87(b) Supplemental Recommendation Letter of Credit Underwriter
(866) 725-9744 • (813) 282-4800 • 5130 Sunforest Dr., Suite #150, Tampa, FL 33634 • www.amerinatls.com
Over 45 Years of Industry-Leading Experience
November 9, 2023
Housing Finance Authority of Miami‐Dade County
c/o Marianne Edmonds
Senior Managing Director / Financial Advisor
Public Resources Advisory Group, Inc.
150 Second Avenue North, Suite 400
St. Petersburg, FL 33701
Alex R. Ballina
Director
Miami Dade County Department of Public Housing and Community Development
701 NW 1st Court, 16th Floor
Miami, FL 33136
RE: Vista Breeze (“Development”) – Multifamily Housing Revenue Bond Program / FY 2022 Surtax /
SHIP
Credit Underwriting Report Update Letter (“CUR Update Letter”) – Changes to the Final Credit
Underwriting Report (“Final CUR”) to replace the current permanent lender, increase the
permanent debt by the new lender, remove the 8th source of subordinate debt, and modify terms
of the proposed ground lease
Dear Ms. Edmonds and Mr. Ballina:
AmeriNat® (“AmeriNat” or “Servicer”) has reviewed correspondence from various parties as outlined in
this CUR Update Letter requesting approval of the changes above. Specifically, AmeriNat has been
requested to provide a recommendation for the above‐referenced changes to the Final CUR that is to be
presented at the November 13, 2023 Housing Finance Authority of Miami‐Dade County (“HFAMDC”)
Board meeting. An analysis of the proposed changes follows below.
AmeriNat reviewed the requests, performed certain due diligence, and formulated a recommendation
and closing conditions which are contained at the end of the CUR Update Letter. For purposes of this
analysis, AmeriNat reviewed the following due diligence:
Final CUR
Correspondence from Citi Community Capital dated September 7, 2023
Correspondence from Atlantic Pacific Communities (“APC”)
Correspondence from the Housing Authority of the City of Miami Beach (“HACMB”)
Executed Second Amendment to the Amended and Restated Ground Lease between HACMB and
the Applicant dated September 13, 2023.
Executed Third Amendment to the Amended and Restated Ground Lease between HACMB and
the Applicant dated October 27, 2023
Ms. Marianne Edmonds and Mr. Alex Ballina
Vista Breeze
November 9, 2023
Page 2 of 9
Background:
The Development will be located South of South Shore Drive, approximately 250 ft east the intersection
of South Shore Drive and Ray Street; North of South Shore Drive, approximately 400 ft northeast of the
intersection of South Shore Drive and Ray Street (scattered site), Miami Beach, Miami‐Dade County, FL
33141. The Development will be new construction consisting of two mid‐rise (4 stories) apartment
buildings and a 119 units with an Elderly (55+ or 62+) demographic.
Per the Final CUR, AmeriNat recommended HFAMDC issue MHRB in the amount of $31,000,000 and PHCD
authorize Surtax / SHIP funding in the amount of $5,950,000 to the Applicant for the construction and
permanent phase financing of the Development. A total of $30,350,000 in MHRB proceeds has been
contemplated for the transaction.
