5 Estrellas

ACTUAL CAPITAL ADVISORS Lux
Sources & Uses of Funds
Sources Uses of Funds
Equity Capital #REF! Land Cost #NAME? #NAME?

Actual 10% 0€ Hard Costs #NAME? #NAME?
LP Investor 90% 0€ Project Management #NAME? #NAME?
0€ External Consultants #NAME? #NAME?
Permits and Licenses #NAME? #NAME?
Senior Debt Real Estate Taxes #NAME? #NAME?
Construction Loan #REF! #REF! Legal, Insurance and Admin. #NAME? #NAME?
Marketing and Sales #NAME? #NAME?
Debt Origination Cost #NAME? 1,583,308 €
Interest on Construction Loan #NAME? 0€
Total #REF! Total #NAME?
Profit Share
Sales Proceeds $0/ Room 0€

Sales Tax 0€
Return of Capital & Debt
Actual 0€
LP Investor 0€
Construction Loan #REF!
Surplus (before taxes) #REF!
All equity partners:

Return of Capital 0€ Deal Level Returns
Preferred Return (11% p.a.) #NAME? Net Cash Flow #NAME?
Carried Interest #NAME? Net IRR Err:504
Promote #NAME? Equity Multiple #REF!
Cash Flow #NAME?
Capital Invested 0€
Net Cash Flow #NAME?
JV equity partner:
Return of Capital 0€ JV Equity Partner Returns
Promote 0€ Equity Multiple #NAME?
Cash Flow #NAME?
Sponsor:
Return of Capital 0€ Sponsor Returns
Promote #NAME? Equity Multiple #NAME?
Cash Flow #NAME?
Equity Capital #REF! Land Cost ### #NAME?

Actual 10% 0€ Hard Costs ### #NAME?
LP Investor 90% 0€ Project Management ### #NAME?
0€ External Consultants ### #NAME?
Permits and Licenses ### #NAME?
Senior Debt #REF! Real Estate Taxes ### #NAME?
Construction Loan #REF! #REF! Legal, Insurance and Admin. ### #NAME?
Mezzanine 65% 0€ Marketing and Sales ### #NAME?
Debt Origination Cost ### 1,583,308 €
Interest on Construction Loan ### 0€
Interest on Mezzanine ### 0€
Profit Share
Sales Proceeds $0/ Room 0€ LP Investor

Sales Tax 0€ Return of Capital 0€
Return of Capital & Debt Preferred Return (6%) #NAME?
Actual 0€ Carried Interest 0€
LP Investor 0€ Total Cash Out #NAME?
Mezzanine 0€ Capital Invested $0
Surplus (before taxes) #REF! Mezzanine Profit #NAME?
LP Investor
Net IRR Err:504
Equity Multiple ###
Deal Level Returns

Net IRR Err:504
Equity Multiple #REF!
Equity Capital #REF! Land Cost ### #NAME?

Actual 10% -€ Hard Costs ### #NAME?
LP Investor 90% -€ Project Management ### #NAME?
-€ External Consultants ### #NAME?
Permits and Licenses ### #NAME?
Senior Debt Real Estate Taxes ### #NAME? #NAME?
Construction Loan #REF! Legal, Insurance and Admin. ### #NAME?
Land Financing 65% LTV -€ Marketing and Sales ### #NAME?
Debt Origination Cost ### #NAME?
Interest on Construction Loan ### #NAME?
Interest on Land Financing #NAME?
Profit Share
Sales Proceeds $0/ unit -€ Deal Level Returns

Sales Tax 0€ Net Cash Flow #NAME?
Return of Capital & Debt IRR Err:504
Actual -€ Equity Multiple #REF!
LP Investor -€
Land Financing -€
Surplus (before taxes) #REF!
ACTUAL CAPITAL ADVISORS
Total GFA 17,000.00 m2

Apartment Units 5
Parking Spaces 84
Selling Price/m2 (Net) 00.00 m2
Total % Euro/m2
in 000s of Revenue of GFA
Office Sales - #DIV/0! -
Parking Spaces Sales - #DIV/0! -
minus: sales tax - #DIV/0! -
Parking Spaces - #DIV/0! -
Total Revenues - #DIV/0! -
Land Cost #NAME? #NAME? #NAME?

Hard Costs #NAME? #NAME? #NAME?
Project Management #NAME? #NAME? #NAME?
External Consultants #NAME? #NAME? #NAME?
Permits and Licenses #NAME? #NAME? #NAME?
Real Estate Taxes #NAME? #NAME? #NAME?
Legal, Insurance and Admin. #NAME? #NAME? #NAME?
Marketing and Sales #NAME? #NAME? #NAME?
Debt Origination Cost #NAME? #NAME? #NAME?
Minus: Sale of Retail - #DIV/0! -
Interest on Construction Loan #NAME? #NAME? #NAME?
Total Costs #NAME? #NAME? #NAME?
Profit #NAME? #DIV/0!

