acuho presentation 06 28 09

Portfolio

Certified Small Business

Founded 1988

Principal: Jon Grant, AIA, NCARB

Vice President of Design: Gordon

Ingerson, AIA, LEED AP

At a Glance

Design Focus:

- Student Housing

- Higher Education Facilities

- Research Facilities

- Senior Housing

- Professional Office Buildings

Architectural Design

Site Planning / Selection

Master Planning

Renovation & Expansion

Adaptive Reuse

Historic Preservation

Interior Design

Space Planning

Senior Community Design

Facilities Surveys & Reports

Project Management &

Coordination

Our Services

Facility Space Programming

Zoning Studies

Project Animation

3-D Computer Modeling / BIM

Facilitation & Focus Group

Sessions

LEED Design

Specification Writing

Programming Research

Construction Administration

• Carnegie Mellon University / West Virginia University Institute for Scientific Research Huntington, WV

• Salisbury University University Village, Halloway Hall Campus Commons Salisbury, MD

• California University of Pennsylvania Student Housing California, PA

• University of Connecticut Student Housing Storrs, CT

• Grove City College Student Housing Grove City, PA

• Glassboro University Student Housing & Academic Village, Glassboro, NJ

• University of Arkansas Master Plan Magnolia, AR

• Gallaudet University, Natatorium, Washington, DC

• St. Mary's College Classrooms & Lab, St. Mary's City, MD

• Marshall University Student Union, Huntington, WV

• Prince George Community College Bladen Hall Largo, MD

Higher Education Clients

Award Winning Design

The Institute for Scientific ResearchFairmont, WV

Award-Winning Design

The Commons,Salisbury UniversitySalisbury, MD


Educational Design

ExcellenceIn American

School & University

1998

The CommonsSalisbury State UniversitySalisbury, MD

Award-Winning Design

Colonial Hall,Grove City College


Village at Waugh ChapelGambrills, MD

Commercial Projects

Community Focus

Higher EducationGallaudet UniversityWashington, DC

Higher Education

Halloway HallSalisbury UniversitySalisbury, MD

Higher Education

College of Southern MarylandLeonardtown, MD

Higher Education

Marshall UniversityHuntington, WV

Higher Education

Bladen HallPrince George’s Community CollegeLargo, MD

Higher Education

DUQUESNE UNIVERSITY SUPERBLOCK

Higher Education

Higher Education

John Hopkins Graduate HallBaltimore, MD

Student Housing

Student ApartmentsCalifornia, PA

Student Housing

Storrs, CT

Student Housing

Student Housing

Academic VillagesAcademic Village & Student HousingGlassboro, New Jersey

Colonial Hall,Grove City CollegeGrove City, PA

On-Campus Housing

Colonial HallGrove City CollegeGrove City, PA

On-Campus Housing

Glenville State CollegeGlenville, WV

On-Campus Housing

Colonial HallGrove City CollegeGrove City, PA

On-Campus Housing

University VillageSalisbury UniversitySalisbury, MD

Off-Campus Housing

Salisbury UniversitySalisbury, MD

ON-Campus Housing

Salisbury UniversitySalisbury, MD

On-Campus Housing

University of VirginiaCharlottesville, VA

Off - Campus Housing

University of PittsburghPittsburgh, PA

ON - Campus Housing


ON - Campus Housing

GrantArchitects

University of Pittsburgh Freshman HousingA Silver LEEDS ProjectBeds 577

Parking Spaces 52

Land Acquistion

Land and Building Acquistion $0.00

Total Land Acquistion $0.00

Construction Costs Area Cost/sf Total Cost

Parking Garage* 14,588 $65.00 $948,220.00

Residential 113,958 $156.25 $17,805,937.50

ClubHouse 5,384 $300.00 $1,615,200.00

F&F (1,800 per bed) 577 $1,000.00 $577,000.00

Retail 7,129 $65.00 $463,385.00

Telecomm/ security 577 $1,200.00 $692,400.00

Total Construction 141,059 $156.69 $22,102,142.50 Price per Sq. Ft.

