,832,107.06 17.63 157,943.48 9/1/2041 - $9,009.06 59,417.12 68,426.18 10,823,098.00 17.71 159,560.46 10/1/2041 - $10,973.57 57,452.61 68,426.18 10,812,124.43 17.79 195,268.58 11/1/2041 - $9,118.67 59,307.51 68,426.18 10,803,005.76 17.88 163,021.56 12/1/2041 - $11,080.22 57,345.96 68,426.18 10,791,925.54 17.96 199,013.06 1/1/2042 $10,903,269.80 10,791,925.54 59,196.71 10,851,122.25 - 18.04 194,734,300.86 32,500,000.00 18,040,722.83 50,540,722.83 280,365,588.92