### #NAME? -
Hard Costs Break-down Area (m2) % of Cost Cost/m2

Hard Costs Above Grade 13,000.00 #NAME? € 1,574/m2
Hard Costs Below Grade 6,440.00 #NAME? #NAME?
Amenities & Landscaping 0.00 #NAME? #NAME?
Lux
Euro/Unit
-
-
-
-
-
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
-
#NAME?
#NAME?
#NAME?
Cost
26,750,000 €
#NAME?
#NAME?
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15
Natural Years 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
Occupancy 53.6% 59.9% 61.7% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0%
ADR 161 168 178 183 187 190 194 198 202 206 210 214 218 222 226
RevPAR 86.3 100.6 109.8 115.3 117.8 119.7 122.2 124.7 127.3 129.8 132.3 134.8 137.3 139.9 142.4
NOI 3,873,602 5,397,773 5,908,859 6,000,944 5,977,320 6,097,686 6,222,041 6,350,386 6,478,720 6,612,043 6,744,284 6,879,170 7,016,753 7,157,088 7,300,230
Per room 11,228 15,646 17,127 17,394 17,326 17,674 18,035 18,407 18,779 19,165 19,549 19,940 20,338 20,745 21,160
CASH FLOW
NOI Guaranteed 2,711,521 3,778,441 4,136,201 4,200,661 4,184,124 4,268,380 4,355,429 4,445,270 4,535,104 4,628,430 4,720,999 4,815,419 4,911,727 5,009,962 5,110,161
NOI Variable 1,162,081 1,619,332 1,772,658 1,800,283 1,793,196 1,829,306 1,866,612 1,905,116 1,943,616 1,983,613 2,023,285 2,063,751 2,105,026 2,147,127 2,190,069
Potential NOI 3,873,602 5,397,773 5,908,859 6,000,944 5,977,320 6,097,686 6,222,041 6,350,386 6,478,720 6,612,043 6,744,284 6,879,170 7,016,753 7,157,088 7,300,230
Senior Debt Service -1,225,000 -4,191,290 -4,191,290 -4,191,290 -4,191,290 -4,191,290 -4,191,290 -4,191,290 -4,191,290 -4,191,290 -4,191,290 -4,191,290 -4,191,290 -4,191,290 -4,191,290
Insurance -271,152 -377,844 -413,620 -420,066 -418,412 -426,838 -435,543 -444,527 -453,510 -462,843 -472,100 -481,542 -491,173 -500,996 -511,016
Income Taxes -437,151 -818,193 -964,504 -1,006,528 -1,020,100 -1,070,156 -1,121,709 -1,174,771 -1,228,354 -1,283,722 -1,339,371 -1,396,245 -1,454,373 -1,513,782 -1,574,501
Net Cash Flow 1,940,299 10,446 339,445 383,060 347,518 409,402 473,499 539,798 605,566 674,188 741,524 810,093 879,918 951,020 1,023,423
Cash Reserves
Cash Flow Accumulated 1,940,299 1,950,745 2,290,190 2,673,251 3,020,769 3,430,170 3,903,670 4,443,468 5,049,034 5,723,222 6,464,746 7,274,839 8,154,757 9,105,777 10,129,201
Debt Coverage Ratio * 2.21 1.36 1.45 1.55 1.64 1.74 1.86 1.99 2.14 2.31 2.49 2.69 2.91 3.14 3.39
31000000 (Guaranteed) R.O.E. 3.92% 7.02% 8.30% 8.73% 8.93% 9.43% 9.95% 10.48% 11.02% 11.58% 12.14% 12.71% 13.29% 13.89% 14.51%
(Total) R.O.E. 7.67% 12.24% 14.01% 14.54% 14.72% 15.33% 15.97% 16.63% 17.29% 17.97% 18.66% 19.37% 20.08% 20.82% 21.57%
Income Taxes
Cash Flow 3,873,602 5,397,773 5,908,859 6,000,944 5,977,320 6,097,686 6,222,041 6,350,386 6,478,720 6,612,043 6,744,284 6,879,170 7,016,753 7,157,088 7,300,230
Amortization 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
Senior Debt Interest 1,225,000 1,225,000 1,150,843 1,074,832 996,920 917,061 835,205 751,303 665,303 577,154 486,800 394,188 299,261 201,960 102,227
Tax Base 1,748,602 3,272,773 3,858,016 4,026,113 4,080,400 4,280,625 4,486,836 4,699,083 4,913,417 5,134,890 5,357,484 5,584,982 5,817,493 6,055,129 6,298,004
Tax Rate 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
Taxes 437,151 818,193 964,504 1,006,528 1,020,100 1,070,156 1,121,709 1,174,771 1,228,354 1,283,722 1,339,371 1,396,245 1,454,373 1,513,782 1,574,501
Yield VALUATION
5.25% NOI Guaranteed 51,648,027 71,970,309 78,784,782 80,012,592 79,697,602 81,302,476 82,960,547 84,671,812 86,382,934 88,160,579 89,923,791 91,722,267 93,556,712 95,427,846 97,336,403
10.0% NOI Variable 11,620,806 16,193,319 17,726,576 18,002,833 17,931,960 18,293,057 18,666,123 19,051,158 19,436,160 19,836,130 20,232,853 20,637,510 21,050,260 21,471,265 21,900,691
Total Value 63,268,833 88,163,628 96,511,358 98,015,425 97,629,562 99,595,534 101,626,670 103,722,969 105,819,094 107,996,710 110,156,644 112,359,777 114,606,972 116,899,112 119,237,094
Debt Outstanding (-) 45,500,000 42,533,710 39,493,263 36,376,805 33,182,436 29,908,207 26,552,122 23,112,136 19,586,149 15,972,013 12,267,524 8,470,422 4,578,393 589,063 -3,500,000
Cash Reserves 1,940,299 1,950,745 2,290,190 2,673,251 3,020,769 3,430,170 3,903,670 4,443,468 5,049,034 5,723,222 6,464,746 7,274,839 8,154,757 9,105,777 10,129,201
Net Asset Value 19,709,132 47,580,663 59,308,285 64,311,870 67,467,895 73,117,497 78,978,218 85,054,302 91,281,979 97,747,919 104,353,866 111,164,193 118,183,336 125,415,825 132,866,294
Net Cash Flow Total 1,940,299 44,664,756 54,305,446 58,933,014 62,185,504 67,343,614 72,696,550 78,248,560 83,952,206 89,873,741 95,939,705 102,199,249 108,656,593 115,316,048 122,182,021
Sources of Funds Uses of Funds
Equity Mezzanine Senior Loan Total Land Hard Costs Soft Costs Financing Interest Interest
Date Month Senior Loan Mezzanine
September-21 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? #NAME? #NAME? -
October-21 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? #NAME? #NAME? -
November-21 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? #NAME? #NAME? -
December-21 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? #NAME? #NAME? -
January-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? #NAME? #NAME? -
February-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? #NAME? #NAME? -
March-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? #NAME? #NAME? -
April-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? #NAME? #NAME? -
May-22 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? #NAME? -
June-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? #NAME? #NAME? -
July-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
August-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
September-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
October-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
November-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
December-22 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
January-23 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
February-23 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
March-23 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
April-23 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
May-23 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
June-23 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
July-23 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
August-23 #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? - #NAME? -
September-23 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
October-23 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
November-23 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
December-23 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
January-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
February-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
March-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
April-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
May-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
June-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
July-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
August-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
September-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
October-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
November-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
December-24 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
January-25 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
February-25 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
March-25 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
April-25 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
May-25 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
June-25 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
July-25 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? -
August-25 #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME? #NAME? - #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Lux
Legal As-of-Right m2 17,000.00 m2 Equity Capital

GFA - Gross Floor Area
GFA (above grade) 13,000.00 m2 Actual 10.0% € -
GFA (below grade) 6,440.00 m2 LP Investor 90.0% € -
Total GFA 19,440.00 m2 Total Equity #REF!
Hotel rooms 250 Senior Debt

Parking Spaces 84 Contruction Loan #REF! #REF!
Retail SF 4,000.00 m2 Land Financing 65% € -
Total Sales Value € - Total Debt #REF! #REF!
Total Investment #REF!
REVENUE
Office & Residential € -

-Cada uno tiene un costo diferente por lo que va separado
Residential 250 rooms $ 00/room 0.01%
Office 0 m2 $ 00/unit 0.00%
Underground 0 m2 $ 00/unit 0.00% € -
Retail Space Sales #REF! #REF! 0.00%
Trasteros $ 00/unit € -
Parking Spaces 84 $ 00/unit 84
Total Revenue € -
LAND COST Hotel 4* Retail TOTAL
Land Acquisition 17,000 m2 - -Saber las areas y saber los costos.

