book 2 financial proposal - boston...urbanica | marcella 120 llc marcella & highland e+ |...

Proposal for theE+ MARCELLA AND HIGHLAND STREETS

PACKAGE 1118-120 MARCELLA STREETRoxbury, Boston, MA

FEBRUARY 14 2018

BOOK 2

FINANCIAL PROPOSAL[CONFIDENTIAL]

TABLE OF CONTENTS

BOOK 2: FINANCIAL PROPOSAL

FINANCIAL ANALYSIS Sources & Uses Sales Cost Breakdown by Item Cost Breakdown by Income Type Sources Breakdown by Income Type Predevelopment Budget Financing Terms Proof of Cash Bank Letter of Intent

ONE STOP APPLICATION FORMS

03040506081011121314

17

FINANCIAL ANALYSIS

4 MARCELLA & HIGHLAND E+ | BOSTON, MA URBANICA | MARCELLA 120 LLC

PRO FORMA SOURCES & USES

OneStop Application forms to be found in the next section

Uses of Funds

$ % $/unit

Acquisition Costs 137,500$ 8.8% 45,833$

Hard Costs

Direct Construction 916,507$ 58.5% 305,502$

Contingency (5%) 45,825$ 2.9% 15,275$

962,333$ 61.5% 320,778$

Soft Costs

General Soft Costs 203,000$ 13.0% 67,667$

Contingency (2.5%) 5,075$ 0.3% 1,692$

208,075$ 13.3% 69,358$

Capital Reserve 7,500$ 0.5% 2,500$

Developer Overhead 100,000$ 6.4% 33,333$

Developer Fee 150,000$ 9.6% 50,000$

Total Uses 1,565,408$ 100% 521,803$

Sources of Funds

$ %

Debt 1,065,408$ 68.1%

Equity 338,000$ 21.6%

Equity Rebates 12,000$ 0.8%

Deferred Developer Fee 150,000$ 9.6%

Total Sources 1,565,408$ 100%

URBANICA | MARCELLA 120 LLC MARCELLA & HIGHLAND E+ | BOSTON, MA 5

PRO FORMASALES

Sales PriceUnit Type Price No.

2BR Flat $475,000 1

2BR Duplex $599,000 2

Total Gross Sales 1,673,000$

Return Analysis

Total Gross Sales 1,673,000$

less: Sales Costs 7% (117,110)$

Net Sales Proceeds 1,555,890$

less: Repayment of Debt (1,065,408)$

less: Return of Equity (338,000)$

Less: Return of Developer Fee (150,000)$

Net Profit 2,482$


PRO FORMA COST BREAKDOWN (BY ITEM)Development Cost Breakdown

Acquisition Costs $ $/unit

Land Value 137,500$ 45,833$

Total Acquisition Costs 137,500$ 45,833$

Hard Costs Breakdown $ $/unit

107 Concrete 51,930$ 17,310$

110 Rough Carpentry 102,000$ 34,000$

111 Finish Carpentry 37,210$ 12,403$

113 Insulation 20,006$ 6,669$

114 Roofing 19,000$ 6,333$

115 Sheet Metal and Flashing 4,920$ 1,640$

116 Exterior Siding 75,000$ 25,000$

117 Doors 15,840$ 5,280$

118 Windows 25,000$ 8,333$

121 Drywall 40,000$ 13,333$

122 Tile Work 13,000$ 4,333$

124 Wood Flooring 12,000$ 4,000$

127 Paint & Decorating 15,000$ 5,000$

128 Specialties 2,942$ 981$

130 Cabinets 13,500$ 4,500$

131 Appliances 11,400$ 3,800$

136 Plumbing & Hot Water 49,000$ 16,333$

137 Heat & Ventilation 44,000$ 14,667$

139 Fire Protection 15,000$ 5,000$

140 Electrical 48,000$ 16,000$

143 Subtotal Structural 614,748$ 204,916$

144 Earth Work 39,400$ 13,133$

145 Site Utilities 20,000$ 6,667$

148 Lawns & Planting 9,000$ 3,000$

153 Subtotal Site Work 68,400$ 22,800$

154 Total Improvements 683,148$ 227,716$

155 General Conditions 143,050$ 47,683$

156 Subtotal 826,198$ 275,399$

157 Builders Overhead 49,000$ 16,333$

158 Builders Profit 41,310$ 13,770$

159 Direct Construction Costs 916,507$ 305,502$

5% Contingency 45,825$ 15,275$

Total Hard Costs 962,333$ 320,778$


PRO FORMA COST BREAKDOWN (BY ITEM)

Soft Costs Breakdown $ $/unit

167 Design & Engineering 52,000$ 17,333$

Architecture Design 27,000$

Landscape Design 5,000$

Structural Engineer 10,000$

MEP + FP 10,000$

168 Survey and Permits 22,000$ 7,333$

Survey & Civil 12,000$

Permitting 10,000$

170 Environmental Engineer 5,000$ 1,667$

Testing 2,000$

Geotechnical 3,000$

172 Legal 10,000$ 3,333$

173 Title and Recording 3,000$ 1,000$

174 Accounting 3,000$ 1,000$

177 Insurance 10,000$ 3,333$

179 Appraisal 3,000$ 1,000$

181 Construction Loan Interest 22,000$ 7,333$

183 Fees to: Bank 20,000$ 6,667$

Origination Fee 10,000$

Bank Engineer 5,000$

Legal/Other Fees 5,000$

188 Other Financing Fees: Equity Interest 25,000$ 8,333$

190 Other: Consultants 25,000$ 8,333$

Code Consultant 3,000$

Green Building + LEED 7,500$

Green Building Commission 7,500$

Diversity Consultant 5,000$

Preconstruction Estimator 2,000$

191 Other: General Reimbursables 3,000$ 1,000$

Subtotal 203,000$ 67,667$

2.5% Contingency 5,075$ 1,692$

Total Soft Costs 208,075$ 69,358$

195 Capitalized Reserves 7,500$ 2,500$

196 Developer Overhead 100,000$ 33,333$

197 Developer Fee 150,000$ 50,000$

Total Development Costs 1,565,408$ 521,803$


PRO FORMA COST BREAKDOWN (BY INCOME TYPE)

Attachment 1Project Sources and Uses

Project Name: MARCELLA 120 2/12/2018Project Address: 118 & 120 Marcella Street, Roxbury, Boston MA 02119

TOTAL NUMBER OF UNITS 3 n/a n/a n/a 3 100% n/a n/a

USES OF CASH Original Total

Affordable Units Below

80% AMI

Affordable Units Below 100% of AMI

IDP Required On-Site Units Market Rate Commercial

Residential Per Unit for Units at or below 80%

ResidentialPer Unit

Acquisition - Land 137,500$ n/a n/a n/a 137,500$ n/a n/a 45,833$ Acquisition - Building ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Subtotal: Acquisition 137,500$ n/a n/a n/a 137,500$ n/a n/a 45,833$

Direct Construction Budget 916,507$ n/a n/a n/a 916,507$ n/a n/a 305,502$ Contingency 5.0% 45,825$ n/a n/a n/a 45,825$ n/a n/a 15,275$ Subtotal: Construction 962,333$ n/a n/a n/a 962,333$ n/a n/a 320,778$

Architecture and Engineering 52,000$ n/a n/a n/a 52,000$ n/a n/a 17,333$ Survey and Permits 22,000$ n/a n/a n/a 22,000$ n/a n/a 7,333$ Clerk of the Works ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Environmental Engineer 5,000$ n/a n/a n/a 5,000$ n/a n/a 1,667$ Bond Premium ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Legal 10,000$ n/a n/a n/a 10,000$ n/a n/a 3,333$ Title and Recording 3,000$ n/a n/a n/a 3,000$ n/a n/a 1,000$ Accounting and Cost Certification 3,000$ n/a n/a n/a 3,000$ n/a n/a 1,000$ Marketing and Rent Up ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Real Estate Taxes ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Insurance 10,000$ n/a n/a n/a 10,000$ n/a n/a 3,333$ Relocation ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Appraisal 3,000$ n/a n/a n/a 3,000$ n/a n/a 1,000$ Security ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Construction Loan Interest 22,000$ n/a n/a n/a 22,000$ n/a n/a 7,333$ Inspecting Engineer ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Fees to: Bank 20,000$ n/a n/a n/a 20,000$ n/a n/a 6,667$ Fees to: ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ MIP ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Credit Enhancement Fees ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Letter of Credit Fees ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Other Financing Fees 25,000$ n/a n/a n/a 25,000$ n/a n/a 8,333$ Development Consultant 25,000$ n/a n/a n/a 25,000$ n/a n/a 8,333$ Other: General Reimbursement 3,000$ n/a n/a n/a 3,000$ n/a n/a 1,000$ Other: ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Soft Cost Contingency 2.4% 5,075$ n/a n/a n/a 5,075$ n/a n/a 1,692$ Subtotal: General Development 208,075$ n/a n/a n/a 208,075$ n/a n/a 69,358$

Subtotal: Acq., Const. & Gen. Dev. 1,307,908$ n/a n/a n/a 1,307,908$ n/a n/a 435,969$

