EFTA01071800.pdf

114 EAST 25TH ST 114 EAST 25TH STREET NEUEHOUSE & 24-EXTENDED STAY RESIDENCES C I OWTCHRI MOLDINGS LIK I July 16, 2014, Confidential I 601 Madison Avenue, Nay, York, NY 10065 I EFTA01071800 Summary - 114 East 25th St DomIptliwi USES ACQUISITION LOAN ASSU/oPTIONS LTC Property rtarte 114 cost 25th st Fun:haft Price 36.500.000 74.1% 739.12 loan Amount 26.000,000 56.9% 567.00 Mit Tye" Commerce/ Cstonded-Stay Units 3.354.000 6.0% 25040 00109 Dote 01.4.9•14 men!, now York. NY Ilaso Oulding Costs 4,938.300 10.0% 100.00 I. Rote Woe Dyed Solana Gross Sq. Ft 49,383 Soft Coots 600.000 1.2% 12.15 U0 Period 21 Gross Extaicked.Stay Par FR« 3.354 (5%) Traniatbral E(2% 1,400.000 2.0% 28.35 VO • Rate 500% Gross Ext.:TOW-Stay 13,416 Interest ReMerne 2450.000 5.0% 49.6I pure., rxtereled-ortno Unna Tetal Uses 49.242.300 100.0% Planning Percd months Approval Pend 3 months my/Estero' RESULTS Levered 403Ultr Malt Clunlout Pend 12 months )(MR of Roamed 604tY 37.42% MOULtem Loan 28407.000 56.9% 567.01 ~HMI Pond 12 months Not Prole 29,478.048 lem ev 27342,360 43.1% 430.15 EOM), 21,242.300 Total San« 49 242 300 100.0% Commercial Lease 5/1/16 240v OPillOonal Tr Inuestmont Tow Boains 8/1/14 8/1/16 5/1/16 Total INCOME Descripbon Sensitivity Tate* OtvoIorno Vacancy Rato KIRR 1.1:6 Profit HMO. Anew( Rant %r/ps J fr. Cerrent 0.0% 4287% 35.432.064 2.67 x «outhouse: tower tart 5000 O 99,525 99,525 9aleia rtote 2.5% 41.34% 33.994,160 2.60 x Neuehouse: Ist atp "too 0 0 773,100 773,100 100'h 5,0% 40.19% 32.555.456 2.53 x Roodhouse: 2nd, 7th-12th Floor 70.00 0 O 1,643.460 1,643,460 7.5% 38.81% 31,116,752 2.46 x Roodhouse>: Root 50.00 0 O 167.700 367.700 Toga moss 37.42% 29,678.048 240x Subhotal at Roodhouse 1.683.785 2.683.785 2.5% 12.5% 3549% 28,239,344 2.33 x txtencled-Stay: 3."0-0th Plao, IrnonthYeate) 10.070.00 0 0 2.860.000 2.890.000 15,0% 3434% 26.803.640 2.26 x »reta Rote 10 0 0 -Zits 070 -289.002 17.5% 33.06% 25.363.936 2.19 x Wheal of Extended-Stor 2.592.000 2.592.000 200% 3155% 22.923,231 2,11 Moab" Groos Inmes 0 O 5.275.785 5.275.785 EXPENSES PO Unt Per Day 00entirq ENDteces U Extendc*-Stay UnILL 24 Net Profit Vacam Rate Ma Rectum Price 575 per unit er der %scam %tame Fnee Daly Room Tons Over 45.00 0 O -394.200 -394,200 CO 000 7.503.000 38.0 SOO 49 6E Reokeemert 10.00 0 0 47.600 47,600 0.00% SA ,931,864 .432,964 32,3 64 unto £00 0 O 43.800 43,800 2.50% 33,994,160 33,494,160 32,991,160 32,494,160 Custom« Aquksition £00 0 O 43.800 -43,800 5.00% 32,555,456 32,055A56 31,555,456 31,055,456 Operator* MOO 0 O 47.600 -87.600 7.50% 31,116,752 33,616,752 30,116,752 29,616,752 of $u. tent INtended•Mon Oenwhne !gnomes -657000 -657 COQ 1000% 29,678448 29,178,040 28.6)8.048 28,178,048 elandrent HMS TO Hetleheno 3 00%. 