-Si el terreno tienes que hacer un cambio esto va aqui: E.g. Nivelar la tierra.
Land Sale Comission 0.00%
Impuesto Transmisiones
Estudio Topográfico 61.54% 50.00% € 8,000 € 2,000 € 10,000
Estudio Medio ambiental 123.08% 100.00% € 16,000 € 4,000 € 20,000
Estudio Geoténico 123.08% 100.00% € 16,000 € 4,000 € 20,000
Estudio Hidrogeológico 92.30% 75.00% € 11,999 € 3,000 € 14,999
Total Land Cost 4€ 52,000 € 13,000 € € 65,000
HARD COSTS Hotel 4* Retail TOTAL
Superficie Sobre Rasante 17,000 m2 ### € 23,150,000 € 3,600,000 € 26,750,000 950 > 1.050
Habitaciones 8,500 m2 1300 € 11,050,000 € 11,050,000
Areas Comunes 1,700 m2 1200 € 2,040,000 € 2,040,000 Se comienza con este:
F&B 1,500 m2 1400 € 2,100,000 € 2,100,000 -Que tiene el edificio? Escojer, Oficina, Residencial, Hotel, ambos etc.
Amenities 800 m2 1200 € 960,000 € 960,000 -Ver con arquitecto el proyecto (total de area de construction
Zonas verdes 500 m2 250 € 125,000 € 125,000 Se Compone de la siguiente manera:
FF&E 250 25000 € 6,250,000 € 6,250,000 -Derribdo/ construction bajo y sobre razante + Acabado y Contigency de 5%. Lo demas va por soft cost
OS&E 250 2500 € 625,000 € 625,000
Retail 4,000 m2 900 € 3,600,000 € 3,600,000
Superficies Bajo Rasante 6,440 m2 ### € 5,358,000 € 2,530,000 € 7,888,000
Amenities 2,000 m2 1000 € 2,000,000 € 2,000,000
Technical 500 m2 800 € 400,000 € 400,000
Parking Hotel 2,940 m2 700 € 2,058,000 € 2,058,000
Back of House 1,000 m2 900 € 900,000 € 900,000
Technical - Retail 100 m2 800 € 80,000 € 80,000
Parking Hotel - Retail 3,500 m2 700 € 2,450,000 € 2,450,000
Back of House - Retail 1,000 m2 0 € - € -
Contingencias 5% € 1,425,400 € 306,500 € 1,731,900
Total Hard Costs 1,871 € ### ### € 36,369,900 #REF!
PROJECT MANAGEMENT
Gestión Promoción 6.00% € 2,087,562 € 439,290 € 2,526,852 Percentage of Total Hard Costs + Total External Consultants -Normally under soft costs
-Devlopment fee: Normally 4%-6% (Only cost of hard and soft costs/ does not include land and financing cost)
Total Development Fees € 2,526,852
EXTERNAL CONSULTANTS
Engineers $106.97 /m2 € 1,518,495 € 300,000 € 1,818,495 -Between 1,3 Architec

Honorarios Técnicos 5.00% € 1,518,495 € 300,000 € 1,818,495 -3 Architec on the case you are dong a proyect internationally, You would need an international, local and...
-The International arquitect is only used when you know he would add value to the construction due to marketing.
-This is useful if you are competing against a high-end buldings in places like miami where you need some differentation.
Consultants € 1,044,000 € 136,000 € 1,180,000 -Need to be aware of timing with the architects
Servicios Técnicos Hotel € 500,000 € - € 500,000 --Also be aware on the functionality of how architects use space
Seguridad y Salud 450,000 € 360,000 € 90,000 € 450,000
Control de Calidad 230,000 € 184,000 € 46,000 € 230,000
Acometidas € 332,000 € 83,000 € 415,000

Acometidas 415,000 € 332,000 € 83,000 € 415,000
Total External Consultants Costs 176 € 2,894,495 € 519,000 € € 3,413,495
LICENSES & PERMITS
Licencias y Permisos
Licencias y Permisos 190,000 € 152,000 € 38,000 € 190,000
Total License & Permits Expense 152,000 € 38,000 € € 190,000
LEGAL, INSURANCE & ADMINISTRATIVE
Legal Services € 140,000 € 35,000 € 35,000

Escrituras 175,000 € 140,000 € 35,000 € 35,000 0
Administrative Services € 620,000 € 55,000 € 675,000

Gastos Pre-Apertura € 400,000 € 400,000
Impuestos Obra 225,000 € 180,000 € 45,000 € 225,000
Gastos Varios 50,000 € 40,000 € 10,000 € 50,000
Insurance policies € 228,000 € 57,000 € 285,000

Seguros y Avales de Obra 285,000 € 228,000 € 57,000 € 285,000
Total Legal, Insurance & Administrative Expenses 51 € 988,000 € 147,000 € € 995,000
TOTAL COST (Before Financial Advisory & Mortgage Costs) 2,241 € € 43,560,246
FINANCIAL ADVISORY & MORTGAGE
Costes de Originación Hotel 4* 0.00% € 690,000 € 150,000 € 840,000 % on External Equity

Intereses Financieros Hotel 4* 6.00% € 82,800 € 18,000 € 100,800 % on Total Senior Debt
Total Financial Advisory & Mortgage Costs 48 € 772,800 € 168,000 € € 940,800

1,583,308 *Manual Value in order to avoid circular reference
TOTAL COST (Without Financing Costs) 2,289 € € 44,501,046
FINANCING
Interest on Construction Loan 0.00% € - € - € -

Interest on Land Financing 0.00% € - € - € -
Total Financing Costs € -

7,672,682 *Manual Value in order to avoid circular reference
TOTAL COST € 44,501,046
TRANSFER TAX
Office & Residential 0.00% € -

Retail Space Sales 0.00% € -
Trasteros 0.00% € -
Parking Spaces 0.00% € -
Total Transfer Tax € -
TOTAL PROFIT € (44,501,046)