Total Union Construction Cost $26,522,571.00 $188.02

Hard Cost per Bed $45,966.33

Construction Services Fee Total Cost

Arch./Eng 6.00% $ 1,591,354.26

Arch.Eng Expenses 0.05% $ 13,261.29

Landscape Arch 0.50% $ 132,612.86

Interior Arch 0.50% $ 132,612.86

Civil Engineer 0.80% $ 212,180.57

Civil Expenses 0.05% $ 13,261.29

Permits 0.00% $ -

Fees 0.00% $ -

Misc Fees 1.00% $ 265,225.71

Total Services Costs $ 2,360,508.82

SOFT COSTS Fee Total Cost

Legal 0.25% $ 67,272.29

Accounting 0.25% $ 67,272.29

Studies and Reports 0.50% $ 150,000.00

Development Expenses 0.50% $ 134,544.58

Project Mgt/Development 3.00% $ 880,655.45

Contingency 5.00% $ 1,467,759.08


ON - Campus Housing

GrantArchitects

University of Pittsburgh Freshman Housing (cont.)Total Project Costs

Total Soft Costs $ 2,767,503.69

Total Hard Costs $28,883,079.82

Development Equity

Equity at 0% $ -

Construction Interest Reserve (50% @ $ @ 5% for 20 months) $ 1,318,774.31

Rental Operating Deficit $ -

Total Amount of Loan $ 32,969,357.82

Total Project Costs $ 32,969,357.82

Total cost per Sq.Ft. $ 233.73

Total Cost for Residential Component $ 27,893,499.18

Total Cost per Bed $ 48,342.29

Rental Income

Bed Per Unit Units Per Building Buildings Rent per Bed Yearly Income @ 95%

Retail Income 0.00 7129 sq.ft. 1 $20.00 $142,580.00

Double Units 2.00 288.50 1 $625.00 $4,327,500.00

Parking Income 0.00 52.00 1 $90.00 $53,352.00

Total $4,523,432.00

Project Return Yearly Return Monthly Return

Yearly Income $4,523,432.00 $376,952.67

Repairs and Maintenance (2%) ($90,468.64) ($7,539.05)

Property Management Fees (4%) ($180,937.28) ($15,078.11)

Insurance (3%) ($135,702.96) ($11,308.58)

Salaries and Wages (2.5%) ($113,085.80) ($9,423.82)

Utilities (8%) ($361,874.56) ($30,156.21)

Reserve (2%) ($90,468.64) ($7,539.05)

Other (2%) ($90,468.64) ($7,539.05)

Net Opertating Income $3,460,425.48 $288,368.79

Debt Service (30 yr Amort @ 5%) $2,314,448.92 $192,870.74 ($208,388.77)

Net Income $1,145,976.56 $95,498.05

Total Return

Yearly Income $1,145,976.56

Land Lease $350,000.00

Total Income $795,976.56

Financial Analysis

Debt Service Coverage Ratio 149.51%

Break Even Rate 43.17%

Project Value at 6% $57,673,758

Loan to Value 57%

Increase in Value $24,704,400.18

Starview Plaza, Silver LEED Housing

Starview Plaza

College University of MarylandPark, Maryland

Starview Plaza

Project Delivery Options

Project # of Stories / Project Details

Year Completed

Total Construction

Cost

# of Beds Cost / Bed

Starview Plaza, College Park, MD

6 Stories Elevatored + 1 Story Retail + 2 Sub-level stories of Parking and 80 Retail Parking Spaces

Estimated 2010

$43,000,000

($31,000,000 Just Housing Portion)

662 Beds $64,000 / Bed

($46,827 / BedJust Housing Portion)

Glassboro Student Housing, Glassboro, NJ

4-Story Elevatored

Union Labor

Estimated 2010

$26,132,800 884 Beds $29,561 / Bed

Grove City College, Grove City, PA

4-Story Elevatored

Union Labor

2006 $11,000,000 240 Beds $45,833 / Bed

University Village, Salisbury, MD

3-Story Walk Ups+6,000 SF Clubhouse

Non-Union Labor

2005 $14,000,000 588 Beds $23,809 / Bed

California University of Pennsylvania, California, PA

3-Story Walk Ups+6,000 SF Clubhouse

Non-Union Labor

2001 $11,000,000 450 Beds $24,444 / Bed

University of Connecticut, Storrs, CT

3-Story Walk-Ups+6,000 SF Clubhouse

2003 $53,000,000 1,000 Beds $53,000 / Bed

Project Analysis

Development Scenarios

1. Developer Owns and provides Building Lease to University – University operates

2. Developer Builds and Developer Operates

3. Public / Private partnership creates 501 c 3 – with University Foundation



Developer enters into annual ground lease with University

• Developer sets income metrics consistent with:Project CostRequired QualityAchievable Rental

