Proforma Summary Sheet $-$ Investment Opportunity #$1$: RETAIL

$$ Fully occupied single tenant $50,000$ SF $$Junior Big Box$$ Retail Building on $5$ acres of land. $$B$+$ Credit Tenant $($i$.$e$.$ TJ Maxx$/$Marshalls$/$Burlington Coat$/$Barnes & Noble$)$

$0\%$ Vacancy

$$ Rent $$20/$SF NNN

$$ No additional income

$$ Lease Term $=20$ years, start $1/1/2020$

$$ Expenses are as follows $($all as a $\%$ of EGI$)$

o Property Taxes$15\%$

o Insurance$3\%$

o Maintenance$20\%$

o Management Fee$8\%$

o Reserves for Replacement$5\%$

o Other expenses$5\%$

$$ Price $=$ $$11,500,000$

$$ Capital Stack:

o $80\%$ LTV @$7\mathrm{.}5\%$ Interest Rate, $25$ Year Term, Fully Amortized

o Constrained by $1\mathrm{.}2$ DSCR

o $10\%$ Borrowed Equity@ $15\%$ Preferred Return $($Interest$)$

o $10\%$ Interest Rate on Shortfalls

o Remainder Cash Equity

$$ Terminal Cap Rate $=9\%$Retail