Project Analysis

Section or Tille Number

o V.lu.llon Trial

FHA 221(d)(4)

o COMltlonal

Se. last page lor Public ReportinQ burden statement before completing tills term

[?J Firm

U.S. Department of Housing

aM Urban Development

Office o( Housing

Federal Housing Commissioner

/~.'.;'\.;])

Taxablo

221(d)(4)

New constructIon

Name of Mcngagor (Borrowar)

Shor9s, LLC

Name 01 Project:

Shores

Location of Project (street, cily & slate)

Manna del Rey

Type of Borrower

o Private 0 Profit

o Management Coop o Sales Coop.

o Nonprofit

o Builder-Seller

o State or Federnllnstrumentolity. etc.

o limited Distribution

Type of Projecto Rental Housingo Cooperativeo CondomlniUm

o Capital Advance 202/811

o Mobile Home Courto Nursing Homeo Intermediate Care Fadlityo Housing (or the Elderly

o public

o Investor-Sponsor

o Board and careo Single Rm. Occupancy

o Non-Elevatoro Elevatoro Existingo

o New Constructiono Rehabilitationo Redevelopmento Supplement Loan

I. Determination of Maximum Insurable MortgageCriteria column 1 column 2 column 3

1. Mortgage or Loan Amount Requested in Application

2. Reserved

3. Amount Based on vetue 01' Replacement Cost:

a. Value (Replacement Cosl) in .ee Simple

b. (1) Value of Leased Fee

(2) GranVLoan funds aurioutabta 10 R.e. ilems

(3) Excess Unusual land Improvement

(4) Cost Conlainment Mortgage Deduciion

(5) Total lines (I) 10 (4)

c. Unpaid Balance of Special Assessment

d. Talai line b plus line c

e. line a minus line d

4. Amount based on Limitations Por Family Unit

a. Number of no Bedroom Units

Number of one Bedroom Unils

Number of two Bedroom Units

Number of three Bedroom Unils

Number or four or more Bedroom Units

b. Cosl not Attributabla to Dwelling Use

c. Warrant9d Prica of Land

d. Tolallines a through c

e. Total Number of Spaces

S 165.801.607 X

$ 26,306.000

$ °s 0

s 0

$ 26.306,000 X

0 X s 152.681

275 X 175.030

269 X 212.833

° X $ 275.335

0 X 302.236

$ 24.343.169 X 90%

s 26.308.000 X 100%

Sum: Value of leased Fee and Unpaid Balance of Special Assessment (s)

g. Line d or line e. whichever is applicable. minus line f

X _

5. Amount Bosed on Debt Service Rallo:

a. Mortgage Inlerest Rale

b. Mortgage Insurance Premium

c. Initial Curtail Rate

d. Sum of Above Retes

e. Net Income (inclusIve of ground tease payment)

f. Annual Ground I~ent o + Annual Spac. Assmt.

g. Wne e minus line r

h. Line 9 divided by line d

s

125.000.000

NA

90% $ __ ,;,.14"'9"'.22=1.'-44""6:..,.

90% ss

23,677.200

oS __ .!:2~3,6:::.:7-,-7:.::.200:::::..

125.544,200

$ °s 48.133.181

s 57.252.050

s 0

0

s 21.908.852

S 26.306.000

$ 153.602.083

26.308.0DO

127,294,000

5.2500%

0.4500%

0.7364%

6.4364%

9.001.517 X ,;:,90,;;,';,;:,,110

_____ 0:... • Induded in lice e $ ...:.0:-

8.101.365

__ An_n_u_a_I_T_a_x_L_ea_s_e_A_b_"_le_m_e_nt S_a_vi...n.:.9====-- divided by

s _--".;.:12:;5::,:.8:;6c:.,7.~09::;7:....• Refer 10Qrcund lease credit wcrksheet for more deta}f s _-,---,-.:..7";:.6:,:6"1:,,;:.3:,:60,;:,::-,,,,,

$ e.IOI.3e5

J. line h plus lino l, lJ3.526,JOO

Iorrn 11UD·922G4·A (2/94)

r.f Handbooks 4480. I & 4470.1Previous edlliof'ls are obsolete Pege 1 of 4

I. Determination of Maximum Insurable MortgageCriteria column 1 column 2 column 3

6. Amount Based on Estimated Cost of Rehabilitation Plus:

(I) "As Is" Value, or (ii) Acquisition Cost,

or (iii) Existing Mortgage Indebtedness Against the Property Before Rehabilitation:

a. Total Estimated Development Costs

f. "As·ls· Value of Prop. Before Rehab. $ Xg. Existing Mortgage Indebtedness (Property Owned) or Purchase Price of Properly (to be Acquired)

h. Line e plus line f or line g, whichever is less

s NA

$ NA

s NA

s 0

s NA

% $ NA

NA $

s NA

$

s NA

$ NA

s NA

$ NA

$ NA

s NAs NA

s

NA

b. Estimated Cost of Off-site Construction

c. Sum of lines a & b

d. GranULoan funds attributable to R.C. items

e. Line c minus line d

i. Line h x 100%

7. Amount Based on Borrower's Total Cost of Acquisition Section 223(f)

a. Purchase Price of Project

b. Repairs and Improvements, if any

c. Other fees

d. Loan Closing Charges'

e. Sum of lines a through d

f. Enter the Sum of any GranUloan and Reserves for Reptacement and

Major Moveable Equipment to be purchased as an asset of the project

g. Line e minus line 1h. Line g X % N/A

8. Amount Based on Sum of Unit Mortgage Amounts N/A

9. Amount Based on Estimated Cost to Borrower

a. Total Estimated Cost (Exclusive of Site and Required Construction Off the Site)