The original construction and permanent funding sources in the CUR were as follows:
The proposed revised construction and permanent funding sources are as follows:
HC Equity
FHFC ‐ SAIL
FHFC ‐ SAIL ELI
$507,572
Perm Loan/UnitPermanentConstructionLenderSource
HFAMDC / BoA Merrill Lynch
FHFC
FHFC
FHFC
FHFC
Deferred Developer Fee
Miami Dade County FY 2022 Surtax
/ SHIP
Local Government Subsidy City of Miami Beach HOME
$3,000,000
$600,000
$219,743
$8,437
Other
$5,229,894
$34,328Housing Authority of the City of
Miami Beach
$36,134
$10,800,000
$1,003,969
$3,000,000
$600,000
$1,301,500
$4,300,000
Local HFA Bonds
FHFC ‐ Viability
CONSTRUCTION/PERMANENT SOURCES:
$1,301,500
$4,085,000 $4,085,000
$25,210
$5,042
$10,937
$30,350,000
$4,300,000
$5,950,000 $5,950,000 $50,000
$1,003,969
Local Government Subsidy
FHFC ‐ NHTF
BOA CDB
$26,984$4,580,686
TOTAL $60,401,049
Developer
$60,401,049
$90,756
$3,211,110
$26,149,470
TOTAL $57,183,527 $57,183,527 $480,534
HC Equity BOA CDB $5,229,894 $26,149,470 $219,743
Deferred Developer Fee Developer $5,448,164 $3,003,588 $25,240
Local Government Subsidy City of Miami Beach HOME $1,003,969 $1,003,969 $8,437
Other Housing Authority of the City of
Miami Beach $0 $0 $0
FHFC ‐ NHTF FHFC $1,301,500 $1,301,500 $10,937
Local Government Subsidy Miami Dade County FY 2022 Surtax
/ SHIP $5,950,000 $5,950,000 $50,000
FHFC ‐ SAIL FHFC $3,000,000 $3,000,000 $25,210
FHFC ‐ SAIL ELI FHFC $600,000 $600,000 $5,042
Local HFA Bonds HFAMDC / Citibank, N.A. $30,350,000 $11,875,000 $99,790
FHFC ‐ Viability FHFC $4,300,000 $4,300,000 $36,134
CONSTRUCTION/PERMANENT SOURCES:
Source Lender Construction Permanent Perm Loan/Unit
Ms. Marianne Edmonds and Mr. Alex Ballina
Vista Breeze
November 9, 2023
Page 3 of 9
First Mortgage MHRB Increase:
Per the Citi Community Capital term sheet dated September 7, 2023, the permanent first lender will be
Citibank, N.A., (“CITI”) replacing Bank of America Merrill Lynch Community Development Bank (“BoA
CDB”). The maximum MHRB loan amount has increased by $1,150,000 from $10,800,000 to $11,950,000
with an interest rate based on the 18‐year SOFR Swap Index (with a floor of 0.75%) plus a spread of 2.40%
for an all‐in rate of 6.32%. The term of the loan will be 18 years with a 40‐year amortization. Based on the
representations of the Applicant, a total of $11,875,000 in permanent loan proceeds will be used.
Conversion requirements include completion of construction and 90% physical occupancy of the
Development for three consecutive calendar months. CITI will review the Development’s net operating
income to determine the maximum Permanent Phase Loan Amount based on the Debt Service Coverage
and Loan‐to‐Value noted below. Conditions to conversion will also include:
The review and acceptance by CITI, at CITI's sole discretion, of either (1) a Letter of Map Revision
(“LOMR”) for the Development properties providing evidence that the Development is not located
in an area identified as a flood prone area or Special Flood Hazard area as defined by the U.S.
Department of Housing and Urban Development pursuant to the Flood Disaster Act of 1973 or (2)
an insurance policy that provides acceptable flood insurance coverage.
A Borrower insurance policy (consisting of all required property and liability coverages) in place
at the time of conversion that provides acceptable coverage and deductibles and that can be
obtained at a cost that will allow for an underwritten debt service coverage ratio of no less than
1.15x.
A loan to value of 90% of market value, based on restricted rents and inclusive of value of
permanent below market financing (if applicable), assuming Development rents on 80% or more
of the units are discounted to a level at least 10% below market. Otherwise, 85%.
Annual payments of all applicable fees will be required. Fees include Permanent Loan Servicing Fees to be
paid annually based on 25 basis points of the outstanding principal balance of the Bonds. The annual
MHRB Compliance Monitoring Fee is an amount equal to $30.00 per rental unit in the Development. The
Trustee Fee is included in First Mortgage Fees and is estimated at $4,500 annually. See below for the
changes in the Debt Service Coverage (“DSC”).
8th Mortgage Loan Removal:
Per the Final CUR, The Applicant provided a draft loan commitment dated August 19, 2022 outlining a
$4,085,000 loan for the benefit of the Development. The loan was to be made by the HACMB, a related
entity in the transaction, and included a 30‐month construction period and a 0.00% interest rate. The loan
was to offer a 30‐year permanent term with compounded annual interest set at the long term applicable
federal rate in effect for the month in which the construction financing closing occurs. The loan was non‐
amortizing and annual interest payments were based on available cash flow. All principal and accrued
interest was to be due the earlier of 1) the sale or refinancing of the Development, or 2) at maturity.
Based on the Applicant’s request, this source is being removed as the 8th mortgage loan in the transaction.
