Proforma Summary Sheet $-$ Retail Cash Flow Analysis

IRRInvestment 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 $\frac{1}{1}\frac{?}{2020}$

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

Property Taxes $15\%$

Insurance $3\%$

Maintenance $20\%$

Management Fee $8\%$

Reserves for Replacement $5\%$

Other expenses $5\%$

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

Capital Stack:

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

Term, Fully Amortized

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

$10\%$ Borrowed Equity@ $15\%$ Preferred

Return $($Interest$)$

$10\%$ Interest Rate on Shortfalls

Remainder Cash Equity

Terminal Cap Rate $=9\%$