Capitalized Reserves 7,500$ n/a n/a n/a 7,500$ n/a n/a 2,500$ Developer Overhead 7.6% 100,000$ n/a n/a n/a 100,000$ n/a n/a 33,333$ Developer Fee 11.5% 150,000$ n/a n/a n/a 150,000$ n/a n/a 50,000$

Total Development Cost 1,565,408$ n/a n/a n/a 1,565,408$ n/a n/a 521,803$

DEVELOPMENT PRO FORMA

print_DND‐Uses Revised October 2000


PRO FORMA COST BREAKDOWN (BY INCOME TYPE)

Attachment 1Project Sources and Uses

Project Name: MARCELLA 120 2/12/2018Project Address: 118 & 120 Marcella Street, Roxbury, Boston MA 02119

TOTAL NUMBER OF UNITS 3 n/a n/a n/a 3 100% n/a n/a

USES OF CASH Original Total

Affordable Units Below

80% AMI

Affordable Units Below 100% of AMI


Residential Per Unit for Units at or below 80%

ResidentialPer Unit

Acquisition - Land 137,500$ n/a n/a n/a 137,500$ n/a n/a 45,833$ Acquisition - Building ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Subtotal: Acquisition 137,500$ n/a n/a n/a 137,500$ n/a n/a 45,833$

Direct Construction Budget 916,507$ n/a n/a n/a 916,507$ n/a n/a 305,502$ Contingency 5.0% 45,825$ n/a n/a n/a 45,825$ n/a n/a 15,275$ Subtotal: Construction 962,333$ n/a n/a n/a 962,333$ n/a n/a 320,778$

Architecture and Engineering 52,000$ n/a n/a n/a 52,000$ n/a n/a 17,333$ Survey and Permits 22,000$ n/a n/a n/a 22,000$ n/a n/a 7,333$ Clerk of the Works ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Environmental Engineer 5,000$ n/a n/a n/a 5,000$ n/a n/a 1,667$ Bond Premium ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Legal 10,000$ n/a n/a n/a 10,000$ n/a n/a 3,333$ Title and Recording 3,000$ n/a n/a n/a 3,000$ n/a n/a 1,000$ Accounting and Cost Certification 3,000$ n/a n/a n/a 3,000$ n/a n/a 1,000$ Marketing and Rent Up ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Real Estate Taxes ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Insurance 10,000$ n/a n/a n/a 10,000$ n/a n/a 3,333$ Relocation ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Appraisal 3,000$ n/a n/a n/a 3,000$ n/a n/a 1,000$ Security ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Construction Loan Interest 22,000$ n/a n/a n/a 22,000$ n/a n/a 7,333$ Inspecting Engineer ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Fees to: Bank 20,000$ n/a n/a n/a 20,000$ n/a n/a 6,667$ Fees to: ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ MIP ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Credit Enhancement Fees ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Letter of Credit Fees ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Other Financing Fees 25,000$ n/a n/a n/a 25,000$ n/a n/a 8,333$ Development Consultant 25,000$ n/a n/a n/a 25,000$ n/a n/a 8,333$ Other: General Reimbursement 3,000$ n/a n/a n/a 3,000$ n/a n/a 1,000$ Other: ‐$ n/a n/a n/a ‐$ n/a n/a ‐$ Soft Cost Contingency 2.4% 5,075$ n/a n/a n/a 5,075$ n/a n/a 1,692$ Subtotal: General Development 208,075$ n/a n/a n/a 208,075$ n/a n/a 69,358$

Subtotal: Acq., Const. & Gen. Dev. 1,307,908$ n/a n/a n/a 1,307,908$ n/a n/a 435,969$

Capitalized Reserves 7,500$ n/a n/a n/a 7,500$ n/a n/a 2,500$ Developer Overhead 7.6% 100,000$ n/a n/a n/a 100,000$ n/a n/a 33,333$ Developer Fee 11.5% 150,000$ n/a n/a n/a 150,000$ n/a n/a 50,000$

Total Development Cost 1,565,408$ n/a n/a n/a 1,565,408$ n/a n/a 521,803$

DEVELOPMENT PRO FORMA

print_DND‐Uses Revised October 2000


PRO FORMA SOURCES BREAKDOWN (BY INCOME TYPE)

Project Name: MARCELLA 120Project Address: 118 & 120 Marcella Street, Roxbury, Boston MA 02119

Original Total

AffordableUnits Below

80% AMI

AffordableUnits Below 100% of AMI


Construction Financing n/a n/a n/a n/a

Construction Lender $1,065,408 n/a n/a n/a $1,065,408 n/aDeveloper Equity $338,000 n/a n/a n/a $338,000 n/aDND - Not Applicable $0 n/a n/a n/a $0 n/aNHT - Not Applicable $0 n/a n/a n/a $0 n/aDHDC - Not Applicable $0 n/a n/a n/a $0 n/aOther Sources (High Performance Building rebates)

$12,000 n/a n/a n/a $12,000 n/a

Deferred Fee $150,000 n/a n/a n/a $150,000 n/aMarket Rate Cross Subsidy $0 n/a n/a n/a $0 n/aTotal Const Financing $1,565,408 n/a n/a n/a $1,565,408 n/a

========= ========= ========= ========= ========= =========Surplus/Gap $0 n/a n/a n/a $0 n/a

Permanent FinancingSales Proceeds: n/a n/a n/a n/a n/a n/aBrokerage Fees n/a n/a n/a n/a n/a n/aNumber of Ownership Units: n/a n/a n/a n/a n/a n/a

Net Sales Proceeds: n/a n/a n/a n/a n/a n/aDND n/a n/a n/a n/a n/a n/aNHT n/a n/a n/a n/a n/a n/aDHDC n/a n/a n/a n/a n/a n/aOther Sources n/a n/a n/a n/a n/a n/aDeferred Equity n/a n/a n/a n/a n/a n/aMarket Cross Subsidy n/a n/a n/a n/a n/a n/a

Surplus/Gap n/a (Anticipated Net Sales Proceeds)

Owner Downpayment may include homebuyer assistance form DND or others, which will total 5%.

# of Units

AffordableUnits Below

80% AMI

AffordableUnits Below 100% of AMI

IDP Required On-Site Units Market Rate

0 BR 0 0 0 0 01 BR 0 0 0 0 02 BR 3 0 0 0 33 BR 0 0 0 0 0Total 3 0 0 0 3

Not Applicable


PREDEVELOPMENT BUDGET

Predevelopment Budget

Soft Costs Other: Consultants 9,000$

Design & Engineering 30,000$ Code Consultant 2,000$

Architecture Design 15,000$ Green Building + LEED 3,000$

Landscape Design 3,000$ Green Building Commission 2,000$

Structural Engineer 6,000$ Diversity Consultant -$

MEP + FP 6,000$ Preconstruction Estimator 2,000$

Survey and Permits 18,000$ Other: General Reimbursables 1,500$

Survey & Civil 8,000$ Contingency 2,000$

Permitting 10,000$ Subtotal 83,000$

Environmental Engineer 3,000$

Testing 1,000$ Developer Overhead 50,000$

Geotechnical 2,000$

Legal 5,000$

Title and Recording -$

Accounting 1,500$

Insurance -$

Appraisal 3,000$

Construction Loan Interest -$

Fees to: Bank 10,000$

Origination Fee 10,000$

Bank Engineer -$

Legal/Other Fees -$

Total 133,000$


PRO FORMA FINANCING TERMS

Construction Loan Financing Terms

Amount 1,065,408$

Interest Rate 5%

Duration (months) 9

Origination Fee 1%

Equity Financing Terms

Amount 350,000$

Interest Rate 12%

Duration (months) 14


PROOF OF CASH

Parham Pouladdej

355 Wellesley St,

Weston, MA 02493

617-283-5570

February 9, 2018

Kamran Zahedi, President

Urbanica, Inc.

142 Berkeley St, Suite 402

Boston, MA 02116

Dear Kamran,

After reviewing your proposals in response to the City of Boston, Department of Neighborhood

Development (DND) RFPs on Marcella and Highland Streets, I am pleased to confirm that I am prepared

to provide you with Line of Credit of up to $1,000,000 (one million dollars). The funds will come from my

available resources at my investment accounts at Fidelity. It can be used for predevelopment and

development expenses for both the 273-287 Highland Street project and the 118-120 Marcella Street

project.

Thank you and I wish you the best for moving this project forward. If our past working relationships are

any indication of the future, I am certain that you and your team will make the projects a great success. I

look forward to hearing back from you after designation. In the mean time if you require any additional

information, please feel free to contact me.