Lux
Retail Total GFA Rent/Year Total Gross Rent Retail Space 1 GFA Rent/Year Total Gross Rent
Floor -1 0 m2 #DIV/0! € - Floor -1 0 m2 € 1,000/m2 € -
Floor 1 0 m2 #DIV/0! € - Floor 1 00 m2 € 2,500/m2 € -
Floor 2 0 m2 #DIV/0! € - Floor 2 00 m2 € 38/m2 € -
0 m2 € - 0 m2 € -
Tenant Improvements € 75/m2 Retail Space 2 GFA Rent/Year Total Gross Rent
Estimated OPEX € /m2 Floor -1 0 m2 € 1,000/m2 € -
Improvements (Vanilla Box) € /m2 Floor 1 00 m2 € 2,500/m2 € -
Leasing Commission 0.00% Floor 2 00 m2 € 38/m2 € -
Rent Increase Rate 2.0% 0 m2 € -
OPEX Increase Rate 2.0%
Management 0.0%
Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Effective Gross Revenue $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Per foot GBA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
OPERATING EXPENSES
Operating Expenses (before Management/Taxes) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Management $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Amortized TI, Leasing & Cap Imp $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Pre-Tax Operating Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Per foot GBA (Includes Amortization) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
NOI before RE Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Cap Rate for Property 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75%
Effective Tax Rate 4.65% 4.65% 4.65% 4.65% 4.65% 4.65% 4.65% 4.65% 4.65% 4.65% 4.65%
Loaded Cap Rate (Finance)** 13.40% 13.40% 13.40% 13.40% 13.40% 13.40% 13.40% 13.40% 13.40% 13.40% 13.40%
Full Value (NOI/Loaded Cap Rate) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Indicated Assessment @45% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Projected Assessment (Rounded) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Projected Transition Assessment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Projected Taxable Assessment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Tax Rate* 10.323% 10.323% 10.323% 10.323% 10.323% 10.323% 10.323% 10.323% 10.323% 10.323% 10.323%
Estimated Real Property Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
NOI after Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
NOTE: This schedule of estimated real property taxes is based upon the cash flow projections provided by you, our client, current New York City
Department of Finance assessment guidelines, and our knowledge of Finance's policies and procedures.
These estimates are not intended, and should not be construed, as a representation or warranty that real property tax assessments and taxes will not be
determined in different amounts.
Tax Class Definition: http://www.nyc.gov/html/dof/html/property/property_val_glossary.shtml
*Class 4 Tax Rate 13/14: http://www.nyc.gov/html/dof/html/property/property_rates_rates.shtml
**Loaded Cap Rate: http://www.incomeanalysis.com/loadfactor.htm
Period Start Number of
Periods
56 1 Office & Residential

43 1
56 1 Retail Space Sales
43 1
47 1 Trasteros
56 1 Parking Spaces
41 9
Total Revenues
Land Acquisition
17 1
17 1
29 1 Land Sale Comission
17 1 Estudio Hidrogeológico
Total Land Costs
33 30 General Contractor
36 4 FF&E Hotel
#NAME?
39 1 #NAME?
Total Hard Costs
17 40 #NAME?
1 18 #NAME?
10 28 #NAME?
15 22 #NAME?
6 1 #NAME?
39 1 #NAME?
Total Project Management Costs

7 3 Surveys
7 3 Appraisals
Architectural Services
10 1
12 1
13 14
27 20
7 20
Engineers
10 36
7 20
Consultants
10 36
7 10
7 10
7 12
7 10
7 10
7 12
7 10 External Consultant Contingency

7 12 Acometidas
Total External Consultants
20 1 Construction Permits
16 2 Contingency Allowance for Other Permits
Licencias y Permisos
Total Licenses & Permits
17 37 Real Estate Taxes

Total Real Estate Taxes
Legal Services
9 8
12 8
12 8
12 6
15 2
12 8
12 2
18 1
12 6
12 23
Administrative Services
14 21
14 21
14 21
Insurance policies
24 22
7 12
14 1
Total Legal, Insurance & Admin
Marketing services
30 20
7 12
7 12
7 12
Marketing Expenses
7 12
7 12
7 12
#NAME?
40 5
19 1
19 1
19 1
47 1 Leasing Services Hotel

39 1 Sales Expenses
19 1 #NAME?
Total Marketing & Sales
3 1 Equity Consultants
10 1 Debt Consultants
17 1 Origination Fee Senior Debt
17 1 Mortgage Recording Tax
18 1 #NAME?
6 13 #NAME?
Total Financial Advisory Services
Interest on Senior Debt

Interest on Land Financing
Interest on Mezzanine Paid
Total Financing
Lux
Sales Tax
Sales Tax
Sales Tax
Sales Tax
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Design Architects
Architect of Record
Interior Design Architects
F&B Interior Design Architects
Landscape Architects
Honorarios Técnicos
#NAME?
#NAME?
#NAME?
#NAME?
Structural Engineers (high tower)
MEP Engineers
External Envelope (façade)
Wind Tunnel Services
Dumper Design
Structural Peer Review
Civil Engineers
Energy Modeling
Servicios Técnicos Hotel

#NAME?
#NAME?
#NAME?
#NAME?
Traffic Consultant
LEED Consultant
Vertical Transportation Consultant
Code and Permit Consultant
Zoning Attorney
Graphic Consultant
Acoustic Consultant
Lighting Consultant
IT Consultant
Security Consultant
Accessibility Consultant
Sport Equipment Consultant
Health & Safety Consultant
Environmental Consultant
Cost Control Consultant
Legal Due Diligence of the Land

Negotiation of preliminary agreements with land owners
Purchase Agreement
Financing Agreement & Collateralization
Hotel Sale & Purchase Agreement
JV Agreement Equity Partner
Set-up of Investment Vehicle and Related Agreements
Closing of Land Purchase and Financing
Closing of Preferred Equity Contracts
Construction Contract
Contingency on Legal Services
Accountancy Services
Tax Services
Administrative Expenses
Insurance Fees
Construction Insurance
Insurance Broker
General Marketing Services
Graphic Designers
Advertising Agency & P.R.
Design & branding services
Printed materials
Press Campaign
Show Condo furnishing
#NAME?
#NAME?
#NAME?
#NAME?
Calendar
2021 0 0 0
1 2 3 4
Project Schedule Period
Values 1 2 3 4
0 - - - -
0 - - - -
0 - - - -
0 - - - -
0 - - - -
0 - - - -
0 - - - -
0 - - - -
- - - -
0
#NAME? - - - -
#NAME? - - - -
0 - - - -
14,999 - - - -
- - - -
Construction Schedule 0 0 0 0
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
- - - -
#NAME? - - - -
#NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? #NAME? #NAME? #NAME?

