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6.B. - Page 72 of 177 <br />II. Permanent Financing: <br />Total project costs are estimated at $99,867,088 and will be funded as follows: <br />1. The project has a permanent loan commitment from Citibank, N.A. to provide conventional <br />permanent financing in the amount of $49,159,000 which will be serviced from rental <br />income. The term will be 15 years with a 30 -year amortization. The estimated interest rate <br />will be 4.335%. <br />2. The Developer will defer a developer fee totaling $7,642,851. <br />3. The project has a committed equity investor -limited partner AEGON, that will make total <br />equity contributions of $28,917,728 which includes $10,164,088 during construction. <br />4. The development will generate approximately $1,602,613 of lease up income. <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 the City of Redwood City in the amount of <br />$3,500,000, to be paid from residual receipts with a 55 -year term at a fixed interest rate of <br />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\09\2727850.8 <br />353 Main Street Family Apartments <br />Redwood City, California <br />ATfY/AGR.2020.100/353 Main Street Apartments LP (Page 67 of 143) 101 <br />