b. Purchase Price of Site

c. Total Cost 01 Clearing Site, if any

h. 70% 01Value $ X 70%

I. Greater of line g or line h

s NA

s NA

s NA

s NA

$ NA

s NA

s

$ NA

s NA

$ NA

s NA

$ NA

$ NA

$ NA

s NA

s

N/A

d. Expense of Relocating Occupants, if any

e. Cost of Off·Site Construction, if any

f. Sum of line a through line e

g. Line 1 X %

10. Amount Based on Existing Indebtedness, Repairs, and Loan Closing Charges Section 223(f)

a. Total Existing Indebtedness

b. Required Repairs

c. Other Fees

d. Loan Closing Charges'

e. Sum of line a through line d

f. Enter the Sum of any GranULoan and Reserves for Replacement and

Major Moveable Equipment on Deposit

g. Line e minus line f

N/A

• Attach format for computing loan closing charges.

Maximum Insurable Mortgage (Lowest of the Foregoing Criteria) 125,000,000

Previous editions are obsolete Page 2 of 4

form HUD·92264·A (2/94)

ref Handbooks 4480.1 & 4470.1

II Total Requirements for Settlement

Part A Part B1. Fees Not to be Paid in Cash 1. a. Development' Cost $ 139,493,607

a. SPRA $ 1,654,954 b. Adjustment for Contracted Amounts Inb. Builder's Profit $ Excess of form HUD·92264 Estimatesc. Other $ (1) Construction Contract $ 0Total (enter in part B en line 5) s 1,654,954 (2) Architect's Contract $ 0

2. Commitment, Mktg., Fees and Discounts and Escrows (3) Other $ 0a. Fees GNMA $ c. Total of lines a & b $ 139,493,607

Other $ 2. Land Indebtedness (or Cash Required for Land Acquisition) $ ab. Discounts Permanent Loan $ 0 3. Subtotal (lines lc + 2) s 139,493,607

Construction Loan $ 4. a. Mortgage Amount $ 125,000,000c. Escrows Debt Service Reserve (Board & Care) $ b. GranUloan $ 0

Other: Environmental Contingency $ 1,500,000 5. Fees Not to be Paid in Cash s 1,654,954Total (enter in part B on line 9) $ 1,500,000 6. Subtotal (lines 4a + 4b + 5) $ 126,654,954

3. Working Capita' 7. Cash Investment Required (line 3 minus line 6) $ 12,838,653a. Working Capital $ 2,500,000 8. Initial Operating Deficit· $ 4,200,000b. Minimum Capital Investment (Sec. 202 & Sec. 811) $ 9. Commitment, Marketing Fees, Discounts and Escrows $ 1,500,000c. Non-Realty Items Not Included in Mortgage Environme $ 10. Working Capital $ 2,500,000Total (enter in part B on line 10) $ 2,500,000 11. Orfsite Construcllon and Demolition Costs

($ 66,000 + $ 926,260 ) s 994,26012. Total Estimated Cash Requirement

(sum 01 lines 7 + 8 + 9 + 10 + 11) $ 22,032.913Front Money Escrow, If Any,

(subtract line 6 from line 1) $ 12.838,653

• Note: for Section 223(f) cases, attach the format for computing the operating deficit.

III. Sources of Funds to Meet Cash RequirementsSource Funds Available

Letters of Credit from sponsor $ 0

Sponsor's Cash s 22,032.913

0 s 0

$

$

Total Available Cash for Project $ 22,032,913

IV, Recommendations, Requirements and Remarkso Recommend Approval; Subject to Conditions Stated Below. tf Any

o Recommend Rejection for Reasons Stated Below (If more space is needed, continue on page 4).

Signature of the Mortgage Credit Examiner

x 2/27/11

Previous editions are obsolele Page 3 of 4Iorrn HUD-92264-A (2194)

ref Handbooks 4480.1 & 4470.1

()Remarks

Criterion 11 • Amount Based on Deduction of Grant(s), Loan(s), Tax Credit{s) and Gift{s) for Mortgagable Items

a. 100% Project (Replacement) Cost 1 Value $ 165,801,607

b. (1) Grants 1 loans I gifts

(2) Tax Credits

(3) Value of Leased

o $

$

$

(4) Excess Unusual Land Improvement Cost

(5) Cost Containment Mortgage Deduction

$

$

(6) Unpaid Balance of Special Assessment $

(7) Sum of Lines (1) though (6) $

c. Line a. minus b.(?) $ 165,801,60?

Public Reporting Burden for this project analysis is estimated to average 16 hours per response, inctuding the time for reviewing instructions, searching existing

data sources, gathering and maintaining the data, and completing and reviewing the collection of information. This agency may not conduct or sponsor,

and a person Is not required to, a collection of information unless that collection displays a valid OMB control number.

This information is being collected under Public Law 101·625 which required the Department of to implement a system of mortgage insurance for mortgages

insured under Section 207, 221, 223,232, or 241 of the National Housing Act. The information will be used by HUD to approve rents, property appraisals, and

mortgage amounts. and 10 execute a firm commitment. Confidenliallty 10 respondents is ensured ifit would result in compelltive harm in accordwlth the

Freedom of Informalion Act (FOIA) provisions or if it could impact on the abilily of the Department's mission to provide housing units under the various Sections

of the Housing legislalion.

Previous editions are obsolete Page 4 of 4form HUD·92264-A (2/94)

ref Handbooks 4480.1 & 4470.1