#NAME? - - - -
#NAME? - - - -
#NAME?
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
1,818,495
1,818,495 - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
1,180,000
500,000 - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
415,000 - - - -
- - - -
#NAME? - - - -
#NAME? - - - -
0 - - - -
- - - -
#NAME? - - - -
- - - -
35,000 - - - -
35,000 - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
675,000
400,000 - - - -
225,000 - - - -
50,000 - - - -
285,000 - - - -
285,000 - - - -
#NAME? - - - -
#NAME? - - - -
- - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME?
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
- - - -
840,000 - - 840,000 -
#NAME? - - - -
100,800 - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
- - 840,000 -
#NAME? 0.00% - - #NAME? #NAME?

#NAME? 0.00% - #NAME? #NAME?
- - -
- - #NAME? #NAME?
Cash Flow #NAME? #NAME? #NAME? #NAME?

Cash Flow Accum. #NAME? #NAME? #NAME? #NAME?
Equity (project) #NAME? #NAME? #NAME? #NAME?

Equity (project) Accum. #NAME? #NAME? #NAME? #NAME?
Equity (SPV) - - - -
Equity (SPV) Accum. - - - -
Mezzanine #NAME? #NAME? #NAME?

Mezzanine Accum. - #NAME? #NAME? #NAME?
Senior Loan - #NAME? #NAME? #NAME?

Senior Loan Accum. - #NAME? #NAME? #NAME?
0 0 0 0 0 0 0 0
5 6 7 8 9 10 11 12
5 6 7 8 9 10 11 12
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
0 0 0 0 0 0 0 0
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
- - - - - #NAME? #NAME? #NAME?
- - - - - - - -
- #NAME? - - - - - -
- - - - - - - -

- - #NAME? #NAME? #NAME? - - -
- - #NAME? #NAME? #NAME? - - -
- - - - - - - -
- - - - - #NAME? - -
- - - - - - - #NAME?
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
- - - - - - - -
- - - - - - - -
- - - - - 50,514 50,514 50,514

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - 13,889 13,889 13,889

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

- - 34,583 34,583 34,583 34,583 34,583 34,583
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - 4,375 4,375 4,375 4,375
- - - - - - - #NAME?
- - - - - - - #NAME?
- - - - - - - #NAME?
- - - - - - - -
- - - - - - - #NAME?
- - - - - - - #NAME?
- - - - - - - -
- - - - - - - -
- - - - - - - #NAME?
- - - - - - - #NAME?
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - #NAME? - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
- #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

- - - - - - - -


- - - - - - - -
- - - - - - - -


2022 0 0 0 0 0
1 2 3 4 5 6
13 14 15 16 17 18
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - #NAME? -
- - - - #NAME? -
- - - - - -
- - - - 14,999 -
- - - - #NAME? -
0 0 0 0 0 0
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
- - #NAME? #NAME? #NAME? #NAME?
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
50,514 50,514 50,514 50,514 50,514 50,514

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
13,889 13,889 13,889 13,889 13,889 13,889

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? #NAME? #NAME? #NAME? - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

34,583 34,583 34,583 34,583 34,583 34,583
- - - - - -
- - - #NAME? #NAME? -
- - - - - -
- - - #NAME? #NAME? -
- - - - #NAME? #NAME?
- - - - #NAME? #NAME?
- - - - - -
4,375 4,375 4,375 4,375 - -
#NAME? #NAME? #NAME? #NAME? #NAME? -
- - #NAME? #NAME? - -
#NAME? - - - - -
- - - - - #NAME?
- - - - - -
- 19,048 19,048 19,048 19,048 19,048

- 10,714 10,714 10,714 10,714 10,714
- 2,381 2,381 2,381 2,381 2,381
- - - - - -
- - - - - -
- #NAME? - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 100,800 -
- - - - #NAME? -
- - - - - #NAME?

- - - - - -


- - - - #NAME? #NAME?
- - - - #NAME? #NAME?


0 0 0 0 0 0
7 8 9 10 11 12
19 20 21 22 23 24
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
0 0 0 0 0 0
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
50,514 50,514 50,514 50,514 50,514 50,514

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
13,889 13,889 13,889 13,889 13,889 13,889

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- #NAME? - - - -
- - - - - -
- - - - - -
- #NAME? - - - -
- - - - - -
- - - - - -
#NAME? - - - - -
#NAME? - - - - -
- - - - - -
- - - - - -
#NAME? - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
19,048 19,048 19,048 19,048 19,048 19,048

10,714 10,714 10,714 10,714 10,714 10,714
2,381 2,381 2,381 2,381 2,381 2,381
- - - - - -
- - - - - 12,955
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? - - - - -
#NAME? - - - - -
#NAME? - - - - -
- - - - - -
- - - - - -
#NAME? - - - - -
#NAME? - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -





2023 0 0 0 0 0
1 2 3 4 5 6
25 26 27 28 29 30
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
0 0 0 0 0 0
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? #NAME? - - - -
- - - - - -
- - - - - -
#NAME? #NAME? - - - -
- - - - - -
- - - - - -
50,514 50,514 50,514 50,514 50,514 50,514

- - - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? #NAME? - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
13,889 13,889 13,889 13,889 13,889 13,889

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
19,048 19,048 19,048 19,048 19,048 19,048

10,714 10,714 10,714 10,714 10,714 10,714
2,381 2,381 2,381 2,381 2,381 2,381
- - - - - -
12,955 12,955 12,955 12,955 12,955 12,955
- - - - - -
- - - - - -
- - - - - -
- - - - - #NAME?
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - #NAME?
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -





0 0 0 0 0 0
7 8 9 10 11 12
31 32 33 34 35 36
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
0 0 1 2 3 4
- - - - - #NAME?
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
50,514 50,514 50,514 50,514 50,514 50,514

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
13,889 13,889 13,889 13,889 13,889 13,889

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
19,048 19,048 19,048 19,048 - -

10,714 10,714 10,714 10,714 - -
2,381 2,381 2,381 2,381 - -
- - - - - -
12,955 12,955 12,955 12,955 12,955 12,955
- - - - - -
- - - - - -
#NAME? #NAME? #NAME? #NAME? 12,955 12,955
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -





375,977 375,977 375,977

2024 0 0 0 0 0
1 2 3 4 5 6
37 38 39 40 41 42
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
5 6 7 8 9 10
#NAME? #NAME? #NAME? - - -

- - - - - -
- - #NAME? - - -

- - - - - -
#NAME? - - - - -
- - - - - -
- - - - - -
- - #NAME? - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
50,514 50,514 50,514 50,514 50,514 50,514

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
13,889 13,889 13,889 13,889 13,889 13,889

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
12,955 12,955 12,955 12,955 12,955 12,955
- - - - - -
- - - - - -
12,955 12,955 12,955 12,955 12,955 12,955
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - #NAME? #NAME? #NAME?