Ms. Marianne Edmonds and Mr. Alex Ballina
Vista Breeze
November 9, 2023
Page 4 of 9
Ground Lease Amendment:
Per the Final CUR, the Applicant provided a Ground Lease (the “Ground Lease”) dated November 1, 2020
between the Applicant (“Tenant”) and HACMB (“Landlord”) for three scattered sites being developed. The
Ground Lease illustrated a term of 65 years from the date of construction loan closing and a capitalized
lease payment of $3,850,000 due upon construction loan closing, but in no event later than December 31,
2022. An Amended and Restated Ground Lease Agreement dated August 6, 2021, increased the lease
payment to $4,085,000, confirmed the 65‐year term, and extended the deadline to March 31, 2024 for
lease term to begin. A First Amendment to the Amended and Restated Ground lease Agreement dated
June 1, 2023 removed one parcel, leaving the two sites being used for the Development.
An executed Second Amendment to the Amended and Restated Ground Lease (“2nd Amendment”) dated
September 13, 2023 was received. The 2nd Amendment included adjustments to the proposed
commencement date, confirmed a capital lease payment of $4,085,000, and corrected the address of the
Development.
AmeriNat received an executed Third Amendment to the Amended and Restated Ground Lease (the “3rd
Amendment”) between HACMB and the Applicant dated October 27, 2023. Terms of the Amendment are
as follows:
a) The term of the Lease shall begin on the Effective Date and expire on the seventy‐fifth (75th)
anniversary of the Commencement Date, unless this Lease is terminated earlier pursuant to the
provisions contained in the 3rd Amendment.
b) The Tenant will make an initial rent payment of $800,000 at stabilization (the “Prepaid Rent”)
c) Commencing with the fiscal year ending December 31, 2026 (the “Commencement Year”), Tenant
will make annual fixed base rent payments in the approximate amount of $522,588 (the “Annual
Base Rent”). The Annual Base Rent payments will be in an amount sufficient, together with the
Prepaid Rent, to have a present value of $11.3 million, which is equal to the fair market value of
the Leased Premises using a discount rate equal to the long term Applicable Federal Rate in effect
as of the month of the Commencement Date (the “Closing AFR”).
d) During the first fifty (50) years following the Commencement Year (the “Initial Lease Period”), the
Annual Base Rent will be payable solely to the extent of available cash flow in the order and
priority set forth in Tenant’s Amended and Restated Agreement of Limited Partnership (the “LPA”)
and subject to the limitations therein. If cash flow available pursuant to the terms of the LPA is
insufficient to pay the full Annual Base Rent in a fiscal year, such amount shall accrue with interest
(the “Deferred Base Rent”). All unpaid Deferred Base Rent and interest thereon shall be
unconditionally due and payable at the end of the Initial Lease Period.
e) Following the Initial Lease Period until the termination of the Lease, Annual Base Rent shall be
due and payable within 120 days following the end of each fiscal year of the Partnership on a
“must pay” basis, not solely from available cash flow.
f) In the event Tenant’s leasehold interest is acquired by foreclosure or a deed in lieu of foreclosure,
any unpaid Deferred Base Rent in excess of available foreclosure proceeds shall be cancelled and
thereafter the amount of Annual Base Rent will be reduced to $1.
g) Except in the event of a foreclosure or a deed in lieu of foreclosure, any unpaid Deferred Base
Rent shall not be cancelled or otherwise extinguished upon any transfer of ownership in Tenant
or in the Project or upon any assumption of the Lease by a transferee party, and the Annual Base
Ms. Marianne Edmonds and Mr. Alex Ballina
Vista Breeze
November 9, 2023
Page 5 of 9
Rent shall continue to be due and payable annually in accordance with the terms of the Lease.
Any successor owner of the Project or of ownership interests in Tenant shall continue to be bound
by the terms of the Lease with respect to payment of the Deferred Base Rent and the Annual Base
Rent for the remainder of the term of the Lease.
Deferred Developer Fee:
During the construction phase, Deferred Developer Fee has increased by $867,478 from $4,580,686 to
$5,448,164 or 64.0% of total Developer Fee. During the permanent phase, the Deferred Developer Fee
has been reduced by $207,522 from $3,211,110 to $3,003,588 or 35.3% of total Developer Fee, which
meets the minimum 30% requirement per the Viability RFA and the 35% requirement per Rule 67‐48 for
all superior mortgages and SAIL loan with a minimum combined DSC of 1.00x.
Total Development Costs
Based on the changes proposed, the Total Development Cost “(TDC”) for the Development has decreased
by $3,217,522 from $60,401,049 to $57,183,527, which is largely represented by the reduction of the
$4,085,000 capitalized lease/prepaid rent payment to $800,000.
