Isiah Senior Apartments Westchester, IL

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1 Isiah Senior Apartments Westchester, IL Michaels Development Company 542 S. Dearborn St., Suite 560 Chicago, IL Hume An Vice President of Acquisitions and Development of the Midwest Region Phone:

2 205 Landon Bone Baker Architects, Ltd. CONVENT EAST ELEVATION 2 COVERED WALKWAY TO SCHOOL BUILDING 3 EXISTING LANDSCAPE ON SITE 4 ST.JOSEPH HIGH SCHOOL LOOKING SOUTH KEY MAP NOT TO SCALE N p f Photos Westchester Senior Housing Michaels Developement Company 3/7/206

3 205 Landon Bone Baker Architects, Ltd. 5 SOUTH ELEVATION 6 WEST ELEVATION 7 NORTH ELEVATION 8 EAST ELEVATION p f Building Elevation Photos Westchester Senior Housing Michaels Developement Company 3/7/206

4 4.63' CONCRETE CONCRETE WALKWAY W/ CANOPY DOWN RAMP TO GARAGE 5'-0" CONCRETE WALKWAY DOWN LOADING RAMP PRIMARY ENTRANCE 205 Landon Bone Baker Architects, Ltd. WESTCHESTER INTERMEDIATE SCHOOL 60.6' CONCRETE WALKWAY STORY 36.55' STORY HIGH STORY STORY PROPERTY LINE 2-STORY " RESIDENTIAL LOTS CONCRETE WALKWAY STORY STORY BLACKTOP PARKING LOT 79 PARKING SPACES 78.89' RESIDENTIAL LOTS SHED METAL CROSS BLACKTOP PARKING LOT 3 PARKING SPACES 60.03' 2 STORY 60.50' PROPERTY LINE OXFORD ST " S T. JOSEPH HIGH SCHOOL FIELDS/GROUNDS EXISTING SITE PLAN N SCALE: /64" = '-0" p f Existing Site Plan Westchester Senior Housing Michaels Developement Company 3/7/206

5 205 Landon Bone Baker Architects, Ltd. SOCCER FIELD NEW ROAD FOR ACCESS TO CANTERBURY STREET SOCCER FIELD WESTCHESTER INTERMEDIATE SCHOOL E CE 75 IN AN 55 PARKING SPACES 74 MA -HIGH STORY R NT 97 -STORY PROPERTY LINE RESIDENTIAL LOTS STORY 7 8 GATE TO WESTCHESTER SENIOR HOUSING CONCRETE WALKWAY ' STORY 27 2 RESIDENTIAL LOTS BICYCLE RACK PROPERTY LINE STORY PRIMARY ENTRANCE OXFORD ST. N PROPOSED SITE PLAN SCALE: /64" = '-0" p f Proposed Site Plan Westchester Senior Housing Michaels Developement Company 3/7/206

6 DR DR W W DR DR W W 205 Landon Bone Baker Architects, Ltd. UNIT DISTRIBUTION WESTCHESTER SENIOR HOUSING 2 Bedroom 2 Bedroom 68 Total Unit Count: 80 Total Gross sq. ft. : 62,03 sq. ft. PROGRAM KEY 2 Bedroom Bedroom Courtyard Circulation/Mech. Demolished Community Services Amenity Pod(Out-of-Unit Storage, Laundry, Waste Management) 4'-5" Community Community 5'-5" Amenity Pod OUT-OF-UNIT STORAGE LAUNDRY MECH RECYCLE/ WASTE PROGRAM KEY 2 Bedroom Bedroom Courtyard Circulation/Mech. 8'-0" DOUBLE HEIGHT CIELINGS 7'-0" Community Amenity Pod OUT-OF-UNIT STORAGE LAUNDRY RECYCLE/ WASTE MECH 5'-4" OUT-OF-UNIT STORAGE Amenity Pod Amenity Pod OUT-OF-UNIT STORAGE LOBBY ENTRY CANOPY MAIN ENTRANCE 9'-6" Community Amenity Pod OUT-OF-UNIT STORAGE RECYCLE LAUNDRY /WASTE 4'-5" MECH W DR Community PROPSED FIRST FLOOR PLAN WITH EXISTING GYM N SCALE: " = 45' 0' 8' 6' 32' p f Conceptual Floor Plans Westchester Senior Housing Michaels Developement Company 3/7/206