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - #NAME? - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -





375,977 375,977 375,977 375,977 375,977 375,977

0 0 0 0 0
7 8 9 10 11 12
43 44 45 46 47 48
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
11 12 13 14 15 16
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
50,514 50,514 50,514 - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
13,889 13,889 13,889 - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
12,955 12,955 12,955 - - -
- - - - - -
- - - - - -
12,955 12,955 12,955 - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? #NAME? - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - #NAME? -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -





328,617 328,617 328,617 328,617 328,617 328,617

2025
1 2 3 4 5 6
49 50 51 52 53 54
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
17 18 19 20 21 22
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

- - - - - -





328,617 328,617 328,617 328,617 328,617 328,617

7 8 9 10 11 12
55 56 57 58 59 60
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
23 24 25 26 27 28
- - - - - -
- - - - - -
- - - - - -
#NAME? #NAME? - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? #NAME? - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? #NAME? - - - -
#NAME? #NAME? - - - -
- #NAME? - - - -
#NAME? #NAME? - - - -




#NAME? #NAME? - - - -
356,263 356,263 356,263 356,263 356,263 356,263

2026
1 2 3 4 5 6
61 62 63 64 65 66
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
29 30 0 0 0 0
#NAME? #NAME? - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? #NAME? - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
#NAME? #NAME? - - - -



- - - - - -
356,263 356,263 356,263 356,263 356,263 85,859,263

7 8 9 10 11 12
67 68 69 70 71 72
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
0 0 0 0 0 0
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -



- - - - - -
-
-
-
-
-
-
-
-
#NAME?
#NAME?
-
-
#NAME?
-
#NAME?
#NAME?
#NAME?
-
-
-
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
-
-
#NAME?
#NAME?
-
-
#NAME?
-
-
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
-
-
-
-
#NAME?
#NAME?
-
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
-
-
#NAME?
-
#NAME?
#NAME?
#NAME?
-
-
#NAME?
-
check
- -
- -
- -
- -
- -
- -
- -
- -
-
- -
- -
#NAME? #NAME?
#NAME? #NAME?
- -
14,999 -
#NAME?
#NAME? #NAME?
- -
#NAME? #NAME?
- #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
- #NAME?
- #NAME?
#NAME? #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
#NAME? #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
- #NAME?
#NAME? #NAME?
- #NAME?
- #NAME?
- #NAME?
#NAME? #NAME?
- #NAME?
- #NAME?
#NAME? #NAME?
- #NAME?
- #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
415,000 -
#NAME?
#NAME? #NAME?
#NAME? #NAME?
- -
#NAME?
#NAME? #NAME?
#NAME?
35,000 -
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
- #NAME?
#NAME? #NAME?
#NAME? #NAME?
400,000 -
225,000 -
50,000 -
285,000 -
#NAME? #NAME?
#NAME? #NAME?
#NAME?
- #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
- #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME?
840,000 -
#NAME? #NAME?
100,800 -
#NAME? #NAME?
#NAME? #NAME?
#NAME? #NAME?
#NAME?
#NAME? #NAME?
#NAME?
Number of
Period Start Periods 1
1
0.50%
Construction Costs 26,750,000
Foundations 0 1 2 -
Concrete (Below Grade) 0 1 2 -
Construction Above Grade 26,750,000 1 24 133,750
133,750
0.50%

Office #NAME? #NAME? #NAME?
#NAME?
GENERAL CONTRATOR #NAME? #NAME?
ABOVE GRADE Construction Mon

Period
100.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
3.00%
2.00%
1.00%
0.00%
1 2
2 3 4 5 6 7 8
2 3 4 5 6 7 8
0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.50%
- - - - - - -
- - - - - - -
200,625 267,500 334,375 401,250 468,125 535,000 668,750
200,625 267,500 334,375 401,250 468,125 535,000 668,750

0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.50%
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

OVE GRADE Construction Monthly Break-down

1 2 3 4 5 6 7
0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
3.00%
2.00%
1.00%
0.00%
1 2 3 4 5 6 7 8 9
9 10 11 12 13 14 15
9 10 11 12 13 14 15
2.50% 2.75% 3.00% 3.50% 3.75% 4.00% 5.00%
- - - - - - -
- - - - - - -
668,750 735,625 802,500 936,250 1,003,125 1,070,000 1,337,500
668,750 735,625 802,500 936,250 1,003,125 1,070,000 1,337,500

2.50% 2.75% 3.00% 3.50% 3.75% 4.00% 5.00%

8 9 10 11 12 13 14
2.50% 2.50% 2.75% 3.00% 3.50% 3.75% 4.00%
Chart Title
7 8 9 10 11 12 13 14 15
16 17 18 19 20 21 22
16 17 18 19 20 21 22
6.00% 6.50% 7.00% 7.00% 7.50% 8.00% 8.00%
- - - - - - -
- - - - - - -
1,605,000 1,738,750 1,872,500 1,872,500 2,006,250 2,140,000 2,140,000
1,605,000 1,738,750 1,872,500 1,872,500 2,006,250 2,140,000 2,140,000

6.00% 6.50% 7.00% 7.00% 7.50% 8.00% 8.00%

15 16 17 18 19 20 21
5.00% 6.00% 6.50% 7.00% 7.00% 7.50% 8.00%
14 15 16 17 18 19 20
23 24 25 26 27 28 29
23 24 0 0 0 0 0
8.00% 6.25% 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - - -
- - - - - - -
2,140,000 1,671,875 - - - - -
2,140,000 1,671,875 - - - - -
8.00% 6.25% 0.00% 0.00% 0.00% 0.00% 0.00%

22 23 24
8.00% 8.00% 6.25%
30 31 32 33 34 35 36
0 0 0 0 0 0 0
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%


37 38 39 40 41 42 43
0 0 0 0 0 0 0
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%


QUARTERLY CASH FLOW
2021 2022 2023 2024 2025 TOTAL
Quarter 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 PROJECT
Office & Residential - - - - - - - - - - - - - - - - - - - $ -

Retail Space Sales - - - - - - - - - - - - - - - - - - - $ -
Parking Spaces - - - - - - - - - - - - - - - - - - - $ -
Total Cash Inflows $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ -
Land Cost - - - - - #NAME? - - - - - - - - - - - - - #NAME?