Sincerely,

Parham Pouladdej


BANK LETTER OF INTENT

ONESTOP APPLICATION FORMS


One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page 1

Section 1PROJECT DESCRIPTION

Name and Address of Project

1 . Project Name:1a . Application Completed By:1b . Original Application Date: 02/14/2018 Application Revision Date:

2 . Project Address:3 . Neighborhood4 . City/ Town MA 02119

(state) (zip code)

5 . County SUFFOLK

6 . Scattered Sites? No

7 . Is this a qualified census tract? Yes Select A QCT 0813.00

8 . Difficult to develop area Not Applicable QCT information last updated on: 1/4/2018

Development Plan

9 . Development Type (Please check all that apply.)Yes New constructionNo Acquisition, substantial rehab of existing housingNo Acquisition, moderate rehab of existing housingNo Acquisition, minimal or no rehab of existing housingNo Adaptive re-use of non-residential structure

10 . Proposed Housing Type Home Ownership

11 . Project Description: Number of buildings: 1

12 . Development Schedule: Original RevisedApplication Date 02/14/2018Construction Loan Closing March 2019Initial Loan Closing (MHFA only) NAConstruction Start March 201950% Construction Completion July 2019Construction Completion Nov 2019First Certificate of Occupancy Nov 2019Final Certificate of Occupancy NASustained Occupancy Feb 2020Permanent Loan Closing NA

E+ 118 Marcella Street Application Date: 02/14/2018 © Massachusetts Housing Investment Corporation, 1993, 1994, 1995, 1999 in its own name and on behalf of MHFA, DHCD, and the MHP Fund. All rights reserved.

E+ 118 Marcella Street

118 & 120 Marcella StreetRoxburyBoston

Residential condominium development of three (3) 2-bedroom units.

Please see project schedule in the proposal.

Optional user comments

#VALUE!

MARCELLA 120 LLC


Section 1. Project Description Page 2

13 . Unit Mix: Low-Income Low-Income Low-Income Other Income Market TotalRental Assisted below 50% below 60% (User-defined) Rate Units

SRO 00 bedroom 01 bedroom 02 bedrooms 3 33 bedrooms 04 bedrooms 0Total Units 0 0 0 0 3 3Home Units* 0

*HOME units included in the above totals. Other Income=Below of median income

14 . Unit Size in square feet:Low-Income Low-Income Low-Income Other Income Market Average

Rental Assisted below 50% below 60% (User-defined) Rate All IncomesSRO N/A0 bedroom N/A1 bedroom N/A2 bedrooms 980.0 9803 bedrooms N/A4 bedrooms N/A

15 . Number of bathrooms in each unit:Low-Income Low-Income Low-Income Other Income Market Average

Rental Assisted below 50% below 60% (User-defined) Rate All Incomes

SRO N/A0 bedroom N/A1 bedroom N/A2 bedrooms 1.5 1.53 bedrooms N/A4 bedrooms N/A

16 . Funding Applied For: N/APlease check all the funding that is being applied for at this time, with this application:

DHCD Tax Credit Allocation ................................................... No Category ..............…………….................... Category ...........................................………

HOME Funding through DHCD ............................................... No

Massachusetts Housing Finance Agency (select all that apply):

Official Action Status .......................................................... No

Construction Financing/Bridge Financing............................. No Permanent Financing ........................................................... No

Massachusetts Housing Partnership (MHP) Fund: Permanent Rental Financing Program ................................. No

Massachusetts Housing Investment Corporation (select all that apply): Debt Financing .................................................................... No Tax Credit Equity Investment .............................................. No

Boston Department of Neighborhood Development (DND): No

Other NoOther………………………………………Other……………………………………………Other……………………………………………Financing from MassDevelopment

E+ 118 Marcella Street Application Date: 02/14/2018

No

#VALUE!

NoNo

No



New17 . Number of buildings planned: Total Construction Rehabilitation

a. Single-Family 0 0 0b. 2-4 Family 1 1 0c. Townhouse 0 0 0d. Low/Mid rise 0 0 0e. High-rise 0 0 0f. Other 0 0 0TOTAL 1 1 0

18 . Number of units: 3 3 0

19 . Gross Square Footagea. Residential 4,213 4,213 -b. Commercial - - -

20 . Net Rentable Square Footage: Total Percent of Grossa. Residential ` 2,940 s.f. 70%b. Commercial - s.f. N/A

21 . Number of handicapped accessible units 0 Percent of total 0%

22 . Fire Code Type

23 . Will building(s) include elevators? No

24 . Are the following provided with the housing units: a. Range? ................................. Yes Gas or electric? b. Refrigerator? ........................ Yes c. Microwave? .......................... Yes d. Dishwasher? ........................ Yes e. Disposal? .............................. Yes f. Washer/Dryer Hookup? ........ Yes g. Washer & Dryer? ................. No h. Wall-to-wall Carpet? ............ No i. Window Air Conditioner? ..... No j. Central Air Conditioning? ..... Yes

25 . Are the following included in the rent: N/A a. Heat? .................................... No b. Domestic Electricity? ........... No c. Cooking Fuel? ...................... No d. Hot Water? ........................... No e. Central A/C, if any? .............. No

26 . Type of heating fuel:

27 . Total no. of parking spaces: 2 Outdoor: 2 Enclosed: 0

28 . Number of parking spaces exclusively for the use of tenants: a. Residential Total: 2 Outdoor: 2 Enclosed: 0 b. Commercial Total: 0 Outdoor: 0 Enclosed: 0

E+ 118 Marcella Street Application Date: 02/14/2018 #VALUE!

Electric


Wood frame



29 . Will rehabilitation require the relocation of existing tenants?

30 . Scope of rehabilitation: Please describe the following (or type N/A). a. Major systems to be replaced:

b. Substandard conditions and structural deficiencies to be repaired:

c. Special features/adaptations for special needs clients to be housed:

31 . Are energy conservation materials in excess of the Building Code?

a. Insulation ............................. Yes R-Value or type? R-40 b. Windows .............................. Yes R-Value or type? U 0.10 c. Heating system ..................... Yes R-Value or type? mini split

Information On Site And Existing Buildings

Square Feet Acres32 . Size of Site: 5,281 0.1233 . Wetlands area: 0 34 . Buildable area: 3,000 approx. 0.07

Existing Conditions: 35 . What is the present use of the property?36 . Number of existing structures: -37 . Gross s.f. of existing structures: -38 . If rehabilitation: N/A number of units num. of bedrooms

a. Number of existing residential units/bedrooms: b. Number of units/bedrooms currently occupied:

39 . If site includes commercial space: N/A a. Square footage of existing commercial space: square feet b. Square footage currently occupied: square feet

40 . What are the surrounding land uses?

Utilities:41 . Are the following utilities available on the site:

a. Sanitary sewer? Yesb. Storm sewer? Yesc. Public water? Yesd. Electricity? Yese. Gas? YesIf any of the above are not available, is plan attached explaining how such service will be extended to the site? N/A


Not applicable

Not applicable

Not applicable

Residential; Industrial

Not applicable

#VALUE!

Vacant



Zoning:

42 . Does the present zoning allow the proposed development? No

43 . Have you applied for a zoning variance, change,special permit or subdivision? No

44 . Do you anticipate applying for a comprehensive permit under Chapter 774? No

Site Control:45 . What form of site control do you have?

Include copies of the appropriate site control documents as part of Exhibit 4.

46 . Please provide details about your site control agreement. N/Aa. Name of Seller:b. Principals of seller corporation:c. Type of Agreement:d. Agreement Date:e. Expiration Date:f. Purchase price if under agreement:g. Is there any identity of interest between buyer and seller?

47 . In the past three years, have there been any defaults on any mortgage on theproperty or any other forms of financial distress? No

48 . Are there any outstanding liens on the property? No

Amenities and Services:49 . Please indicate distance from site and locate on city/town map (Exhibit 1).

Distance a. Shopping facilities ......................................... 0.35 miles b. Schools ......................................................... 0.30 miles c. Hospitals ....................................................... 0.30 miles d. Parks and recreational facilities .................... 0.00 miles e. Police station ................................................. 0.65 miles f. Fire station .................................................... 0.40 miles g. Public transportation ..................................... 0.05 miles h. Houses of worship ........................................ 0.30 miles i. City/Town Hall .............................................. 3.20 miles


N/A

Please include information on the property zoning in Exhibit 3. This should include a zoning map, highlighting any special use or dimensional restrictions on the property. If the present zoning does not allow for the proposed use, please explain current status and how approvals will be obtained.

X



Environmental Information

50 . Is there any evidence of underground storage tanks or releases of oil Noor hazardous materials, including hazardous wastes, on the site orwithin close proximity to the site?

51 . Has a Chapter 21E assessment been performed? YesPlease include a copy as Exhibit 2

52 . Does the project consist of either: (a) new construction of more than No100 units; or (b) substantial rehabilitation of more than 200 units, orwhere more than 10% new floor space is added?

53 . Does the building require lead paint abatement? No

54 . Does the building require asbestos abatement? No

55 . Do radon tests show radon levels exceeding four picocuries/liter? No

56 . Is there any evidence that the premises are insulated with urea Noformaldehyde foam (UFFI)?

57 . Is the site located in an historic district, or contain buildings listed or Noeligible for listing in the State Register of Historic Places?

58 . Are there any above ground storage containers with flammable or Noexplosive petroleum products or chemicals within 1/2 mile of the site?