Per PHCD’s FY 2022 RFA for Surtax / SHIP funding, a maximum per unit of $430,000 for a new construction,
mid‐rise, Enhanced Structural Systems Construction (“ESS”) property was set. The Development exceeds
this amount, less associated land costs, at $473,811.15/unit due to escalating material and labor costs;
however, this policy shall not apply to Affordable Housing projects that have received 9% LIHTCs and other
FHFC programs resulting from tax credit applications that were previously awarded with maximum total
development cost per unit limits approved by FHFC. Additionally, The TDC limitations set forth in
Resolution No. R‐346‐15 shall not apply to public housing projects owned or operated by Miami‐Dade
County.
Debt Service Coverage:
Overall, with the increase to the permanent first mortgage MHRB and decrease in the rate from 6.94% to
6.32%, the DSC has remained constant for the permanent first mortgage at 1.19x to 1.00. The DSC for the
remaining subordinate mortgages, including Surtax, has remained constant at 1.00x to 1.00, which meets
FHFC RFA 2021‐205 and FHFC Rule Chapters 67‐21 and 67‐48 requirements.
Per PHCD’s FY 2022 Multifamily RFA, the Development must achieve a DSC between 1.10x and 1.60x
applicable to the first 15 years of operations. The PHCD RFA also states that DSC is subject to PHCD’s
discretion. As detailed above, the Development will have an all‐in DSC of 1.00x to 1.00, inclusive of PHCD
funding. PHCD approval of this deviation via acceptance of this CUR Update Letter is a condition precedent
to loan closing.
In order to maintain the DSC’s indicated above, the necessary funds to be drawn from the Operating
Deficit Reserve (“ODR”) has been increased $104,794 from $149,865 drawn over the first five years of
operations to $254,659 drawn over the first six years of operations.
Please see the One‐Year Operating Pro Forma and Exhibit 1 for the 30‐Year Pro Forma for further detail.
Ms. Marianne Edmonds and Mr. Alex Ballina
Vista Breeze
November 9, 2023
Page 6 of 9
OPERATING PRO FORMA:
FINANCIAL COSTS: Year 1 Year 1
Per Unit
OPERATING PRO FORMA
Gross Potential Rental Income $1,949,220 $16,380
Rent Subsidy (ODR)$77,895 $655
Other Income $0
Ancillary Income $7,140 $60
Gross Potential Income $2,034,255 $17,095
Less:
Physical Vac. Loss Percentage: 2.89%$58,691 $493
Collection Loss Percentage: 0.96%$19,564 $164
Total Effective Gross Income $1,956,000 $16,437
Fixed:
Real Estate Taxes $159,947 $1,344
Insurance $178,500 $1,500
Variable:
Management Fee Percentage: 4.80%$93,905 $789
General and Administrative $60,690 $510
Payroll Expenses $178,500 $1,500
Utilities $95,200 $800
Maintenance and Repairs/Pest Control $47,600 $400
Grounds Maintenance and Landscaping $17,850 $150
Contract Services $29,750 $250
Security $44,625 $375
Reserve for Replacements $35,700 $300
Total Expenses $942,267 $7,918
Net Operating Income $1,013,733 $8,519
Debt Service Payments
First Mortgage ‐ HFAMDC / Citi $816,071 $6,858
Second Mortgage ‐ Viability $43,000 $361
Third Mortgage ‐ SAIL $30,000 $252
Fourth Mortgage ‐ SAIL ELI $0 $0
Fifth Mortgage ‐ NHTF $0 $0
6th / 7th ‐ PHCD / CMB $59,500 $500
$37,758 $317
$10,750 $90
$8,523 $72
$3,855 $32
$4,277 $36
$0 $0
Total Debt Service Payments $1,013,733 $8,519
Cash Flow after Debt Service $0 $0
FINANCIAL COSTS: Annual Per Unit
Debt Service Coverage Ratios
DSC ‐ First Mortgage plus Fees 1.19x
DSC ‐ Second Mortgage plus Fees 1.12x
DSC ‐ Third Mortgage plus Fees 1.07x
DSC ‐ Fourth Mortgage plus Fee 1.07x
DSC ‐ Fifth Mortgage plus Fees 1.06x
DSC ‐ 6th / 7th Mortgages and Fees 1.00x
Financial Ratios
Operating Expense Ratio 48.17%
Break‐even Economic Occupancy Ratio (all debt)96.34%
6th / 7th Mortgage Fees ‐ PHCD / CMB
Third Mortgage Fees ‐ SAIL PLS & CM
Fourth Mortgage Fees ‐ SAIL ELI PLS & CM
Fifth Mortgage Fees ‐ NHTF PLS & CMINCOME:EXPENSES:First Mortgage Fees ‐ HFAMDC Admin & Trustee Fees
Second Mortgage Fees ‐ Viability PLS & CM
As the proposed Annual Base Rent for the Ground Lease is subject to available cash flow, the expense has
not been included as hard pay debt for the purposes of calculating DSC in the pro forma.
