Residences at Riverwalk - Amesbury

FINANCIAL ANALYSIS

ASSUMPTIONS

ASSUMPTIONS:

$/UNIT

$198,276

BUILDING AREA

87

Purchase Price

$17,250,000

INFLATION RATE APPLICABLE TO REVENUES INFLATION RATE APPLICABLE TO EXPENSES TERMINAL CAP RATE (APPLIED TO YEAR 2014 NOI)

2.50% New Mortgage Loan Amount

$13,800,000

2.50% Loan-to-Value Ratio

80.0%

7.25% Interest Rate on Mortgage Loan

4.25%

TRANSACTION COSTS

3.00% Amortization Period of Mortgage Loan (Years)

30

EQUITY INVESTOR'S REQUIRED RATE OF RETURN (LEVERAGED)

12.0% Loan Origination Fee

1%

2424