59 . Is the site located in a floodplain or wetlands area? No

60 . Does the site contain endangered animal or plant species? No

61 . Is the site subject to noise impact from jet airports within five miles, majorhighways within 1,000 feet, or rail traffic within 3,000 feet? Yes



One Stop2000 Affordable Housing Finance Application [Version 1.21] © Page 7

Section 2DEVELOPMENT TEAM SUMMARY

62 . Developer/Sponsor Type

63 . Developer/Sponsor:Form of Legal EntityLegal NameAddress

Contact PersonTelephone No. / Fax. No.E-mail

64 . Owner/Mortgagor:Legal NameAddress

Has this entity already been formed? Yes Soc. Sec. or Tax ID #PrincipalsPrincipalsContact PersonTelephone No. / Fax. No.E-mail

65 . General Partner:Legal NameAddress

Has this entity already been formed? Yes Soc. Sec. or Tax ID #Principal (if corporate)Contact Person% of OwnershipTelephone No. / Fax. No.E-mail

66 . General Partner:Legal NameAddress

Has this entity already been formed? NoPrincipal (if corporate)Contact Person% of OwnershipTelephone No. / Fax. No.E-mail


1.00%

[email protected]

[email protected]

Urbanica, Inc. (Manager)142 Berkeley Street, Suite 402, Boston, MA 02116

Kamran Zahedi

(617) 654-8900 (617) 654-8901

Kamran Zahedi(617) 654-8900 (617) 654-8901

Kamran Zahedi824-34-7202

N/A

Other: Limited Liability Company

#VALUE!

[email protected]

(617) 654-8900

371-44-4861

LLCMARCELLA 120 LLC142 Berkeley Street, Suite 402, Boston, MA 02116

Kamran Zahedi(617) 654-8901

MARCELLA 120 LLC142 Berkeley Street, Suite 402, Boston, MA 02116


Section 2. Development Team Summary Page 8

67 . Development Consultant:Legal NameAddress


68 . Contractor:NameAddress

Fed Tax ID #Contact PersonTelephone No. / Fax. No.E-mail

69 . Architect:NameAddress


70 . Management Agent:NameAddress


71 . Attorney (Real Estate):NameAddress


72 . Attorney (Tax):NameAddress


73 . Syndicator:NameAddress



Rovert Nardella

N/A

(781) 862-6833

McKenzie & Associates, P.C.

597A Tremont Street, Boston, MA 02118

[email protected]

183 State Street, Suite 6

Joseph D. Feaster, Jr.

Karen Fish-Will

[email protected]

(857) 362-1860

Peabody Properties

(617) 654-8901Stephen Chung

Urbanica Design

Urbanica Construction

(617) 654-8901

142 Berkeley Street, Suite 402, Boston, MA 02116

(617) 723-7234

Nardella & Taylor LLP24 Hartwell Ave, Lexington, MA 02420

(617) 654-8900

N/A

142 Berkeley Street, Suite 402, Boston, MA 02116

04-3344446Kamran Zahedi

[email protected]

#VALUE!

(617) 654-8900


Section 2. Development Team Summary Page 9

74 . Guarantor:NameAddress


75 . Service Provider or Coordinator:NameAddress


76 . Marketing Agent:NameAddress


77 . Other role Name

Address


78 . Other role Name

Address


79 . Is there any identity of interest between any members of the development team?Yes

80 . Please describe the relationship of the development entity to sponsoring organizations. Is theentity newly-formed or to-be-formed? Is it a single-purpose corporation? How will theparent corporation provide support to this entity? Include an organizational chart showingother affiliates of the parent corporation, as appropriate, and principals of each.


(857) 362-1767

556 Tremont Street, Boston MA 02118

[email protected]

Brian Perry

Gibson Sotheby's International Realty

Kamran Zahedi142 Berkeley Street, Suite 402, Boston, MA 02116

[email protected]

N/A

(617) 654-8900 (617) 654-8901

#VALUE!

Kamran Zahedi is the principle of Urbanica Inc., Urbanica Design and Urbanica Construction. All three entities will collaborate on the project.

MARCELLA 120 LLC is a single purpose entity newly-formed for the development of a 3-unit condominium project located at 118 & 120 Marcella Street, Roxbury, MA 02119. MARCELLA 120 LLC is managed by Urbanic, Inc. Urbanic Design will provide design services for the project. Urbanica Construction will provide construction services for the project.



Section 3SOURCES AND USES OF FUNDS

Sources of Funds

Private Equity: Optional user calculations

81 . Developer's Cash Equity $338,00082 . Tax Credit Equity (net amount) (See line 360, Section 5, page 18.) $083 . Developer's Fee/Overhead, Contributed or Loaned $150,00084 . Other Source: $12,000

Public Equity: N/A85 . HOME Funds, as Grant $0

86 . Grant: $0

87 . Grant: $0

88 . Total Public Equity $0

Subordinate Debt (see definition): N/A Amount Rate Amortiz. Term89 . Home Funds-DHCD, as Subordinate Debt $0 % yrs. yrs.

Source:90 . Home Funds-Local, as Subordinate Debt $0 % yrs. yrs.

Source:91 . Subordinate Debt $0 % yrs. yrs.

Source:92 . Subordinate Debt $0 % yrs. yrs.

Source:93 . Subordinate Debt $0 % yrs. yrs. 0

Source:94 . Total Subordinate Debt $0

Permanent Debt (Senior): N/A Amount Rate Override Amortiz. Term MIP95 . MHFA $ % % yrs. yrs. %96 . MHFA $ % % yrs. yrs. %97 . MHP Fund Permanent Loan $ % yrs. yrs. %98 . Other Permanent Senior Mortgage $ % yrs. yrs. %

Source:99 . Other Permanent Senior Mortgage $ % yrs. yrs. %

Source:

100 . Total Permanent Senior Debt $0 N/A

101 . Total Permanent Sources $500,000 Permanent financing is not needed for this project. Sales proceeds will be used to pay back construction financing.

Construction Period Financing: Amount Rate Term102 . Construction Loan $1,065,408 5.00% 9.0

Source: Repaid at: (event)

103 . Other Interim Loan $0 % mos. Source: Repaid at: (event)

104 . Syndication Bridge Loan $0 % mos. Source: Repaid at: (event)

MARCELLA 120 Application Date: 02/14/2018 #VALUE!

Brookline BankSales

High Performance Building Rebates

MHFA Program 1MHFA Program 2


Section 3. Sources and Uses of Funds Page 11

Uses of FundsThe Contractor certifies that, to the best of their knowledge, the construction

Direct Construction: estimates, and trade-item breakdown on this page are complete and accurate.

105 . Who prepared the estimates?Name Signature

106 . Basis for estimates?

DV Trade Item Amount Description107 . 3 Concrete $51,930108 . 4 Masonry109 . 5 Metals110 . 6 Rough Carpentry $102,000111 . 6 Finish Carpentry $37,210112 . 7 Waterproofing $0113 . 7 Insulation $20,006114 . 7 Roofing $19,000115 . 7 Sheet Metal and Flashing $4,920116 . 7 Exterior Siding $75,000117 . 8 Doors $15,840118 . 8 Windows $25,000119 . 8 Glass120 . 9 Lath & Plaster121 . 9 Drywall $40,000122 . 9 Tile Work $13,000123 . 9 Acoustical124 . 9 Wood Flooring $12,000125 . 9 Resilient Flooring126 9 Carpet127 . 9 Paint & Decorating $15,000128 . 10 Specialties $2,942129 . 11 Special Equipment130 . 11 Cabinets $13,500131 . 11 Appliances $11,400132 . 12 Blinds & Shades133 . 13 Modular/Manufactured134 . 13 Special Construction135 . 14 Elevators or Conveying Syst.136 . 15 Plumbing & Hot Water $49,000137 . 15 Heat & Ventilation $44,000138 . 15 Air Conditioning139 15 Fire Protection $15,000140 . 16 Electrical $48,000141 . Accessory Buildings142 . Other/misc143 . Subtotal Structural $614,748144 . 2 Earth Work $39,400145 . 2 Site Utilities $20,000146 . 2 Roads & Walks147 . 2 Site Improvement148 . 2 Lawns & Planting $9,000149 2 Geotechnical Conditions150 2 Environmental Remediation151 2 Demolition152 . 2 Unusual Site Cond153 . Subtotal Site Work $68,400154 . Total Improvements $683,148155 . 1 General Conditions $143,050156 . Subtotal $826,198157 . 1 Builders Overhead $49,000158 . 1 Builders Profit $41,310159 . TOTAL $916,507

160 Total Cost/square foot: $217.54 Residential Cost/s.f.: $217.54


Based on monthly salary and expenses * construction periodSubtotal *5%

Multifamily housing construction in Roxbury and Jamaica Plain in 2017

Urbanica Construction



Development Budget:Total Residential Commercial Comments

161 . Acquisition: Land $137,500 $137,500 $0162 . Acquisition: Building $0 $0 $0163 . Acquisition Subtotal $137,500 $137,500 $0

164 . Direct Construction Budge $916,507 $916,507 $0165 . Construction Contingency $45,825 $45,825 $0 5.0% of construction166 . Subtotal: Construction $962,333 $962,333 $0

General Development Costs:167 . Architecture & Engineering $52,000 $52,000 $0168 . Survey and Permits $22,000 $22,000 $0169 . Clerk of the Works $0 $0 $0170 . Environmental Engineer $5,000 $5,000 $0171 . Bond Premium $0 $0 $0172 . Legal $10,000 $10,000 $0173 . Title and Recording $3,000 $3,000 $0174 . Accounting & Cost Cert. $3,000 $3,000 $0175 . Marketing and Rent Up $0 $0 $0176 . Real Estate Taxes $0 $0 $0177 . Insurance $10,000 $10,000 $0178 . Relocation $0 $0 $0179 . Appraisal $3,000 $3,000 $0180 . Security $0 $0 $0181 . Construction Loan Interest $22,000 $22,000 $0182 . Inspecting Engineer $0 $0 $0183 . Fees to: Bank $20,000 $20,000 $0184 . Fees to: $0 $0 $0185 . MIP $0 $0 $0186 . Credit Enhancement Fees $0 $0 $0187 . Letter of Credit Fees $0 $0 $0188 . Other Financing Fees $25,000 $25,000 $0189 . Development Consultant $0 $0 $0190 . Other: Consultants $25,000 $25,000 $0191 . Other: Reimburseme $3,000 $3,000 $0192 . Soft Cost Contingency $5,075 $5,075 $0 2.5% of soft costs193 . Subtotal: Gen. Dev. $208,075 $208,075 $0

194 . Subtotal: Acquis., Const. $1,307,908 $1,307,908 $0 and Gen. Dev.