Ms. Marianne Edmonds and Mr. Alex Ballina
Vista Breeze
November 9, 2023
Page 7 of 9
Recommendation:
AmeriNat’s review indicates that the increase in the permanent first mortgage MHRB loan amount,
removal of the HACMB subordinate loan in the 8th lien position, and the inclusion of the 2nd and 3rd
Amendments to the Amended and Restated Ground Lease do not adversely impact the transaction as
previously underwritten. Accordingly, AmeriNat recommends that HFAMDC and PHCD consent to and
approve these changes to the Final CUR, subject to the following:
1. PHCD approval of a DSC, inclusive of Surtax/SHIP funding, below a 1.10x to 1.00 during the first
15 years of stabilized operations for the Development.
2. Deferred Developer Fee must meet the minimum 30% requirement of the FHFC Viability loan.
3. Deferred Developer Fee must meet the minimum 35% requirement for a transaction that falls
below the minimum 1.10x DSC for the SAIL loan and all superior mortgages.
4. Review and approval of all loan documents consistent with the terms outlined above by the
Servicer, HFAMDC, PHCD and their Legal Counsels.
5. All of the closing conditions in the Final CUR are to be met.
6. Any other requirement of HFAMDC, PHCD, their Legal Counsels and Servicer.
Please contact AmeriNat if you have any questions or if we can provide further assistance.
Sincerely,
George J. Repity
Senior Credit Underwriter
Exhibit 1 Vista Breeze 30‐Year Operating Pro Forma (866) 725-9744 • (813) 282-4800 • 5130 Sunforest Dr., Suite #150, Tampa, FL 33634 • www.amerinatls.com Over 45 Years of Industry-Leading Experience FINANCIAL COSTS: Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10 Year 11 Year 12 Year 13 Year 14 Year 15OPERATING PRO FORMAGross Potential Rental Income$1,949,220 $1,988,204 $2,027,968 $2,068,528 $2,109,898 $2,152,096 $2,195,138 $2,239,041 $2,283,822 $2,329,498 $2,376,088 $2,423,610 $2,472,082 $2,521,524 $2,571,954Rent Subsidy (ODR)$77,895$60,419 $47,866 $35,329 $22,816 $10,334Other Income$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Ancillary Income$7,140$7,283 $7,428 $7,577 $7,729 $7,883 $8,041 $8,202 $8,366 $8,533 $8,704 $8,878 $9,055 $9,236 $9,421Gross Potential Income$2,034,255 $2,055,906 $2,083,263 $2,111,434 $2,140,443 $2,170,314 $2,203,179 $2,247,243 $2,292,188 $2,338,031 $2,384,792 $2,432,488 $2,481,138 $2,530,760 $2,581,375Less:Physical Vac. Loss Percentage: 2.89%$58,691$59,316 $60,105 $60,918 $61,755 $62,616 $63,565 $64,836 $66,133 $67,455 $68,804 $70,181 $71,584 $73,016 $74,476Collection Loss Percentage: 0.96%$19,564$19,772 $20,035 $20,306 $20,585 $20,873 $21,189 $21,612 $22,045 $22,486 $22,935 $23,394 $23,862 $24,339 $24,826Total Effective Gross Income $1,956,000 $1,976,818 $2,003,123 $2,030,210 $2,058,103 $2,086,825 $2,118,426 $2,160,794 $2,204,010 $2,248,090 $2,293,052 $2,338,913 $2,385,692 $2,433,405 $2,482,074Fixed:Real Estate Taxes$159,947$164,745 $169,688 $174,778 $180,022 $185,422 $190,985 $196,715 $202,616 $208,695 $214,955 $221,404 $228,046 $234,888 $241,934Insurance$178,500$183,855 $189,371 $195,052 $200,903 $206,930 $213,138 $219,532 $226,118 $232,902 $239,889 $247,086 $254,498 $262,133 $269,997Variable:Management Fee Percentage: 4.80%$93,905$94,904 $96,167 $97,468 $98,807 $100,186 $101,703 $103,737 $105,812 $107,928 $110,086 $112,288 $114,534 $116,825 $119,161General and Administrative$60,690$62,511 $64,386 $66,318 $68,307 $70,356 $72,467 $74,641 $76,880 $79,187 $81,562 $84,009 $86,529 $89,125 $91,799Payroll Expenses$178,500$183,855 $189,371 $195,052 $200,903 $206,930 $213,138 $219,532 $226,118 $232,902 $239,889 $247,086 $254,498 $262,133 $269,997Utilities$95,200$98,056 $100,998 $104,028 $107,148 $110,363 $113,674 $117,084 $120,597 $124,214 $127,941 $131,779 $135,732 $139,804 $143,999Maintenance and Repairs/Pest Control$47,600$49,028 $50,499 $52,014 $53,574 $55,181 $56,837 $58,542 $60,298 $62,107 $63,970 $65,890 $67,866 $69,902 $71,999Grounds Maintenance and Landscaping$17,850$18,386 $18,937 $19,505 $20,090 $20,693 $21,314 $21,953 $22,612 $23,290 $23,989 $24,709 $25,450 $26,213 $27,000Contract Services$29,750$30,643 $31,562 $32,509 $33,484 $34,488 $35,523 $36,589 $37,686 $38,817 $39,982 $41,181 $42,416 $43,689 $45,000Security$44,625$45,964 $47,343 $48,763 $50,226 $51,733 $53,285 $54,883 $56,530 $58,226 $59,972 $61,771 $63,625 $65,533 $67,499Reserve for Replacements$35,700$35,700 $35,700 $35,700 $35,700 $35,700 $35,700 $35,700 $35,700 $35,700 $36,771 $37,874 $39,010 $40,181 $41,386Total Expenses $942,267 $967,646 $994,020 $1,021,185 $1,049,165 $1,077,984 $1,107,764 $1,138,909 $1,170,968 $1,203,967 $1,239,007 $1,275,077 $1,312,206 $1,350,427 $1,389,771Net Operating Income $1,013,733 $1,009,172 $1,009,102 $1,009,024 $1,008,938 $1,008,841 $1,010,662 $1,021,886 $1,033,043 $1,044,123 $1,054,045 $1,063,837 $1,073,486 $1,082,979 $1,092,302Debt Service PaymentsFirst Mortgage ‐ HFAMDC / Citi $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071Second Mortgage ‐ Viability $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000 $43,000Third Mortgage ‐ SAIL $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000Fourth Mortgage ‐ SAIL ELI $0$0$0$0$0$0$0$0$0$0$0$0$0$0$0Fifth Mortgage ‐ NHTF $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $06th / 7th ‐ PCHCD / CMB $59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500$37,758 $33,196 $33,126 $33,049 $32,962 $32,865 $32,758 $32,640 $32,509 $32,365 $32,207 $32,034 $31,845 $31,638 $31,412$10,750 $10,750 $10,750 $10,750 $10,750 $10,750 $10,750 $10,750 $10,750 $10,750 $10,750 $10,750 $10,750 $10,750 $10,750$8,523 $8,523 $8,523 $8,523 $8,523 $8,523 $8,523 $8,523 $8,523 $8,523 $8,523 $8,523 $8,523 $8,523 $8,523$3,855 $3,855 $3,855 $3,855 $3,855 $3,855 $3,855 $3,855 $3,855 $3,855 $3,855 $3,855 $3,855 $3,855 $3,855$4,277 $4,277 $4,277 $4,277 $4,277 $4,277 $4,277 $4,277 $4,277 $4,277 $4,277 $4,277 $4,277 $4,277 $4,277$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Total Debt Service Payments$1,013,733 $1,009,172 $1,009,102 $1,009,024 $1,008,938 $1,008,841 $1,008,734 $1,008,615 $1,008,485 $1,008,341 $1,008,183 $1,008,010 $1,007,821 $1,007,614 $1,007,388Cash Flow after Debt Service$0 $0 $0 $0 $0 $0 $1,928 $13,270 $24,558 $35,782 $45,862 $55,827 $65,665 $75,365 $84,914FINANCIAL COSTS: Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual AnnualDebt Service Coverage RatiosDSC ‐ First Mortgage plus Fees1.19x 1.19x 1.19x 1.19x 1.19x 1.19x 1.19x 1.20x 1.22x 1.23x 1.24x 1.25x 1.27x 1.28x 1.29xDSC ‐ Second Mortgage plus Fees1.12x 1.12x 1.12x 1.12x 1.12x 1.12x 1.12x 1.13x 1.14x 1.16x 1.17x 1.18x 1.19x 1.20x 1.21xDSC ‐ Third Mortgage plus Fees1.07x 1.07x 1.07x 1.07x 1.07x 1.07x 1.07x 1.09x 1.10x 1.11x 1.12x 1.13x 1.14x 1.15x 1.16xDSC ‐ Fourth Mortgage plus Fee1.07x 1.07x 1.07x 1.07x 1.07x 1.07x 1.07x 1.08x 1.09x 1.11x 1.12x 1.13x 1.14x 1.15x 1.16xDSC ‐ Fifth Mortgage plus Fees1.06x 1.06x 1.06x 1.06x 1.06x 1.06x 1.06x 1.08x 1.09x 1.10x 1.11x 1.12x 1.13x 1.14x 1.15xDSC ‐ 6th / 7th / 8th Mortgages and Fees1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.01x 1.02x 1.04x 1.05x 1.06x 1.07x 1.07x 1.08xFinancial RatiosOperating Expense Ratio48.17% 48.95% 49.62% 50.30% 50.98%51.66% 52.29% 52.71% 53.13% 53.56%54.03% 54.52% 55.00% 55.50% 55.99%Break‐even Economic Occupancy Ratio (all debt)96.34% 96.34% 96.34% 96.34% 96.34%96.34% 96.25% 95.75% 95.27% 94.81%94.41% 94.04% 93.69% 93.36% 93.05%Fifth Mortgage Fees ‐ NHTF PLS & CM6th / 7th Mortgage Fees ‐ PHCD / CMB Fourth Mortgage Fees ‐ SAIL ELI PLS & CMINCOME:EXPENSES:First Mortgage Fees ‐ HFAMDC Admin & Trustee FeesSecond Mortgage Fees ‐ Viability PLS & CMThird Mortgage Fees ‐ SAIL PLS & CM
Ms. Marianne Edmonds and Mr. Alex Ballina Vista Breeze November 9, 2023 Page 9 of 9 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30$2,623,393 $2,675,861 $2,729,379 $2,783,966 $2,839,645 $2,896,438 $2,954,367 $3,013,454 $3,073,724 $3,135,198 $3,197,902 $3,261,860 $3,327,097 $3,393,639 $3,461,512$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$9,609 $9,802 $9,998 $10,198 $10,402 $10,610 $10,822 $11,038$11,259 $11,484 $11,714 $11,948 $12,187 $12,431 $12,680$2,633,003 $2,685,663 $2,739,376 $2,794,164 $2,850,047 $2,907,048 $2,965,189 $3,024,493 $3,084,983 $3,146,682 $3,209,616 $3,273,808 $3,339,284 $3,406,070 $3,474,192$75,966 $77,485 $79,035 $80,615 $82,228 $83,872 $85,550 $87,261 $89,006 $90,786 $92,602 $94,454 $96,343 $98,270 $100,235$25,322 $25,829 $26,345 $26,872 $27,410 $27,958 $28,517 $29,087$29,669 $30,263 $30,868 $31,485 $32,115 $32,757 $33,412$2,531,715 $2,582,349 $2,633,996 $2,686,676 $2,740,410 $2,795,218 $2,851,122 $2,908,145 $2,966,308 $3,025,634 $3,086,146 $3,147,869 $3,210,827 $3,275,043 $3,340,544$249,192 $256,668 $264,368 $272,299 $280,468 $288,882 $297,549 $306,475 $315,669 $325,139 $334,893 $344,940 $355,289 $365,947 $376,926$278,097 $286,440 $295,033 $303,884 $313,001 $322,391 $332,063 $342,024 $352,285 $362,854 $373,739 $384,952 $396,500 $408,395 $420,647$121,544 $123,975 $126,455 $128,984 $131,563 $134,195 $136,879 $139,616 $142,409 $145,257 $148,162 $151,125 $154,148 $157,231 $160,375$94,553 $97,390 $100,311 $103,321 $106,420 $109,613 $112,901 $116,288 $119,777 $123,370 $127,071 $130,884 $134,810 $138,854 $143,020$278,097 $286,440 $295,033 $303,884 $313,001 $322,391 $332,063 $342,024 $352,285 $362,854 $373,739 $384,952 $396,500 $408,395 $420,647$148,318 $152,768 $157,351 $162,072 $166,934 $171,942 $177,100 $182,413 $187,885 $193,522 $199,328 $205,307 $211,467 $217,811 $224,345$74,159 $76,384 $78,676 $81,036 $83,467 $85,971 $88,550 $91,207 $93,943 $96,761 $99,664 $102,654 $105,733 $108,905 $112,173$27,810 $28,644 $29,503 $30,388 $31,300 $32,239 $33,206 $34,202$35,229 $36,285 $37,374 $38,495 $39,650 $40,840 $42,065$46,350 $47,740 $49,172 $50,647 $52,167 $53,732 $55,344 $57,004$58,714 $60,476 $62,290 $64,159 $66,083 $68,066 $70,108$69,524 $71,610 $73,758 $75,971 $78,250 $80,598 $83,016 $85,506 $88,071 $90,713 $93,435 $96,238 $99,125 $102,099 $105,162$42,628 $43,906 $45,224 $46,580 $47,978 $49,417 $50,900 $52,427$53,999 $55,619 $57,288 $59,007 $60,777 $62,600 $64,478$1,430,273 $1,471,966 $1,514,885 $1,559,067 $1,604,549 $1,651,370 $1,699,569 $1,749,187 $1,800,267 $1,852,851 $1,906,984 $1,962,711 $2,020,082 $2,079,143 $2,139,945$1,101,442 $1,110,384 $1,119,111 $1,127,609 $1,135,861 $1,143,848 $1,151,553 $1,158,957 $1,166,041 $1,172,783 $1,179,163 $1,185,158 $1,190,745 $1,195,901 $1,200,600$816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071 $816,071$43,000 $43,000 $43,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$30,000 $30,000 $30,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500$59,500 $59,500 $59,500 $59,500 $59,500 $59,500 $59,500$31,166 $30,899 $30,608 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$10,750 $10,750 $10,750 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$8,523 $8,523 $8,523 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$3,855 $3,855 $3,855 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$4,277 $4,277 $4,277 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $8 $0 $0 $0 $0 $0 $0 $0$1,007,142 $1,006,875 $1,006,584 $875,571 $875,571 $875,571 $875,571 $875,579 $875,571 $875,571 $875,571 $875,571 $875,571 $875,571 $875,571$94,300 $103,509 $112,527 $252,038 $260,290 $268,277 $275,982 $283,378 $290,470 $297,212 $303,592 $309,587 $315,174 $320,330 $325,029Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual1.30x 1.31x 1.32x 1.38x 1.39x 1.40x 1.41x 1.42x 1.43x 1.44x 1.44x 1.45x 1.46x 1.47x 1.47x1.22x 1.23x 1.24x 1.38x 1.39x 1.40x 1.41x 1.42x 1.43x 1.44x 1.44x 1.45x 1.46x 1.47x 1.47x1.17x 1.18x 1.19x 1.38x 1.39x 1.40x 1.41x 1.42x 1.43x 1.44x 1.44x 1.45x 1.46x 1.47x 1.47x1.17x 1.18x 1.19x 1.38x 1.39x 1.40x 1.41x 1.42x 1.43x 1.44x 1.44x 1.45x 1.46x 1.47x 1.47x1.16x 1.17x 1.18x 1.38x 1.39x 1.40x 1.41x 1.42x 1.43x 1.44x 1.44x 1.45x 1.46x 1.47x 1.47x1.09x 1.10x 1.11x 1.29x 1.30x 1.31x 1.32x 1.32x 1.33x 1.34x 1.35x 1.35x 1.36x 1.37x 1.37x56.49% 57.00% 57.51% 58.03% 58.55% 59.08% 59.61% 60.15% 60.69% 61.24% 61.79% 62.35% 62.91% 63.48% 64.06%92.76% 92.48% 92.23% 87.32% 87.21% 87.11% 87.03% 86.97% 86.92% 86.89% 86.88% 86.88% 86.90% 86.93% 86.98% The DSC is below the minimum of 1.10x for the combined superior mortgages and SAIL loan as required by FHFC Rule 67‐48; therefore, $254,659 of the underwritten ODR will need to be drawn during the first six years of stabilized operations. This represents an increase of $104,794 over the $149,865 indicated in the Final CUR.