ATLANTA DEVELOPMENT AUTHORITY $22,000,000 LEASE-PURCHASE BONDS

1061 Memorial

PURPOSE: To approve $22MM in Lease-Purchase Bond financing for the construction of 176 units of multifamily housing.

LOCATION: 1061 Memorial Drive Atlanta, GA 30316 OWNERSHIP ENTITY: CAMAND CAPITAL, LLC DEVELOPER: CAMAND CAPITAL, LLC – A joint venture RAF Capital and Civitas COUNCIL DISTRICT: 5 NPU: N TYPE: Multifamily/Co-Housing SET ASIDE UNITS: 15% of units @ 80% AMI DESCRIPTION: 1061 Memorial is in the Reynoldstown community. The development will be

compromised of 9 traditional 1-bedroom units and 36 co-living units ranging from 3 to 6-bedroom spaces per unit. The service package will include water, sewer, electricity, trash removal and community events and wi-fi. Amenities include: community room, business center with computer stations, basketball court, central laundry facility and access to public transportation. Co-Living is a modern, high quality approach to living with roommates. Over 25 million American adults live with roommates. Co-Living is not changing their behavior; it serves that segment of the population already living with roommates who want a better experience than the typical roommate share (whether sharing with friends or sharing with strangers via Craigslist), and can’t afford to live alone in a studio. It means having a private bedroom, a stocked, shared kitchen, weekly cleaning services, free laundry, and communal living spaces.1 Co-living, in a sense, the coworking equivalent of finding housing.2

UNIT MX: #Spaces Size Base Service All-In /Units Type (SF) Rent Pkg Rent

8 80% Co-Space 347 $660 $180 $840 12 80% Co-Space 374 $685 $180 $865 1 80% Co-Space 410 $710 $180 $890 5 80% Co-Space 430 $735 $180 $915 1 80% 1 BR 680 $814 $180 $994

46 Mkt Co-Space 347 $821 $180 $1,001 63 Mkt Co-Space 374 $846 $180 $1,026 7 Mkt Co-Space 410 $871 $180 $1,051

25 Mkt Co-Space 430 $896 $180 $1,076 8 Mkt 1BR 680 $1,571 $180 $1,751

176 *Residents will pay no more than 30% of their income towards rent.

DEVELOPMENT BUDGET:

1 https://www.common.com/blog/2019/03/what-exactly-is-coliving/ 2 https://www.coworkingresources.org/blog/coliving-spaces

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Sources Uses Construction Loan $16,000,000 Acquisition $2,900,000 Private Equity $5,620,746 Hard Costs $15,116,000 Deferred Developer Fee $29,848 Soft Costs $690,600 Total Construction Sources $21,650,594 Financing $28,158 Interim Expenses $1,751,750

Permanent Debt $16,000,000 Reserves $40,000 Private Equity $5,620,746 Developer Fee $1,124,085 Deferred Developer Fee $29,848 Total Uses $21,650,594 Total Permanent Sources $21,650,594

TAX IMPLICATIONS: ECONOMIC IMPACT: Total Tax Liability $2,882,761 Direct Capital Investment $21,650,594 Total Taxes Paid $2,037,830 Total Fiscal Impact $994,249 Total Tax Savings $844,932 Permanent Jobs Created 5 Total Amortized Upfront Costs $116,713 Current Property Tax Value $258,300 Total Net Savings $728,219 *Based on 10-year abatement and 10-year projections CONSTRUCTION PERIOD: 24 Months FINANCING STRUCTURE: 1st Lien permanent debt and private equity from Camand Capital,

LLC. FINANCING PARTIES: ADA (Lease-Purchase Bonds), TBD (Private Equity Investor),

TBD (Construction and Permanent Lender)

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PROJECT LOCATION MAP

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PROJECT RENDERINGS

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EXISTING SITE PHOTOS