195 . Capitalized Reserves $7,500 $7,500 $0196 . Developer Overhead $100,000 $100,000 $0197 . Developer Fee $150,000 $150,000 $0

198 . Total Development Cost $1,565,408 $1,565,408 $0 TDC per unit $521,803

199 . TDC, Net $1,407,908 $1,407,908 $0 TDC, Net per unit $469,303


(from line 159)



Additional Detail on Development Pro-Forma:

200 . Gross Syndication Investment $0 N/A

Off-Budget Costs:Syndication Costs:

201 . Syndication Legal $0 N/A202 . Syndication Fees $0 N/A203 . Syndication Consultants $0 N/A204 . Bridge Financing Costs $0 N/A205 . Investor Servicing (capitalized) $0 N/A206 . Other Syndication Expenses $0 N/A207 . Total Syndication Expense $0 N/A208 . Current Reserve Balance

Reserves (capitalized):209 . Development Reserves $7,500210 . Initial Rent-Up Reserves $0 N/A211 . Operating Reserves $0 N/A212 . Net Worth Account $0 N/A213 . Other Capitalized Reserves $0 N/A214 . Subtotal: Capitalized Reserves $7,500

215 . Letter of Credit Requirements $0 N/A

216 . Total of the Above $7,500

Check: Line 214 is the same as line 195.

Please Answer The Following Dev. Reserves Initial Rent-Up Op. Reserves Net Worth Other Letter of Credit

Who requires the reserves? DeveloperWho administers the reserves? DeveloperWhen and how are they used? After Completion

Unit Sales (For Sale Projects Only):217 . Gross Sales From Units $1,673,000218 . Cost of Sales (Commissions, etc.) $117,110219 . Net Receipt from Sales $1,555,890

Debt Service Requirements:220 . Minimum Debt Service Coverage N/A

221 . Is this Project subject to HUD Subsidy Layering Review? No N/A



Under what circumstances can they be released?

Please see pro forma in the proposal.

Costs after completion



Section 4OPERATING PRO-FORMA

Operating Income

Rent Schedule: Contract Utility Total No. of

222 . Low-Income (Rental Assisted): Rent Allowance Gross Rent UnitsSRO $0 00 bedroom $0 01 bedroom $0 02 bedrooms $0 03 bedrooms $0 04 bedrooms $0 0

223 . Low-Income (below 50%):SRO $0 00 bedroom $0 01 bedroom $0 02 bedrooms $0 03 bedrooms $0 04 bedrooms $0 0

224 . Low-Income (below 60%):SRO $0 00 bedroom $0 01 bedroom $0 02 bedrooms $0 03 bedrooms $0 04 bedrooms $0 0

225 . Other Income (User-defined)SRO $0 00 bedroom $0 01 bedroom $0 02 bedrooms $0 03 bedrooms $0 04 bedrooms $0 0

226 . Market Rate (unrestricted occupancy):SRO 00 bedroom 01 bedroom 02 bedrooms 33 bedrooms 04 bedrooms 0

Commercial Income: (average)

227 . Square Feet: 0 @ /square foot = $0

Parking Income: (average)

228 . Spaces: 2 @ /month x 12 = $0


N/A


Section 4. Operating Pro-Forma Page 15

Other Operating Income Assumptions:

229 . Laundry Income (annual): Optional user calculations

230 . Other Income:a.b.c.d.e.f.

Vacancy Allowance:231 . Low-Income (Rental Assistance)232 . Low-Income (below 50%)233 . Low-Income (below 60%)234 . Other Income (User-defined)235 . Market Rate236 . Commercial

Trending Assumptions for Rents: Year 2 Year 3 Years 4-5 Years 6-20237 . Low-Income (Rental Assistance) % % % %238 . Low-Income (below 50%) % % % %239 . Low-Income (below 60%) % % % %240 . Other Income (User-defined) % % % %241 . Market Rate % % % %242 . Commercial Space Rental % % % %243 . Laundry Income % % % %244 a Other Income - % % % %

b Other Income - % % % %c Other Income - % % % %d Other Income - % % % %e Other Income - % % % %f.Other Income - % % % %

Operating Subsidy and Capitalized Operating Reserves:245 . Subsidy Source I ........................246 . Subsidy Source II .......................247 . Capitalized Operating Reserve Amount: $ Source:

248 . Yearly Draws on Subsidies and Reserves:Subsidy Subsidy Draw onSource I Source II Oper. Reserve

Year 1 $ $ $Year 2 $ $ $Year 3 $ $ $Year 4 $ $ $Year 5 $ $ $Year 6 $ $ $Year 7 $ $ $Year 8 $ $ $Year 9 $ $ $Year 10 $ $ $Year 11 $ $ $Year 12 $ $ $Year 13 $ $ $Year 14 $ $ $Year 15 $ $ $Year 16 $ $ $Year 17 $ $ $Year 18 $ $ $Year 19 $ $ $Year 20 $ $ $Year 21 $ $ $

249 . Annual Operating Income (year 1) $0


N/A



Operating Expenses

Annual Operating Exp.: Total Residential Commercial Comments250 . Management Fee $0

251 . Payroll, Administrative $0252 . Payroll Taxes & Benefits, Admin. $0253 . Legal $0254 . Audit $0255 . Marketing $0256 . Telephone $0257 . Office Supplies $0258 . Accounting & Data Processing $0259 . Investor Servicing $0260 . DHCD Monitoring Fee $0261 . $0262 . $0263 . Subtotal: Administrative $0 $0 $0

264 . Payroll, Maintenance $0265 . Payroll Taxes & Benefits, Admin. $0266 . Janitorial Materials $0267 . Landscaping $0268 . Decorating (inter. only) $0269 . Repairs (inter. & ext.) $0270 . Elevator Maintenance $0271 . Trash Removal $0272 . Snow Removal $0273 . Extermination $0274 . Recreation $0275 . $0276 . Subtotal: Maintenance $0 $0 $0

277 . Resident Services $0

278 . Security $0

279 . Electricity $0280 . Natural Gas $0281 . Oil $0282 . Water & Sewer $0283 . Subtotal: Utilities $0 $0 $0

284 . Replacement Reserve $0

285 . Operating Reserve $0

286 . Real Estate Taxes $0287 . Other Taxes $0288 . Insurance $0289 . MIP $0 $0290 . $0291 . Subtotal:Taxes, Insurance $0 $0 $0

292 . TOTAL EXPENSES $0 $0 $0


Other:Other:

Other:

Other:

N/A



Other Operating Expense AssumptionsTrending Assumptions for Expenses Year 2 Year 3 Years 4-5 Years 6-20

293 . Sewer & Water ......................................................... % % % % 294 . Real Estate Taxes .................................................. % % % % 295 . All Other Operating Expenses ........................................... % % % %

Reserve Requirements:296 . Replacement Reserve Requirement per unit per year297 . Operating Reserve Requirement per unit per year

Debt Service: AnnualPayment

298 . MHFA N/A299 . MHFA N/A300 . MHP Fund Permanent Loan N/A301 . Other Permanent Senior Mortgage N/A

Source: N/A302 . Other Permanent Senior Mortgage N/A

Source: N/A303 . Total Debt Service (Annual) $0

304 . Net Operating Income $0 (in year one)

305 . Debt Service Coverage N/A (in year one)

Affordability: Income Limits and Maximum Allowable Rents

306 . County SUFFOLK MSA Boston-Cambridge-Quincy, MA-NHThis MSA does not match the county you have chosen

307 . Maximum Allowed Rents, by Income, by Unit Size: Income Limits last updated on 1/4/2018

Maximum Income Maximum Rent (calculated from HUD income data)50% 60% 0% 50% 60% 0%

SRO $34,500 $41,350 $0 $863 $1,034 $00 bedroom $34,500 $41,350 $0 $863 $1,034 $01 bedroom $36,950 $44,350 $0 $924 $1,109 $02 bedrooms $44,350 $53,200 $0 $1,109 $1,330 $03 bedrooms $51,200 $61,450 $0 $1,280 $1,536 $04 bedrooms $57,150 $68,550 $0 $1,429 $1,714 $0

$98,500

308 . H.U.D. "Fair Market Rents" (Maximum):0 bedroom $1,0711 bedroom $1,1962 bedrooms $1,4943 bedrooms $1,8614 bedrooms $2,0235 bedrooms $2,326 FMR Information last updated on 1/4/2018