7 205 Landon Bone Baker Architects, Ltd. IHDA UNIT REQUIREMENTS LIVING ROOM -50 S. FT. MIN -0' FT. MIN HORZ. BEDROOM ROOM -00 S. FT. MIN -9' FT. MIN HORZ. EXISTING 8" LOAD BEARING WALL 6" '- 7/8" 5'-0" 8'-0 /4" 6" 7'-6" '-6" F 3'-0" RE 9'-0" UNIT 206 BEDROOM 2'-8" 3'-" '-2" '-7 /2" HVAC 4'-3" 2'-8" DW 2'-7" 24'-0" -BEDROOM(525 SQ. FT. MIN) SQ. FT. AREA -65 SQ. FT. BDRM -95 SQ. FT LIVING RM 25'-0" EXISTING 8" LOAD BEARING WALL 6" 3'-" 5'-0" 4'-4" DW RE KITCHEN F 3'-0" '-3" 2'-6" 4'-3" 7'-3" 3'-2" 2 BEDROOM UNIT LIVING ROOM 0'-6" 5" '-4" '-6" 8'-6" 4'-0" 2'-8" 2'-5" 9'-0" BATH 0'-6" 24'-0" '-0" MASTER BEDROOM 33'-3" TYPICAL UNIT PLANS SCALE: 3/6" = '-0" 0 4' 8' 2' 2-BEDROOM(700 SQ. FT. MIN) SQ. FT. AREA SQ. FT. BDRM SQ. FT. MASTER BDRM -76 SQ. FT LIVING RM NOTE: UNIT CONFIGURATION WILL CHANGE SLIGHTLY AT CORNERS AND OTHER UNIQUE CONDITIONS IN THE NEW PLAN. p f Typlical Unit Floor Plan

8 Unit Mix & Income Isiah Senior Apartments Rental Income Beds Baths % of AMI Average SF # of Units Total SF Gross Rent Utility per Unit Allowance Net Rent Subsidy Monthly Income Annual Rental Income Efficiency 30% Efficiency 30% BR 30% 59 20, HACC 7, ,400 BR 60% , None 36,02 432,44 2 BR 60% , None 0,796 29,557 Total 80 49,60 64, ,0 GSF 62, % (efficiency) Utility Allowances Commercial Units Monthly Rent Annual Rent CHA as of 2//205 Heating Cooking Electric Efficiency 22 6 One Bedroom 6 8 Two Bedroom 9 0 Other Electric Three Bedroom A/C Total 38 0 Four Bedroom Other Income Total Income Laundry 2,080 Income Limits Vending,040 IHDA as of 3/6/205 30% 50% 60% 80% Total 3,20 Efficiency ,065 One Bedroom Two Bedroom Three Bedroom Four Bedroom 66,02 855,40 Total Gross Potential Income 77,22,026,368 Less Residential Vacancy 6% (46,086),85,58 Less Commercial Vacancy 50%,323,763 Less Other Income Vacancy 5% (56) Fair Market Rents Total Effective Gross Income 724,979 Cook County, IL as of October, 204 Operating Expenses 452,686 Efficiency 82 One Bedroom 922 Replacement Reserve 28,000 Two Bedroom,093 Three Bedroom,393 Four Bedroom,624 Net Operating Income 244,293