• University works with Developer to achieve:Master PlanProject DesignProject ScheduleDevelopment budget



• Developer finances project (private placement) and builds project

• University manages facility at established Rent Rates for students

• Building purchased at Cap Rate after 3 years of operation

If Not purchased…

• Building donated to University after Debt Service period



Advantages: • University realizes annual income (from ground lease)

• University participates with project parameters

• Profits over established per be rent to developer realized by University

• University has asset at end of lease


2. Developer Builds – Developer Operates

• Developer enters into annual ground lease with University

• Developer sets income metrics consistent with:Project CostRequired QualityAchievable Rental

• University works with Developer to achieve:Master PlanProject DesignProject ScheduleDevelopment budget



• Developer finances privately – constructs and operates independently of University support

• University makes project an “Approved Residential Location” in its housing options to students

• University will not compete with new product unless market can support additional beds



Advantages: University gets annual income from land Lease only

No risk for operation


3. Public / Private Partnership – 501 c 3 – with University Foundation

University establishes a 501 c 3 Foundation

Developer enters into annual ground lease with University

Developer sets income metrics consistent with:Project CostRequired QualityAchievable Rental

University works with Developer to achieve:Master PlanProject DesignProject ScheduleDevelopment budget



• 501 c 3 obtains Bond Financing for the project- 100% LTV- Non Recourse basis

• Developer guides development management process- Developer is compensated on a fee for service basis

• Foundation splits operating profits with Developer- Foundation returns income to University

• Project is donated back to University at end of Maturation of Bonds- 40-year term



Advantages

• University shows no debt

• Nonrecourse Loan reduces risk

Unit Breakdowns Residential Parking Retail Atrium/Lobby Total# of Units 177 353 # of Beds 662 # of Floors 6 2.5 0.5 9 Gross Building Area 227,538 117,118 9,482 12,425 366,563 Leaseable Area 180,400 63,540 9,482 0 253,422 Efficiency Ratio 79.28% 54.25% 100.00% 0.00% 69.13%Hard Construction Costs $28,442,250 $7,213,981 $423,422 $2,287,079 $38,366,731 Hard Cost per Gross Square Feet $125.00 $61.60 $44.66 $184.07

Hard Cost per Unit $160,691 per unit$20,436 per

space$45 per Lease

SF

SOURCES AND USES Totals Per Unit Per Bed % of TotalSF Costs

(Gross Rental SF)

USES: Land $6,000,000 $33,898 $9,063 9.84% $26.37 Pre-development Costs $550,000 $3,107 $831 0.90% $2.42 Land Development Costs (Site Work) $2,000,000 $11,299 $3,021 3.28% $8.79 Hard Construction Costs (includes parking) $38,366,731 $216,761 $57,956 62.92% $168.62 Hard Cost Contingencies $2,877,505 $16,257 $4,347 4.72% $12.65 Furniture & Fixtures $1,191,600 $6,732 $1,800 1.95% $5.24 Soft Costs $5,501,141 $31,080 $8,310 9.02% $24.18 Carry Costs $1,980,640 $11,190 $2,992 3.25% $8.70 Other Financing Costs $335,622 $1,896 $507 0.55% $1.48 Reserves/Escrows (incl lease-up reserve) $500,000 $2,825 $755 0.82% $2.20 Developer Fees $1,678,109 $9,481 $2,535 2.75% $7.38

TOTAL USES $60,981,348 $344,527 $92,117 100.00% $268.01

SOURCES: 1st Mortgage $45,736,011 $258,396 $69,088 75.00% Equity $15,245,337 $86,132 $23,029 25.00%

TOTAL SOURCES $60,981,348 $344,527 $92,117 100.00%

Financial AnalysisProject and Unit Data

Rental UNIT MIX (no escalation)