MHFA Program 1MHFA Program 2

Area median income for a family of

N/A


Section 4. Operating Pro-Forma Page 17a

Operations before this transaction: Operations after:Current Annualized Future Market

Type Number Rent Income Number Rents Rent GPR309 . SRO 0 0 0 0 0 0310 . 0 bedroom 0 0 0 0 0 0311 . 1 bedroom 0 0 0 0 0 0312 . 2 bedrooms 3 0 0 3 0 0313 . 3 bedrooms 0 0 0 0 0 0314 . 4 bedrooms 0 0 0 0 0 0315 . Gross Potential Rental Income 0 0

316 . Vacancy 0% 0 Vacancy % 0317 . Other Income 0 Other Income 0

318 . Effective Gross Income 0 Effective Gross Income 0

Operating Expenses Year Reason % Change Year

319 . Management fee 0 0

320 . Administration 0 0

321 . Maintance/Operations 0 0

322 . Resident Services 0 0

323 . Security 0 0324 . Utilities 0 0

325 . Replacement Reserve 0 0

326 . Operating Reserve 0 0

327 . Real Esate Taxes 0 0

328 . Insurance 0 0

329 . Total Expenses 0 0

330 . Net Operating Income 0 Net Operating Income 0

331 . Transaction Description:

Optional user calculations


N/A



Section 5LOW INCOME HOUSING TAX CREDITS

Percent of Project Which Qualifies for Tax Credit

332 . Low-Income Units ..................... 0 Total Units: 3333 . Percent of Units ......................... 0.0%

334 . Low-Income Square Feet ........... - s.f. Total Area: 2,940 s.f.335 . Percent of Area .......................... 0.0%

336 . Applicable Percentage ............... 0.0% (This is the lower of lines 333 and 335 above.)

337 . Is the project utilizing tax-exempt financing? No338 . Does the project qualify for an acquisition credit? No339 . Does the rehabilitation qualify for a 9% rather than 4% credit? No

340 . How much financing is nonqualified (federally subsidized?) $341 . What grant funds must be subtracted from acquisition basis? $342 . What grant funds must be subtracted from rehabilitation basis? $

343 . Will the project have a minimum of 20% of units for households earning less than 50% of median,or 40% for less than 60% of median? 40% Of Units

Historic Tax Credit:344 . Does the project qualify for historic tax credits? No345 . What are the rehabilitation costs which are not qualified for historic credits? Not Applicable

Project Qualification for 130%:346 . Is the project located in a "qualified census tract" or in a "difficult to Yes

develop" area?Acquisition Rehabilitation

Calculation of Maximum Tax Credit Amount Credit Credit347 . Total Eligible Development Costs $0 $1,353,469348 . Less: Portion of Grants Allocated to Basis $0 $0349 . Less: 20% Historic Rehab Credit Basis Reduction $0 $0350 . Less: Nonqualified source of financing $0 $0351 . Subtotal: Eligible Basis $0 $1,353,469352 . "Hard to develop" area 100% 130%353 . Percent Low-Income 0.0% 0.0%354 . Applicable Rate 3.66% 8.53%355 . Maximum Annual Tax Credit Amount $0 $0356 . Total Annual Tax Credit Amount $0357 . Estimated Net LIHTC Syndication Yield -$ rate per $ $0358 . Est. Net Historic Tax Credit Syndication Yield -$ rate per $ $0359 . Total Estimated Net Tax Credit Syndication Yield (based on above) $0

360 . Applicant's Estimate of Net Tax Credit Equity. $0 (from line 82)

MARCELLA 120 Application Date: 02/14/2018

[Note: This page represents a rough estimate of low income credits for which this project may be eligible. It does not represent a final determination.]

#VALUE!

N/A


Section 5. Low Income Housing Tax Credits Page 19

Percentage of Costs Not

Total in Depreciable Acquisition Rehabilitation Not InResidential Basis Credit Basis Credit Basis Basis

361 . Acquisition: Land $137,500 $137,500362 . Acquisition: Building $0 $0 $0 $0363 . Acquisition Subtotal $137,500 $0 $0 $137,500

364 . Direct Construction Budget $916,507 $0 $916,507365 . Construction Contingency $45,825 $0 $45,825366 . Subtotal: Construction $962,333 $0 $962,333 $0

General Development Costs:367 . Architecture & Engineering $52,000 0% $52,000 $0368 . Survey and Permits $22,000 0% $22,000 $0369 . Clerk of the Works $0 0% $0 $0370 . Environmental Engineer $5,000 0% $5,000 $0371 . Bond Premium $0 0% $0 $0372 . Legal* $10,000 0% $0 $10,000 $0373 . Title and Recording $3,000 0% $0 $3,000 $0374 . Accounting & Cost Certificat. $3,000 0% $0 $3,000 $0375 . Marketing and Rent Up* $0 100% $0376 . Real Estate Taxes* $0 0% $0 $0 $0377 . Insurance $10,000 0% $0 $10,000 $0378 . Relocation $0 0% $0 $0 $0379 . Appraisal $3,000 0% $0 $3,000 $0380 . Security $0 0% $0 $0 $0381 . Construction Loan Interest* $22,000 0% $0 $22,000 $0382 . Inspecting Engineer $0 0% $0 $0 $0383 . Financing Fees* Bank $20,000 0% $0 $20,000 $0384 . Financing Fees* $0 0% $0 $0 $0385 . MIP $0 0% $0 $0 $0386 . Credit Enhancement Fees $0 0% $0 $0 $0387 . Letter of Credit Fees* $0 0% $0 $0 $0388 . Other Financing Fees* $25,000 0% $0 $25,000 $0389 . Development Consultant $0 0% $0 $0 $0390 . Other* ................. Consultants $25,000 0% $0 $25,000 $0391 . Other* ................. Reimbursement $3,000 0% $0 $3,000 $0392 . Soft Cost Contingency* $5,075 0% $0 $5,075 $0393 . Subtotal: Gen. Dev. $208,075 $0 $208,075 $0

394 . Subtotal: Acquis., Const., $1,307,908 $0 $1,170,408 $137,500 and Gen. Dev.

395 . Developer Overhead $100,000 $0 $100,000 $0396 . Developer Fee/Profit $75,561 $0 $75,561 $0397 . Capitalized Reserves $7,500 $0 $7,500 $0

398 . Total Development Cost $1,565,408

399 . Total Net Development Cost $1,407,908

400 . Total Eligible Tax Credit Basis $1,353,469 $0 $1,353,469

* Some or all of these costs will typically be allocated to intangible assets or expensed.


N/A



Section 6

Please indicate whether the following Exhibits are included with this application.

Exhibit 1. Site Information:Detailed site map IncludedPhotographs of the site Not IncludedDirections to the site Not IncludedSite location map Included

Exhibit 2. Environmental Information:Chapter 21E Assessment Not IncludedEnvironmental Notification Form Not IncludedLead paint inspection Not IncludedLead paint abatement plan Not IncludedAsbestos inspection report Not IncludedAsbestos abatement plan Not IncludedLetter from local or Mass. Historical Commission Not IncludedMap of wetlands or floodplain areas Not IncludedDetermination by Local Conservation Commission and/or Dept. of Environmental Protection Not IncludedOther environmental information Not Included

Exhibit 3. Evidence of Zoning Not Included

Exhibit 4. Evidence of Site Control Not Included

Exhibit 5. Evidence of Local Support Not Included

Exhibit 6. Market Information and Acquisition Value Not Included

Exhibit 7. Marketing Plan Not Included

Exhibit 8. Affirmative Fair Marketing Plan Not Included

Exhibit 9. Equal Opportunity Questionnaire Not Included

Exhibit 10. Sales Prices and Affordability Included

Exhibit 11. Construction Period Sources and Uses Included

Exhibit 12. Tax-Exempt Project Information Not Included

Exhibit 13. Relocation Plan Not Included

Exhibit 14. Special Needs Service Plan Not Included

Exhibit 15. Required Tax Credit Certifications Not Included

Exhibit 16. Preliminary Plans and Specifications Included

Exhibit 16A. Accessiblity Information Not Included

Exhibit 17. Commitment Drawings and Specifications Not Included

Exhibit 18. Soil and/or Structural Report Not Included


CHECKLIST FOR EXHIBITS


Section 6. Checklist for Exhibits Page 21

Please indicate whether the following Exhibits are included with this application.

Exhibit 19. Energy Budget Not Included

Exhibit 20. Construction Financing Included

Exhibit 21. Permanent Financing Not Included

Exhibit 22. Equity Financing Commitment Included

Exhibit 23. Other Funding Commitments Not Included

Exhibit 24. Rental Subsidies Not Included

Exhibit 25. Developer Profile Included

Exhibit 26. Mortgagor's Other Real Estate Not Included

Exhibit 27. Architect's Resume Included

Exhibit 28. Management Agent Profile Included

Exhibit 29. General Contractor's Profile Included

Exhibit 30. Developer Financial Statement and Credit Release Not Included

Exhibit 31. Mortgagor Personal Financial Statement Not Included

Exhibit 32. Individual Financial Profile Not Included

Exhibit 33. General Contractor's Financial Capacity Not Included

Additional Exhibits:

Exhibit No. Title:

Exhibit No. Title:

Exhibit No. Title:

Exhibit No. Title:




Section 7SIGNATURE PAGE

Project Name

Date: 2 9 2018(month) (day) (year)

The applicant certifies that this application is complete and accurate, to thebest of his/her knowledge, and that there are no material misrepresentations.

