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6.B. - Page 71 of 177 <br />EXHIBIT D <br />Narrative of Financing Plan <br />I. Construction Financing: <br />Total construction period development costs are estimated at $98,144,495 and will be <br />funded as follows: <br />The project has a construction loan commitment from Citibank, N.A. in the amount of <br />$53,247,500 (plus a $12,689,500 taxable construction trance, for a total of $65,937,000) with <br />a 36 -month term at a variable interest rate. Citibank is providing this construction loan <br />through their 4% LIHTC Construction/Permanent Loan Program. This conventional loan <br />will be used during construction to fund a portion of the construction costs for the above <br />referenced amount. <br />2. The Developer will defer a developer fee totaling $8,459,128 <br />3. The project has a committed equity investor -limited partner, AEGON, that will make equity <br />contributions of $10,164,088 during construction. <br />4. The Developer will defer reserve funding totaling $1,039,383. <br />5. The project has a loan commitment from the County of San Mateo in the amount of <br />$7,057,896, to be paid from residual receipts with a 55 -year term at a fixed interest rate of <br />3%. <br />6. The project has a loan commitment from HEART in the amount of $3,500,000, with a 5 -year <br />term at a fixed interest rate of 3%. <br />7. The Developer will provide seller carryback financing in the amount of $1,987,000, with a <br />55 -year term at a fixed interest rate of 7%. <br />8. The project has met all of its readiness to precede requirements. <br />1199\0912727850.8 <br />353 Main Street Family Apartments <br />Redwood City, California <br />ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 66 of 143) 100 <br />