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PROJECT MILANO 18 UNIT PRO FORMA
Revenues & Expenses                       Total Project % Per SqFt   Per Unit
RENTAL/Condo Sales - Base Price         8,100,000 99% 375             465,000
Condo Sales -Options/Premiums        
Low Income 2 units   1%               195,000
Gross Revenues         8,100,000      
Incentives, Commissions, & Closing Costs             372,600 -4.6%    
Warranty Set Asides               56,000 -0.1%    
Net Revenues         7,671,400 94.6% 564             584,631
Land & Development        
Land Acquisition         1,100,000 13.5%    
Relocation, disposal, demo, taxes, & Fees             113,400 1.4% 8  
Finished Land Development Cost         1,213,400 14.9% 85               88,000
Construction & Hard Cost        
Building Permits             267,300 3.3%    
Direct Construction - Base (Condo)         2,700,000 33.2%    
Direct Construction Contingency             170,100 2.1%    
Field Overhead             332,100 4.1%    
Bridge Inspection Fee               24,300 0.3%    
Commercial Hard Costs             364,500 4.5%    
Total Construccion & Hard Cost   47.7%    
Indirect & Sort Costs        
Insurance             251,100 3.1%    
Preperty Taxes                 8,100 0.1%    
 Architecture and Engineering             170,100 2.1%    
Contigency               32,400 0.4%    
Closing Costs / Misc.                 8,100 0.1%    
Total Indirects & Other Costs             469,800 5.8%    
General & Administrative        
Builder Overhead               72,900 0.9%    
HOA Monthly Subsidy                 8,100 0.1%    
MAS Legal Overhead               16,200 0.2%    
MAS Due Diligence Fees                 8,100 0.1%    
MAS Accounting Expenses                 8,100 0.1%    
Contractor Legal & Accounting                 8,100 0.1%    
Total General & Administrative             121,500 1.5%    
Sales & Marketing        
Sales & Marketing Overhead               64,800 0.8%    
Total Sales & Marketing               64,800 0.8%    
Total Costs Before Financing         5,645,700 69.7%    
Profit Before Financing Costs         2,016,900 24.9%    
Construction Interest & Fees        
Bank Found Preferred Return             275,400 3.4%    
Builder Preferred         
Return             243,000 3.0%    
Bank Found Fees               32,400 0.4%    
Construction Loan Interest             243,000 3.0%    
Construction Loan Fees               56,700 0.7%    
Total Interest & Fees             745,200 9.2%    
 Total Costs & Preferred Payments         6,390,900 78.9%    
Net Profit after Preffered Returns Condo         1,263,600 15.6%    
Net Profit after Preffered Returns Rental            715,500 11.2%    
                                                               Rental P&L        
Gross Income    $ 496,000.00    
Taxes  $   37,500.00      
Vacancy Rate 5%  $   24,500.00      
Expandture  $   62,500.00      
Total Expandture  $ 124,500.00      
Net Profit  $ 371,500.00 12.70%    
PRODUCT MIX RENTAL SENARIO
APTs                                                 # Units                      Sq Ft              Base Price             Total Price           Value 
2BR 2BT Type A                                     9                 1,170                 2,200               19,800  
2BR 2BT Loft Type B                            9                  1,300                 2,500               22,500  
Total   Montly   Income                      18                 1,235                 2,300               42,300  
Total   Yearly Income                         18                 507,600      7,106,400
PRODUCT MIX CONDO SENARIO
Condos                                                 # Units                      Sq Ft              Base Price          Total Price        Revenues
2BR 2BT Type A                                     7                 1,170             465,000         3,255,000  
2BR 2BT Loft Type B                            9                  1,300             495,000         4,455,000  
Low income                                           2 1000 195,000 390000  
Total / Average                                     18                 1,235             450,000             450,000         8,100,000
NET COST & PROFITS REV. Return    
 Total Costs & Preferred Payments      6,390,900 78.9%    
Net Profit after Preffered Returns Condo      1,263,600 15.6%    
Net Profit after Preffered Returns Rental         715,500 11.2%    

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