Mortgagor:


E+ 118 Marcella Street

Kamran ZahediMARCELLA 120 LLC


One Stop2000 Affordable Housing Finance Application [Version 1.21] ©Page A-1

Project Summary InformationNOTE: Do not fill out this section. It is automatically filled in by program.

Project Name E+ 118 Marcella StreetDeveloper MARCELLA 120 LLCCommunity Boston

Number of Units 3

SRO 0 Low-Income, Rental Assisted 00 bedroom 0 Low-Income, Below 50% 01 bedroom 0 Low-Income, Below 60% 02 bedrooms 3 Other Income (User-defined) 03 bedrooms 0 Market Rate 34 bedrooms 0

This is an application for: DHCD Tax Credit Allocation ...................................................... NoHOME Funding through DHCD .................................................. NoMHFA Official Action Status....................................................... NoMHFA Construction Financing..................................................... NoMHFA Permanent Financing ....................................................... NoMHP Fund Financing ................................................................... NoMHIC Construction Loan………………………. NoMHIC Tax Credit Equity .............................................................. NoBoston: DND…………………………………….. NoOther……………………………………………………………… NoOther……………………………………………………………… NoOther……………………………………………………………… NoFinancing from Massdevelopment……………………………… No

Sources of Funds: Uses of Funds:Developer's Equity ................................... $500,000 Acquisition ................................................. $137,500Tax Credit Equity ..................................... $0 Construction ............................................... $962,333Public Equity ............................................ $0 General Development ................................ $208,075Subordinate Debt ...................................... $0 Developer Overhead .................................. $100,000Permanent Debt ........................................ $0 Developer Fee ............................................ $150,000Total All Sources .................................... $500,000 Capitalized Reserves................................. $7,500

Total All Uses ........................... $1,565,408Uses Exceed Sources by ........................... $1,065,408Permanent financing is not needed for this project. Sales proceeds will be used to pay back construction financing.

Rent Levels: BR (aver.) SF (aver.)Low-Income, Rental Assisted .................. N/A N/A N/ALow-Income, Below 50% ......................... N/A N/A N/ALow-Income, Below 60% ......................... N/A N/A N/AOther Income (User-defined)……….…… N/A N/A N/AMarket Rate .............................................. $0 2.0 980Average, All Units .................................... $0 2.0 980

Annual Operating Income (year 1): Annual Operating Expense (year 1):Gross rental income (residential) $0 Management Fee $0Vacancy (resid.) % $0 Administrative $0Other Income (net of vacancies) $0 Maintenance $0Subtotal $0 Res. Service, Security $0Operating Subsidies $0 Utilities $0Draw on Operating Reserves $0 Repl. Reserve $0Total Annual Income $0 Oper. Reserve $0

Taxes, Insurance $0Net Operating Income $0 Total $0Debt Service $0Debt Service Coverage N/A Total per Unit $0



One Stop2000 Affordable Housing Finance Application [Version 1.21] © Page A-2

Rent Profile AnalysisNOTE: Do not fill out this section. It is automatically filled in by program.

Contract Size of No. of Gross Rent/ Rent perUnits Rent Unit Bathrooms Maximum square foot

Low-Income (Rental Assisted):SRO 0 N/A N/A N/A N/A N/A0 bedroom 0 N/A N/A N/A N/A N/A1 bedroom 0 N/A N/A N/A N/A N/A2 bedrooms 0 N/A N/A N/A N/A N/A3 bedrooms 0 N/A N/A N/A N/A N/A4 bedrooms 0 N/A N/A N/A N/A N/A

Low-Income (below 50%):SRO 0 N/A N/A N/A N/A N/A0 bedroom 0 N/A N/A N/A N/A N/A1 bedroom 0 N/A N/A N/A N/A N/A2 bedrooms 0 N/A N/A N/A N/A N/A3 bedrooms 0 N/A N/A N/A N/A N/A4 bedrooms 0 N/A N/A N/A N/A N/A

Low-Income (below 60%):SRO 0 N/A N/A N/A N/A N/A0 bedroom 0 N/A N/A N/A N/A N/A1 bedroom 0 N/A N/A N/A N/A N/A2 bedrooms 0 N/A N/A N/A N/A N/A3 bedrooms 0 N/A N/A N/A N/A N/A4 bedrooms 0 N/A N/A N/A N/A N/A

Other Income (User-defined)SRO 0 N/A N/A N/A N/A N/A0 bedroom 0 N/A N/A N/A N/A N/A1 bedroom 0 N/A N/A N/A N/A N/A2 bedrooms 0 N/A N/A N/A N/A N/A3 bedrooms 0 N/A N/A N/A N/A N/A4 bedrooms 0 N/A N/A N/A N/A N/A

Market Rate (unrestricted occupancy):SRO 0 N/A N/A N/A N/A0 bedroom 0 N/A N/A N/A N/A1 bedroom 0 N/A N/A N/A N/A2 bedrooms 3 $0 980 1.5 $0.003 bedrooms 0 N/A N/A N/A N/A4 bedrooms 0 N/A N/A N/A N/A


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21-Year Operating Proforma (Years 1-5)NOTE: Do not fill out this section. It is automatically filled in by program.

Year 1 Year 2 Year 3 Year 4 Year 5Calendar Year: 2020 2021 2022 2023 2024

INCOME:Low-Income, Rental Assisted $0 $0 $0 $0 $0Low-Income, Below 50% 0 0 0 0 0Low-Income, Below 60% 0 0 0 0 0Other Income (User-defined) 0 0 0 0 0Market Rate 0 0 0 0 0Gross Potential Income 0 0 0 0 0 Less vacancy 0 0 0 0 0Effective Gross Residential Income 0 0 0 0 0Commercial (includes parking) 0 0 0 0 0 Less vacancy 0 0 0 0 0Net Commercial Income 0 0 0 0 0Effective Rental Income 0 0 0 0 0Other Income: Laundry 0 0 0 0 0Other Income: 0 0 0 0 0 0Other Income: 0 0 0 0 0 0Other Income: 0 0 0 0 0 0Other Income: 0 0 0 0 0 0Other Income: 0 0 0 0 0 0Other Income: 0 0 0 0 0 0Total Gross Income 0 0 0 0 0Operating Subsidies 0 0 0 0 0Draw on Operating Reserves 0 0 0 0 0Total Effective Income $0 $0 $0 $0 $0

EXPENSES:Management Fee 0 0 0 0 0Administrative 0 0 0 0 0Maintenance 0 0 0 0 0Resident Services 0 0 0 0 0Security 0 0 0 0 0Electrical 0 0 0 0 0Natural Gas 0 0 0 0 0Oil (heat) 0 0 0 0 0Water & Sewer 0 0 0 0 0Replacement Reserve 0 0 0 0 0Operating Reserve 0 0 0 0 0Real Estate Taxes 0 0 0 0 0Other Taxes 0 0 0 0 0Insurance 0 0 0 0 0MIP 0 0 0 0 0Other: 0 0 0 0 0Total Operating Expenses $0 $0 $0 $0 $0

NET OPERATING INCOME $0 $0 $0 $0 $0

Debt Service $0 $0 $0 $0 $0Debt Service Coverage N/A N/A N/A N/A N/AProject Cash Flow $0 $0 $0 $0 $0

Required Debt Coverage $0 $0 $0 $0 $0(Gap)/Surplus for Cov. $0 $0 $0 $0 $0


N/A





INCOME:Low-Income, Rental Assisted $0 $0 $0 $0 $0Low-Income, Below 50% 0 0 0 0 0Low-Income, Below 60% 0 0 0 0 0Other Income (User-defined) 0 0 0 0 0Market Rate 0 0 0 0 0Gross Potential Income 0 0 0 0 0 Less vacancy 0 0 0 0 0Effective Gross Residential Income 0 0 0 0 0Commercial Income 0 0 0 0 0 Less vacancy 0 0 0 0 0Net Commercial Income 0 0 0 0 0Effective Rental Income 0 0 0 0 0Laundry Income 0 0 0 0 0Other Income: - 0 0 0 0 0Other Income: - 0 0 0 0 0Other Income: - 0 0 0 0 0Other Income: - 0 0 0 0 0Other Income: - 0 0 0 0 0Other Income: - 0 0 0 0 0Total Gross Income 0 0 0 0 0Operating Subsidies 0 0 0 0 0Draw on Operating Reserves 0 0 0 0 0Total Effective Income $0 $0 $0 $0 $0






