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Tucker Manor Apartments

Tucker Manor Apartments. Equity & Debt Proposal. Proposed Rents. Unit Type Max Rent Contract Rent 39 1BR(60%) $482 $430 5 2BR(60%) $579 $482 7 1BR(50%) $385 $430 1 2BR(50%) $463 $482 Total Units 52. Proposed Permanent Sources. USDA 515(Assumption) $1,376,650

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Tucker Manor Apartments

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  1. Tucker Manor Apartments Equity & Debt Proposal

  2. Proposed Rents Unit TypeMax RentContract Rent 39 1BR(60%) $482 $430 5 2BR(60%) $579 $482 7 1BR(50%) $385 $430 1 2BR(50%) $463 $482 Total Units 52

  3. Proposed Permanent Sources USDA 515(Assumption) $1,376,650 Federal Investor(.90) $4,625,130 State Investor(.31) $1,593,419 Total Sources $7,595,199

  4. Development Budget Acquisition of Property $1,828,531 3rd Party Cost $ 58,944 Professional Fees $ 245,825 Financing/Tax Credit Cost $ 212,430 Required Reserves $ 261,427 Construction Contract $4,144,466 Developer Fee $ 843,576 Total Development Budget $7,595,199

  5. Cash Flow Projections

  6. Rehab of Comparison Property Before After

  7. Rehab of Comparison Property Before After

  8. Community Features

  9. Project Information • Projected located in Meter, GA • Annual Tax Credit Allocation of $514,006 • USDA 515 debt with effective interest rate of 1% • Average occupancy over the previous year has been above 97% • 100% senior • Full gut rehab to be performed

  10. Nearby Services • Dollar General Store • Wal-Greens Pharmacy • Five Star Credit Union • Harrison Family Dentistry • Local churches • Various restaurants • Various Grocery Stores • A local bar establishment

  11. Business Points Developer Fee Payments 75% at initial closing 15% at 100% completion 10% at stabilization Guarantees $50,000 Operating Deficit Guarantee, expires 1 year from stabilization Normal tax credit guarantee Completion guarantee provided by General Contractor

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