9 Sources & Uses Isiah Senior Apartments Sources Construction Permanent Per Unit First Mortgage (Freddie Mac TEL) 9,94,534 3,584,687 44,809 Bridge/BBond IHDA Soft Cook County Soft 2,46,975 2,854,766 35,685 Seller Financing 3,400,000 3,400,000 42,500 LIHTC Equity 6,944,432 86,805 FHLB AHP 850, ,000 0,625 IAHTC Equity,530,000,530,000 9,25 Energy Tax Credit Equity Deferred Developer Fee 25% 459,202 5,740 GP Equity Total 9,623,87 245,290 Excess/(Gap) (0) Uses Project Cost Subtotals Per Unit Acq Basis Rehab/Cons Basis Bond Basis Historic Basis Notes Property Acquisition 3,400,000 Acq Land Acquisition Cost 25% 850,000 0, ,000 Acq Building Acquisition Cost 75% 2,550,000 3,875 2,550,000 2,550,000 Acq Transfer Taxes 37, ,400 37,400 Acq Payoff/Assumption of Existing Debt Acq Prepayment Penalty Acq Carrying Costs Acquisition Total 3,437,400 42,968 Con Demolition Con Construction/Rehab Costs 8,59,605 0,995 8,59,605 8,59,605 8,59,605 Con General Requirements 6% 489,576 6,20 489, , ,576 Con Builder's Overhead 2% 63,92 2,040 63,92 63,92 63,92 Con Builder's Profit 6% 489,576 6,20 489, , ,576 Con Bonding Fee % 8,596,020 8,596 8,596 8,596 Con Builder's Risk Insurance % 8,596,020 8,596 8,596 8,596 Construction Subtotal 9,465,42 8,34 Cont Hard Cost Contingency 0% 946,54 946,54,83 236, ,54 567,909 Con Environmental Remediation 6.3,000,000 2,500,000,000,000,000,000,000 Proj Geotech 25, ,000 25,000 25,000 Proj Permits 45, ,000 45,000 45,000 Proj Appraisal 5, ,000 5,000 5,000 Proj Environmental Phase I 0, ,000 0,000 0,000 Proj Environmental Phase II 5, ,000 5,000 5,000 Proj Asbestos & Lead Testing 40, ,000 40,000 40,000 Proj Market Study 0, ,000 0,000 0,000 Proj Survey 7, ,500 7,500 7,500 Proj Physical Needs Assessment 0, ,000 0,000 0,000 Proj Legal Organization 37, ,500 Proj Legal Transaction 65, ,000 65,000 65,000 Proj Legal Syndication 37, ,500 Proj Relocation Proj Accounting 27, Proj Title & Recording 33, ,000 33,000 33,000 A&E Architecture & Engineering 7.20% 688,990 8,62 688, , ,990 A&E Allowance for Commercial Buildout M&L Marketing/Leasing 59,234,990 SCont Soft Cost Contingency Prop Furniture & Equipment 00,000,250 00,000 00,000 Ins Construction period insurance 80,000,000 80,000 80,000 60,000 RETax Construction period real estate taxes 34, ,000 34,000 Development Costs Subtotal 2,440,224 Res Operating Reserve 225,807 2,823 Res Working Capital Reserve 2% Res Tax & Insurance Escrow 08,000,350 Res IOD Reserve 3% Res Replacement Reserve , Res Revenue Deficit Reserves Reserves/Escrows 369,807 TaxCred LIHTC Reservation Fee % 69, TaxCred IAHTC Reservation Fee 5% 85,000,063 TaxCred Syndicator Fee/Legal 50, TaxCred Cost Certification 0, ,000 0,000 TaxCred Constructon Plan & Cost Review 30, ,000 TaxCred Historic Tax Consultant TaxCred Application & Issuance Fee 7, FHA Freddie Origination Fee 0.70% 25, FHA Rate Lock Deposit LOC 2.00% 7, ,694 FHA Freddie Application Fee 0.0% 3, FHA Freddie Standby Fee 0.5% 5, ,377 FHA Freddie Legal 65, LoanFee Freddie Third Party 27, LoanFee Construction Loan Inspection 26, LoanFee Construction Origination Fee 0.50% 49, LoanFee Working Capital Letter of Credit LoanFee Lender Conversion Fee Bond Issuer Fee Series A 2% 7, Bond Issuer Counsel Fee Series A 30, Bond Bond Counsel Fee Series A 60, Bond Underwriting Fee Series A Bond Underwriter's Counsel Series A Bond Trustee and Counsel Series A 3, Bond Rating Agency Series A Bond Printing

10 Bond Negative Arbitrage Bond Underwriter Counsel Series B Bond Underwriter Takedown Series B % Bond Bond Counsel Series B Bond Series B LOC fee 2% Bond Series B Interest (Negative Arb) Bond Series B Rating Bond Series B Legal LoanInt Construction Loan Interest 46,000 5, ,482 Financing Subtotal,27,292 DevFee Developer Fee,836,808,836,808 22,960,836,808,836,808,836,808 Total 9,623,87 9,623,87 245,290 2,587,400 3,959,55 8,026,425 3,928,349 55% of Bond basis 9,94,534

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