# of Units # of BedsMonthly Rent

Per BedMonthly Rent

Per UnitAve. Unit Sq Ft Per Sq Ft Rent

4 Bed/2 Bath Unit (39.27% of beds)

65 260 $875 $3,501 1,000 $3.50

4 Bed/3 Bath Unit (3.63% of beds) 6 24 $885 $3,540 1,075 $3.29

4 Bed/4 Bath Unit (50.15% of beds)

83 332 $895 $3,580 1,131 $3.17

2 Bed/1 Bath Unit (3.63% of beds) 12 24 $950 $1,900 657 $2.89 2 Bed/2 Bath Unit (3.32% of beds) 11 22 $1,015 $2,029 654 $3.10

Total/Averages 177 662 $924 $2,910 903 $3.19 Weighted Averages $893 $3,339 1,019 $3.28

Other Revenue MIX (no escalation)

# of Spaces/Sq

FtW. Ave Mon

RentsGross Monthly Gross Annual Leaseable Sq Ft Per Sq Ft Rent

Parking 353 $120.00 $42,360 $508,320 63,540 $8.00 Retail $23,705 $284,460 9,482 $30.00

Project Revenue Breakdown

Financial Analysis

Per Gross SF Total - Annual Per Unit Per Bed % of Total % of EGI Revenue: Residential $32.11 $7,305,656 $41,275 $11,036 95.18% 95.18%Parking $4.47 $523,570 $2,958 $791 6.82% 6.82%Retail $30.90 $292,994 $1,655 $443 3.82% 3.82%Vacancy Allowance ($446,939) ($2,525) ($675) -5.82% -5.82%

Total Revenue $7,675,280 $43,363 $11,594 100.00% 100.00% Expenses: Repairs and Maintenance $0.58 $132,407 $748 $200 6.57% 1.73%Property Management Fees $0.92 $208,211 $1,176 $315 10.33% 2.71%Property Taxes $2.73 $620,060 $3,503 $937 30.77% 8.08%Insurance $0.41 $94,297 $533 $142 4.68% 1.23%Salaries and Wages $1.43 $324,450 $1,833 $490 16.10% 4.23%Utilities (incl cable and internet) $2.15 $489,765 $2,767 $740 24.30% 6.38%Administrative $0.45 $101,713 $575 $154 5.05% 1.33%Leasing & Promotion $0.19 $44,321 $250 $67 2.20% 0.58%

Total Expenses $8.86 $2,015,223 $11,385 $3,044 100.00% 26.26% Replacement Reserves $0.52 $119,326 $674 $180 1.55%

NOI after Reserves $5,540,732 $31,304 $8,370 72.19% Debt Service Payment $3,290,526 $18,591 $4,971 42.87% Net Cash Flow (after debt service) $2,250,206 $12,713 $3,399 29.32%

Debt Service Coverage (DSC) Ratios by Selected Years

YEAR 1 YEAR 2 YEAR 3 YEAR 5 YEAR 7 YEAR 10 Start-up Year Stabilized Year DSC Ratio (on NOI after Reserves) 2.25 1.68 1.75 1.85 1.97 2.15 Residential Vacancy Rate 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

Financial AnalysisProforma Recap (Year 2 – Stabilized)

Our team is dedicated to supporting all efforts of reducing and/or waiving these fees. Establishing a strong working relationship with government officials is critical to this effort and we have a proven track record to that effort.

Impact Fees

Waivers for Impact Fees

-Priority Funding areas

- Fee Negotiation

- Brown Sites

-Town Center Districts

Impact fees

Revitalization Tax Credit

Enterprise Zone Tax Credit

Clean Energy Incentive Tax Credit

Energy Efficient Commercial

Buildings

Tax Increment Financing

Transportation Enhancement

Program

Tax Incentive Highlights

Offering Substantial relevant experience

Understanding Current Industry Trends

Integrating Principal Level Experience and Knowledge in the Design Process

Why Grant / SGA Team

Local code knowledge

Substantial relevant experience

Understanding of Current Student Housing Trends

Integrating Principal Level Experience and Knowledge

in the Design Process

Development Assistance Personnel

10 East Baltimore Street, Suite 1500 Baltimore, MD 21202

T 410-230-0003 / F 410-230-0011

grantarchitects.com

acuho presentation 06 28 09

Documents

design focus

leed design

interior design

senior community design

vice president of design

services architectural

space planning

facilities surveys