Hard Costs - - - - - - - - - - #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Project Management #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
External Consultants - - #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? - - - #NAME?
Permits and Licenses - - - - - #NAME? #NAME? - - - - - - - - - - - - #NAME?
Real Estate Taxes - - - - - #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? - #NAME?
Legal, Insurance and Admin. - - #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 38,864 38,864 38,864 - - - - #NAME?
Marketing and Sales - - #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? - - #NAME?
Debt Origination Cost 840,000 #NAME? #NAME? #NAME? #NAME? #NAME? - - - - - - - - - - - - - #NAME?
Interest on Construction Loan #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Interest on Land Financing #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Total Cash Outflows #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Accumulated Financing Needs #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Equity #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Land Financing #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Contruction Loan #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Accumulated Financing Sources #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Accumulated Senior Debt Draw-downs #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
% of financing sources over financing needs:

Equity #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Mezzanine #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Senior debt #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
ACTUAL CAPITAL ADVISORS
IRR Waterfall
Cap Rate Sale 5%

Specificy Splits or Promotes?
NET CASH FLOW (after financing)
DEAL IRR -->
1-Year IRR
2-Year IRR
3-Year IRR
Stabilized IRR
Un-Levered IRR
Lux
1 1 1 1 1 1 1 1
0 1 2 3 4 5 6 7
Promotes
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
#NAME? ### ### #NAME? ### #NAME? ### ### ###
### ### #NAME? ### #NAME? ### ### ###
Err:504
32.39%
Err:504 #NAME? ### ### #NAME? ### #NAME? ### ### ###
Err:504
1 1 1 1 1 1 1 1
8 9 10 11 12 13 14 15
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22

-5400000 0 0 0 0 0 0 0

1 1 1 1 1 1 1 1
16 17 18 19 20 21 22 23
May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

0 0 0 0 0 0 0 0

1 1 1 1 1 1 1 1 1
24 25 26 27 28 29 30 31 32
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
0 0 0 0 0 0 0 0 0
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? $0 #NAME? #NAME?

1 1 1 1 1 1 1 1
33 34 35 36 37 38 39 40
Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24

0 0 0 0 0 0 0 0
#NAME? 375,977 375,977 375,977 375,977 375,977 375,977 375,977

#NAME? 375,977 375,977 375,977 375,977 375,977 375,977 375,977
#NAME? 375,977 375,977 375,977 375,977 375,977 375,977 375,977
#NAME? 375,977 375,977 375,977 375,977 375,977 375,977 375,977
1 1 1 1 1 1 1 1
41 42 43 44 45 46 47 48
Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25

0 0 0 0 0 0 0 0
375,977 42,994,000
375,977 375,977 328,617 328,617 328,617 328,617 328,617 328,617
375,977 375,977 328,617 328,617 328,617 328,617 328,617 328,617
375,977 375,977 328,617 328,617 328,617 328,617 328,617 328,617
1 1 1 1 1 1 1 1
49 50 51 52 53 54 55 56
Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25

0 0 0 0 0 0 16224200
328,617 328,617 328,617 328,617 328,617 46,046,000

328,617 328,617 328,617 328,617 328,617 328,617 356,263 356,263
328,617 328,617 328,617 328,617 328,617 328,617 356,263 356,263
1 1 1
57 58 59 60 61 62 63 64 65 66
Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26
356,263 356,263 356,263 356,263 356,263 356,263 356,263 356,263 356,263 49,520,000
356,263 356,263 356,263 356,263 356,263 356,263 356,263 356,263 356,263 356,263
67 68 69 70 71 72 73 74 75 76
Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27
406,025 406,025 406,025 406,025 406,025 406,025 406,025 406,025 406,025 406,025
77 78 79 80 81 82 83 84 85
Jun-27 Jul-27 Aug-27 Sep-27 Oct-27 Nov-27 Dec-27 Jan-28 Feb-28
406,025 97,852,025
IRR Waterfall
1
0
Specificy Splits or Promotes? Promotes
Jan-21
NET CASH FLOW (after financing) #NAME? #NAME?
CUMULATIVE NET CASH FLOW (after financing) #NAME?
Sponsor owns 10% of cash equity

Sponsor owns 100% of promote Err:504
#NAME?
Err:504
#NAME?
Err:504
#NAME?
Tier I- Preferred Return:

Beginning Balance -
IRR Pref 8.0% 0.02115% #NAME? -
Equity Mutiple Hurdle 0.00x #NAME?
Additions #NAME? #NAME?
Repayable from this Tier #NAME? #NAME?
Ending Balance #NAME?
Equity Partner 90.0% #NAME? #NAME?

Sponsor 10.0% #NAME? #NAME?
Remaining Cash Flow #NAME? #NAME?
Tier II- Promote:

Beginning Balance -
IRR Hurdle (before promo 12.0% 0.03120% -
Repayments-Tier I #NAME? #NAME?
Cash Flow from this Tier #NAME? #NAME?

Sponsor - promote 20.0% #NAME? #NAME?
Tier III- Promote:

Beginning Balance -
IRR Hurdle (before promo 15.0% 0.03851% #NAME? -
Repayments-Tier II #NAME? #NAME?

Tier IV- Promote:

Beginning Balance -
Repayments Tier III #NAME? #NAME?

Tier V- Residual:
Mez Part 0.0% #NAME? #NAME?
Summary Cash Flows

Sponsor - promote #NAME? #NAME?
#NAME?
Total 100.0% #NAME? #NAME?
(interest is calculated daily)
DEAL IRR --> Err:504

INVESTOR IRR --> Err:504
SPONSOR IRR --> Err:504
Investment
Net Total to Sponsor: - -
Net Total to Equity Partner: - -
Equity Partner Peak Capital: #NAME?

Sponsor Peak Capital: #NAME?
Equity Partner Cash Multiple: #DIV/0!

Sponsor Cash Multiple: #DIV/0!
Verbal Explanation of Deal Terms:
Stage 1: Pari-Passu (90% to Partnership, 10% to Sponsor) up to a 8% IRR

Stage 2: Split of 80% to Partnership, 20% to Sponsor (i.e., a 20% Promote to Sponsor) up to a 12% IRR
Stage 5: Thereafter, a split of 50% to Partnership, 50% to Sponsor (i.e., a 50% Promote to Sponsor)
1 1 1 1 1 1
1 2 3 4 5 6
Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21











Gross Income
-
-
e to Sponsor) up to a 12% IRR
50% Promote to Sponsor)
1 1 1 1 1 1
7 8 9 10 11 12
Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22











1 1 1 1 1 1
13 14 15 16 17 18











1 1 1 1 1 1
19 20 21 22 23 24











1 1 1 1 1 1
25 26 27 28 29 30











1 1 1 1 1 1
31 32 33 34 35 36











1 1 1 1 1 1
37 38 39 40 41 42











1 1 1 1 1 1
43 44 45 46 47 48











1 1 1 1 1 1
49 50 51 52 53 54











1 1 1 1 1
55 56 57 58 59
Aug-25 Sep-25 Oct-25 Nov-25 Dec-25

#NAME?
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -

#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -

#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -

#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -

#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
#NAME? - - - -
IRR Waterfall
1
0
Specificy Splits or Promotes? Promotes
Jan-21
NET CASH FLOW (after financing) #NAME? #NAME?
CUMULATIVE NET CASH FLOW (after financing) #NAME?
Actual owns 0.0% of cash equity

Actual owns 100.0% of promote Err:504
#NAME?
Err:504
#NAME?
Err:504
#NAME?
Tier I- Preferred Return:

Beginning Balance -
IRR Pref 20.0% 0.05033% #NAME? -
Sandbay 100.0% #NAME? #NAME?