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INCOME:Low-Income, Rental Assisted $0 $0 $0 $0 $0Low-Income, Below 50% 0 0 0 0 0Low-Income, Below 60% 0 0 0 0 0Other Income (User-defined) 0 0 0 0 0Market Rate 0 0 0 0 0Gross Potential Income 0 0 0 0 0 Less vacancy 0 0 0 0 0Effective Gross Residential Income 0 0 0 0 0Commercial (includes parking) 0 0 0 0 0 Less vacancy 0 0 0 0 0Net Commercial Income 0 0 0 0 0Effective Rental Income 0 0 0 0 0Other Income: Laundry 0 0 0 0 0Other Income: 0 0 0 0 0 0Other Income: 0 0 0 0 0 0Other Income: 0 0 0 0 0 0Other Income: 0 0 0 0 0 0Other Income: 0 0 0 0 0 0Other Income: 0 0 0 0 0 0Total Gross Income 0 0 0 0 0Operating Subsidies 0 0 0 0 0Draw on Operating Reserves 0 0 0 0 0Total Effective Income $0 $0 $0 $0 $0






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Year 16 Year 17 Year 18 Year 19 Year 20 Year 21Calendar Year: 2035 2036 2037 2038 2039 2040

INCOME:Low-Income, Rent. Astd. $0 $0 $0 $0 $0 $0Low-Income, Below 50% 0 0 0 0 0 0Low-Income, Below 60% 0 0 0 0 0 0Other Income (User-define 0 0 0 0 0 0Market Rate 0 0 0 0 0 0Gross Potential Income 0 0 0 0 0 0 Less vacancy 0 0 0 0 0 0Eff. Gross Res. Income 0 0 0 0 0 0Commercial Income 0 0 0 0 0 0 Less vacancy 0 0 0 0 0 0Net Commercial Income 0 0 0 0 0 0Effective Rental Income 0 0 0 0 0 0Other Income: Laundry 0 0 0 0 0 0Other 0 0 0 0 0 0 0Other 0 0 0 0 0 0 0Other 0 0 0 0 0 0 0Other 0 0 0 0 0 0 0Other 0 0 0 0 0 0 0Other 0 0 0 0 0 0 0Total Gross Income 0 0 0 0 0 0Operating Subsidies 0 0 0 0 0 0Draw on Operating Res. 0 0 0 0 0 0Total Effective Income $0 $0 $0 $0 $0 $0

EXPENSES:Management Fee 0 0 0 0 0 0Administrative 0 0 0 0 0 0Maintenance 0 0 0 0 0 0Resident Services 0 0 0 0 0 0Security 0 0 0 0 0 0Electrical 0 0 0 0 0 0Natural Gas 0 0 0 0 0 0Oil (heat) 0 0 0 0 0 0Water & Sewer 0 0 0 0 0 0Replacement Reserve 0 0 0 0 0 0Operating Reserve 0 0 0 0 0 0Real Estate Taxes 0 0 0 0 0 0Other Taxes 0 0 0 0 0 0Insurance 0 0 0 0 0 0MIP 0 0 0 0 0 0Other: 0 0 0 0 0 0Total Operating Expenses $0 $0 $0 $0 $0 $0

NET OPER. INC. $0 $0 $0 $0 $0 $0

Debt Service $0 $0 $0 $0 $0 $0Debt Service Coverage N/A N/A N/A N/A N/A N/AProject Cash Flow $0 $0 $0 $0 $0 $0

Required Debt Coverage $0 $0 $0 $0 $0 $0(Gap)/Surplus for Cov. $0 $0 $0 $0 $0 $0


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Operating Expense AnalysisNOTE: Do not fill out this section. It is automatically filled in by program.

Residential Residential Residential Commercial CommercialTotal Per Unit Per S. F. Total Per S. F.

Management Fee $0 $0.00 $0.00 $0 N/A

Payroll, Administrative $0 $0.00 $0.00 $0 N/APayroll Taxes & Benefits, Admin. $0 $0.00 $0.00 $0 N/ALegal $0 $0.00 $0.00 $0 N/AAudit $0 $0.00 $0.00 $0 N/AMarketing $0 $0.00 $0.00 $0 N/ATelephone $0 $0.00 $0.00 $0 N/AOffice Supplies $0 $0.00 $0.00 $0 N/AAccounting & Data Processing $0 $0.00 $0.00 $0 N/AInvestor Servicing $0 $0.00 $0.00 $0 N/ADHCD Monitoring Fee $0 $0.00 $0.00 $0 N/AOther: $0 $0.00 $0.00 $0 N/AOther: $0 $0.00 $0.00 $0 N/ASubtotal: Administrative $0 $0.00 $0.00 $0 N/A

Payroll, Maintenance $0 $0.00 $0.00 $0 N/APayroll Taxes & Benefits, Admin. $0 $0.00 $0.00 $0 N/AJanitorial Materials $0 $0.00 $0.00 $0 N/ALandscaping $0 $0.00 $0.00 $0 N/ADecorating (inter. only) $0 $0.00 $0.00 $0 N/ARepairs (inter. & ext.) $0 $0.00 $0.00 $0 N/AElevator Maintenance $0 $0.00 $0.00 $0 N/ATrash Removal $0 $0.00 $0.00 $0 N/ASnow Removal $0 $0.00 $0.00 $0 N/AExtermination $0 $0.00 $0.00 $0 N/ARecreation $0 $0.00 $0.00 $0 N/AOther: $0 $0.00 $0.00 $0 N/ASubtotal: Maintenance $0 $0.00 $0.00 $0 N/A

Resident Services $0 $0.00 $0.00 $0 N/ASecurity $0 $0.00 $0.00 $0 N/A

Electricity $0 $0.00 $0.00 $0 N/ANatural Gas $0 $0.00 $0.00 $0 N/AOil $0 $0.00 $0.00 $0 N/AWater & Sewer $0 $0.00 $0.00 $0 N/ASubtotal: Utilities $0 $0.00 $0.00 $0 N/A

Replacement Reserve $0 $0.00 $0.00 $0 N/A

Operating Reserve $0 $0.00 $0.00 $0 N/A

Real Estate Taxes $0 $0.00 $0.00 $0 N/AOther Taxes $0 $0.00 $0.00 $0 N/AInsurance $0 $0.00 $0.00 $0 N/AMIP $0 $0.00 $0.00 $0 N/AOther: $0 $0.00 $0.00 $0 N/ASubtotal:Taxes, Insurance $0 $0.00 $0.00 $0 N/A

TOTAL EXPENSES $0 $0.00 $0.00 $0 N/A


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Development Cost AnalysisNOTE: Do not fill out this section. It is automatically filled in by program.

Residential Residential Residential Commercial CommercialTotal Per Unit Per S. F. Total Per S. F.

Acquisition: Land $137,500 $45,833 $32.64 $0 N/AAcquisition: Building $0 $0 $0.00 $0 N/AAcquisition Subtotal $137,500 $45,833 $32.64 $0 N/A

Direct Construction Budget $916,507 $305,502 $217.54 $0 N/AConstruction Contingency $45,825 $15,275 $10.88 $0 N/ASubtotal: Construction $962,333 $320,778 $228.42 $0 N/A

General Development Costs:Architecture & Engineering $52,000 $17,333 $12.34 $0 N/ASurvey and Permits $22,000 $7,333 $5.22 $0 N/AClerk of the Works $0 $0 $0.00 $0 N/AEnvironmental Engineer $5,000 $1,667 $1.19 $0 N/ABond Premium $0 $0 $0.00 $0 N/ALegal $10,000 $3,333 $2.37 $0 N/ATitle and Recording $3,000 $1,000 $0.71 $0 N/AAccounting & Cost Certificat. $3,000 $1,000 $0.71 $0 N/AMarketing and Rent Up $0 $0 $0.00 $0 N/AReal Estate Taxes $0 $0 $0.00 $0 N/AInsurance $10,000 $3,333 $2.37 $0 N/ARelocation $0 $0 $0.00 $0 N/AAppraisal $3,000 $1,000 $0.71 $0 N/ASecurity $0 $0 $0.00 $0 N/AConstruction Loan Interest $22,000 $7,333 $5.22 $0 N/AInspecting Engineer $0 $0 $0.00 $0 N/AFees to: Bank $20,000 $6,667 $4.75 $0 N/AFees to: $0 $0 $0.00 $0 N/AMIP $0 $0 $0.00 $0 N/ACredit Enhancement Fees $0 $0 $0.00 $0 N/ALetter of Credit Fees $0 $0 $0.00 $0 N/AOther Financing Fees $25,000 $8,333 $5.93 $0 N/ADevelopment Consultant $0 $0 $0.00 $0 N/AOther: $25,000 $8,333 $5.93 $0 N/AOther: $3,000 $1,000 $0.71 $0 N/ASoft Cost Contingency $5,075 $1,692 $1.20 $0 N/ASubtotal: Gen. Dev. $208,075 $69,358 $49.39 $0 N/A

Subtotal: Acquis., Const., $1,307,908 $435,969 $310.45 $0 N/A and Gen. Dev.

Capitalized Reserves $7,500 $2,500 $1.78 $0 N/ADeveloper Overhead $100,000 $33,333 $23.74 $0 N/ADeveloper Fee $150,000 $50,000 $35.60 $0 N/A

Total Development Cost $1,565,408 $521,803 $371.57 $0 N/A

Total Net* Development Cost $1,407,908 $469,303 $334.18 $0 N/A

(*Does not include any capitalized reserves nor any developer's fees or overhead which are contributed or loaned to the project.)

142 Berkeley St, Suite 402, Boston, MA 02116T. 617.654.8900 F. 617.654.8901

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