EFTA01071803.pdf

114 EAST 25TH ST 114 EAST 25TH STREET 66-EXTENDED STAY RESIDENCES & RETAIL O MITCHELL HOUTTINGS LLC 1 fury ; 2014, Cenfidendel I 801 Madison Avenue, New York, NY 10065 1 (T) 212-466-4444 1 (P) 212-320-0474 EFTA01071803 Summary - 114 East 25th St De0010000 9595 A/Muni kuuISmoN LOAN ASSUMPTIONS LTC property Name 114 East 25th St Purchase Price 36,500.000 57.2% 868.015 Loan AMMO* 41.496,805 65.0% 986.61 Asset Type Commercial Hard Costs 18,921,600 29.6% 450.00 Closing Date 01-Aug-14 Market New York, NY Soft Costs 1,261440 2.0% 30.00 I. Rate - Type Fixed Transaction Costs 2.074,840 3.2% 49.34 I/O -Period 21 Interest Reserve 5.083 359 8.0% 120.89 I/O - Rate 7.00% Gross So Ft 42.048 Total Uses 63.841.239 100.0% Planning Period 6 months RIVESTMENT RESULTS Levered %DUKES Amount 800nYval Period 3 MAIN XIRR of Required Equity 39.62% Aouisition Loan 41,496,805 65 0% 986.81 puildout Penal 17 months Net Profit 33,614.095 EOuity 22,344,434 35 0% 531.40 Operational Period 12 months &MY 22,344434 Mule0le 2.50 x eau Sources 63,841,239 100.0% Commercial LeaSe Commercial Lease 5/1/16 3-Mortis of Free Rent Operatxma4 Yr Investment Year Basins 8/1/14 8/ 1 /15 5/1/16 Sensitivity Table INCOME Douai:mon XIRR Net Profit Multiple DevelOpMent Current 5.0% 49.43% 45.101,226 3.02 x Annual Rent Growth Vacancy Rate 7.5% 47.08% 42.229443 2.89 x CiXimnefOal SflaCe (month per unit) 20.833 33 0 187.500 187,500 15.0%. 10.0% 44.67% 39.357,661 2.76 x 66-Extended Stay RerMenCtS (MOM*, unit) 10.00000 0 7,920.000 7,920,000 12.5% 42.18% 36.485,878 2.63 x Vacancy Rate 25.0% 0 .1,188.000 -1,188,000 Toole 15.0% 39.62% 33.614,095 2.50 x effettiVol Gross OMNI% 0 6,919,500 6,919,500 2.5% 17.5% 36.97% 30.742,312 2.38 x EXPENSES Pr Unit Pr Day 20.0% 34.23% 27,870,529 2.25 x Operatmg Expenses 22.5% 31.39% 24,998,746 2.12 x (30% of EGO or 585 per emit per day 25.0% 28.43% 22.126,963 1.99x Daily Room Rim Over 50.00 -1,204,500 -1,204,500 FFE Replacement 15.00 -361,350 -361,350 VOIities S 00 -120.450 -120,450 Customer Aqtasition 500 -120,450 -120,450 Operations IV 00. „zaN 900 -241 900 Total ExtiecISIS -2.047,6 -2,047.650 Expense Margin -29.59% -29.59% NET OPERATING INCOME 0,671,850 4,071,060 TOTAL FINANCING Aquisition Loan 41.496.80 0 41,496,805 ,EOuity 22.344.434 0 77 344.434 Tot. Financing 63.841 239 -36,500.000 -36,500,000 -18,921A00 -18,921,600 -1.261,440 -1,261.440 -2.074.840 -2,074.840 Ibtal Costs -58.757,800 -S0,757.880 DEBT Principal Balance -41.496,805 -41496,8 0 Interest Reserve -5,083,359 -5,083,359 Interest PANS 0 -2,904,77 -2,904,776 Payoff 0 .41.4%80 -41496.80 SALE Of BUILDING Sale or evatling (5 cao) 0 97.437.000 97,437,000 Sale Closing Costs (2%1 0 •1,948.740 -1,948.740 Net Sale 0 95 408 60 Return or Lquit, 33,614,095 0 MITCHELL HOWINGS MC I July 7, 2014, Confidential I 801 Kadison Avenue, New York, NY 10065 I EFTA01071804