Actual NY 0.0% #NAME? #NAME?
Tier II- Catch Up:

Cumulative Preferred Return -
Promote 0% #NAME? -
Cumulative Catch Up -
Tier II- Promote:

Beginning Balance -

Actual NY - promote 25.0% #NAME? #NAME?
Tier III- Promote:

Beginning Balance -
IRR Hurdle (before promo 30.0% 0.07267% #NAME? -

Tier IV- Promote:

Beginning Balance -
Repayments Tier III #NAME? #NAME?

Tier V- Residual:
Summary Cash Flows

Actual NY - promote #NAME? #NAME?
#NAME?
Total 100.0% #NAME? #NAME?
(interest is calculated daily)
SPONSOR IRR --> Err:504

SANDBAY IRR --> Err:504
SPONSOR IRR --> #NAME?
Investment
Net Total to Sandbay: - -
Net Total to Actual: - -
Sandbay Peak Capital: #NAME?

Actual NY Peak Capital: #NAME?
Equity Partner Cash Multiple: #DIV/0!

Actual NY Cash Multiple: #NAME?
Verbal Explanation of Deal Terms:
Stage 1: Pari-Passu (100% to Sandbau, 0% to Actual) up to a 20% IRR

Stage 2: Split of 75% to Sandbay, 25% promote to Actual NY up to a 25% IRR
Stage 3: Split of 50% to Sandbay, 50% to promote to Actual NY) up to a 30% IRR
Stage 4: Split of 50% to Sandbay, 50% to promote to Actual NY) up to a 30% IRR
Stage 5: Thereafter, a split of 25% to Sandbay, 75% to promote to Actual NY)
1 1 1 1 1 1 1
1 2 3 4 5 6 7
Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21












Gross Income
-
-
1 1 1 1 1 1 1
8 9 10 11 12 13 14
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22












1 1 1 1 1 1 1
15 16 17 18 19 20 21
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22












1 1 1 1 1 1 1
22 23 24 25 26 27 28
Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23












1 1 1 1 1 1 1
29 30 31 32 33 34 35
Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23












1 1 1 1 1 1 1
36 37 38 39 40 41 42
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24












1 1 1 1 1 1 1
43 44 45 46 47 48 49
Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25












1 1 1 1 1 1 1
50 51 52 53 54 55 56
Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? $0
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? -











1 1 1
57 58 59
Oct-25 Nov-25 Dec-25

$0 $0 $0
#NAME? #NAME? #NAME?
- - -
- - -
- - -

- - -
- - -
- - -
- - -
- - -


- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -

- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -

- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -

5 Estrellas

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

5 Estrellas

Uploaded by

Copyright:

Available Formats

ACTUAL CAPITAL ADVISORS Lux

Sources & Uses of Funds

Sources Uses of Funds

Equity Capital #REF! Land Cost #NAME? #NAME?

Sales Proceeds $0/ Room 0€

Surplus (before taxes) #REF!

All equity partners:

Sources Uses of Funds

Equity Capital #REF! Land Cost ### #NAME?

Sales Proceeds $0/ Room 0€ LP Investor

Deal Level Returns

Sources Uses of Funds

Equity Capital #REF! Land Cost ### #NAME?

Sales Proceeds $0/ unit -€ Deal Level Returns

Total GFA 17,000.00 m2

Land Cost #NAME? #NAME? #NAME?

Profit #NAME? #DIV/0!

Hard Costs Break-down Area (m2) % of Cost Cost/m2

Legal As-of-Right m2 17,000.00 m2 Equity Capital

Hotel rooms 250 Senior Debt

Office & Residential € -

LAND COST Hotel 4* Retail TOTAL

Land Acquisition 17,000 m2 - -Saber las areas y saber los costos.

Total Land Cost 4€ 52,000 € 13,000 € € 65,000

HARD COSTS Hotel 4* Retail TOTAL

Total Hard Costs 1,871 € ### ### € 36,369,900 #REF!

Engineers $106.97 /m2 € 1,518,495 € 300,000 € 1,818,495 -Between 1,3 Architec

Acometidas € 332,000 € 83,000 € 415,000

Total External Consultants Costs 176 € 2,894,495 € 519,000 € € 3,413,495

LICENSES & PERMITS

Total License & Permits Expense 152,000 € 38,000 € € 190,000

LEGAL, INSURANCE & ADMINISTRATIVE

Legal Services € 140,000 € 35,000 € 35,000

Administrative Services € 620,000 € 55,000 € 675,000

Insurance policies € 228,000 € 57,000 € 285,000

Total Legal, Insurance & Administrative Expenses 51 € 988,000 € 147,000 € € 995,000

FINANCIAL ADVISORY & MORTGAGE

Costes de Originación Hotel 4* 0.00% € 690,000 € 150,000 € 840,000 % on External Equity

Total Financial Advisory & Mortgage Costs 48 € 772,800 € 168,000 € € 940,800

TOTAL COST (Without Financing Costs) 2,289 € € 44,501,046

Interest on Construction Loan 0.00% € - € - € -

Total Financing Costs € -

TOTAL COST € 44,501,046

Office & Residential 0.00% € -

Total Transfer Tax € -

TOTAL PROFIT € (44,501,046)

NOI before RE Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Projected Taxable Assessment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

NOI after Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

56 1 Office & Residential

Total Land Costs

Total Hard Costs

Total Project Management Costs

7 10 External Consultant Contingency

Total External Consultants

17 37 Real Estate Taxes

47 1 Leasing Services Hotel

Total Financial Advisory Services

Interest on Senior Debt

Servicios Técnicos Hotel

Legal Due Diligence of the Land

#NAME? #NAME? #NAME? #NAME?

#NAME? 0.00% - - #NAME? #NAME?

Cash Flow #NAME? #NAME? #NAME? #NAME?