0 0 - 77.700 -77.760 12.50% 20,239,344 27.739,3% 27.239.344 26,739,344 Op. Expenses of tkincluel IP10 1!W 0 0 -643.979 441.979 15.00% 28,800.640 26.300640 25.800,640 25,300,640 ROI Expensas 0 0 •1.376.739 17.50% 25,361,936 24,861,936 24,361,936 23,861,936 toPMSC MTICkfl -2610% -26.10% 20.00% 23,923,232 23.423,232 22.923.232 22.423,232 NET OPERATING INCOME O O 3.899.044 3,899.044 • FINANCING Arcuil(ten LeOn 28,000.800 20.000.000 Net Profit Wu"- Rate fve.) Rani C0313 of Extend Slay Orb E9aty 21.242.300 0 0 21 242.300 Vacancy 14w6 Costs of Exterbal Stay Until Total Framilati 49,2.2300 0 0 49.242.300 250 00 300.00 350.00 400.00 TOTAL COSTS 0.00% 35,432,864 34,762,064 34,091,264 33,420,464 Furthest Pre, -36,500.000 -36,500,000 2.50% 33,994,160 33,323,360 32,652,560 31,981,760 Extended-Stay Units 4,354.000 -3,354.080 5,00% 32,555,456 31,084,656 31,213,056 30,543,056 Dote 15vidlog Costs -4,938.303 7.50% 31,116,752 30,445,952 29.775,132 29,104,352 Solt Costs 600,000 0 0 10.00% 39,678,0.8 29,007,248 28,336,448 27,665,648 5%) Taman:an Costs 1,400.060 0 0 •1 400.000 12.50% 28,239.3.44 27,568,544 26,897,744 26,226,944 Total Costs •46,792.300 .46.792.300 15.00% 26,800,640 26,129,840 25,459,040 24,788,240 PCP 17.50% 25,361,936 24,691,136 24,020,336 23,349,536 Mendel 15Pance -28.004000 -78 000800 0 2 20 00% 23,923 732 23 257432 72 561.637 21 910122. Interest Reserve -2A50.000 0 0 -2.450.000 Interest Pins 0 0 •1,403,000 •1,400,010 Payoff 0 O .28.000.000 End% Balance .2A50.000 SALE OF WILDING. Sal: of Balding (5 cap) 0 O 77.99).420 77,980.920 Sag ckning Casts <294I 0 O 5,559,618 .1,559,618 r aM Return of [dude 0 0 • O 76.421.103 -21.242.300 =MS -21.242.300 29,678,048 C) MITCHELL NOti>MG5 LIC I July 16, 2014, Confidential I 801 Madison Avenue, Nam York NY 10065 EFTA01071801 Breakdown - 114 East 25th St Floor Ceiling Height (to bottom of beam) Ceiling Height (to slab) Gross SF Neuehouse Basement - 10' 3" 3,981 Ground 18' 1" 20' 5,154 Mezzanine - 2nd Floor 10' 2" 11' 8' 3,354 Extended-Stay 3rd Floor 9' 1" 10' 8' 3,354 4th Floor 9' 1" 10' 8` 3,354 5th Floor 9' I" 10' 8` 3,354 6th Floor 9' 1" 10'13" 3,354 Neuehouse 7th Floor 9' 1" 10' 8' 3,354 8th Floor 9' 1" 10' 8' 3,354 9th Floor 10' 8' 3,354 10th Floor 9' I" 10' 8' 3,354 11th Floor 9' 1" 10' 8' 3,354 12th Floor 9' 1" 11' 7' 3,354 Roof 9' 1" IV 7" 3,354 49.383 O MITCHELL HOLDINGS LLC I July 16, 2014, Confidential I 801 Madison Avenue, New York, NY 10065 EFTA01071802